MX, the financial data platform and recognized leader in “modern connectivity,” reveals that it has teamed up with BECU, which is one of the largest credit unions in the US. Through the partnership, the companies aim to offer a mobile app feature, called Quick Save, that will encourage BECU members “to build savings through frequent, small-amount transfers.”
As mentioned in a release, Quick Save was first introduced as a pilot last year during the COVID-19 crisis to members with “low balances” in their savings account and “offered by BECU as a helpful tool to easily transfer funds to their savings accounts with a ‘slide to save’ module.”
BECU joined forces with the Financial Health Network (FHN) to “measure the pilot of the mobile app experience.”
FHNs study revealed that during the span of around 5 months (in the pilot phase), BECU saw the following results due to its members’ use of Quick Save:
- Over $2 million transferred into members’ savings accounts
- An 18% increase in saving balances for low-balance savers
- A 26% increase in money movement through mobile transfers
BECU and MX will be applying the behavioral science findings of the FHN study (Financial Health Solutions: Targeting Small-Dollar Savings Suggestions to Low-Balance Customers) to “future enhancements” of Quick Save, the announcement revealed.
Liz Wagner, Director of Digital Strategy at BECU, stated:
“BECU is continually innovating and leveraging technology to improve our members’ experience and empower them financially. It’s been inspiring to see Quick Save go from a concept to a fully functioning tool that members in this pilot are using to build their savings. The combined power of BECU, Financial Health Network, and MX enabled us to create and measure the effectiveness of this experience to meaningfully improve our members’ financial health.”
In the credit union spirit of “people helping people,” BECU identified a segment of its membership that “seemed to be struggling to build their savings, and the Quick Save mobile app tool is the result—and one more way BECU is helping its members with low balances increase their savings,” the release noted.
BECU and MX have been partners for several years, as both companies aim to strengthen the financial wellbeing of BECU members and their community, according to Nate Gardner, Chief Customer Officer at MX.
Gardner remarked:
“Our latest project with BECU has been building their Quick Save feature, yet another example of BECU’s wholehearted commitment to financial strength and to provide intelligent and personalized money experiences for the hundreds of thousands of members they serve.”
As noted in the release, MX is the financial data platform and a key player in supporting modern connectivity. The company aims to assist organizations everywhere with linking up to global financial data while turning “raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences.”
MX reportedly connects over 16,000 financial institutions and Fintechs offering the industry’s “most reliable and secure data connectivity network.”
MX also “powers 85% of digital banking providers, as well as thousands of banks, credit unions, and Fintechs, with a combined reach of over 200 million consumers.”