MX, the financial data platform and key player in modern connectivity, has teamed up with Cadence Bank (NYSE: CADE) in order to help the organization identify trends in their customer financial data and to use those insights “to grow their interchange revenue and better connect with their customers.”
Leveraging MXdata and the MX Catalyst professional services team, Cadence Bank was able “to boost annual recurring interchange revenue by nearly $157,000,” according to an update shared with Crowdfund Insider.
Tommy Sanderson, Digital Channel Manager at Cadence Bank, stated:
“Working with Catalyst has been an amazing experience, and I was blown away by the insights we gained from the MXdata. MX has helped us think outside the box on how we can leverage these insights, and as a result, we are thinking more about the data we have and how we can best use it.”
Last year, Cadence introduced a 1-month campaign to over 50,000 users and saw an 11% response rate—”well above the typical response rate of around 1%, according to market data from Statista.”
The campaign resulted in over 5,800 clients adding debit cards as the payment method for their recurring transfers, 25,000+ new recurring payments, and almost $157,000 in estimated annual recurring interchange revenue for the bank.
David Hall, Director of MX Catalyst, remarked:
“We were able to quickly demonstrate the tangible results of data-driven strategies for Cadence. These are the kinds of campaigns that create sustainable impact for the organizations that choose to execute against the right insights.”
(Note: You can check out the complete Cadence Bank-MX case study here.)
As noted in a release, MX is the financial data platform and claims to be a leader in modern connectivity. It helps organizations everywhere “connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences.”
MX connects over 16,000 financial institutions and fintechs “providing the industry’s most reliable and secure data connectivity network.” Additionally, MX “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.”
As mentioned in the update, Cadence Bank is a regional banking franchise with around $50 billion in assets and over 400 branch locations across the South, Midwest, and Texas.