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The Personalization Of Digital Money ManagementPeter Wannemacher, Sr. Analyst
Forrester Research with MX TechnologiesJune 23, 2016
© 2016 Forrester Research, Inc. Reproduction Prohibited 3
Agenda
› The landscape today› The power of personalization› The challenges companies face
A set of integrated online and mobile tools for money management, typically including but not limited to account aggregation, automatic transaction categorization, goal setting, and forecasting.
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Forrester’s four components of DMM
Source: Forrester Research
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Many customers are open to digital advice
Base: 4,527 US online adultsSource: Forrester’s North American Consumer Technographics Financial Services Survey, 2015
“How strongly do you agree or disagree with the statement ‘I trust digital finance advice’?”
Agree22%
Middle35%
Disagree43%
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Most active DMM users are 25 to 45
Base: US online adults who use at least one digital money management tool (via a financial provider or a third-party app/siteSource: Forrester’s North American Financial Services Online Benchmark Recontact Survey, 2015
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Higher-income folks over-index on DMM
Base: US online adults who use at least one digital money management tool (via a financial provider or a third-party app/siteSource: Forrester’s North American Financial Services Online Benchmark Recontact Survey, 2015
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There are many money management tools
Sources: CIBC and USAA secure websites
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There are many money management tools
Sources: Koho, Meniga, and Albert smartphone apps and mobile sites
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There are many money management tools
Sources: PNC Virtual Wallet and MX Technologies
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Personalized banking has been lacking
Source: Capital One iPhone app
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Personalized banking has been lacking
Source: Forrester Research
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USAA offers personalized mobile apps
Source: USAA Savings Coach smartphone app
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The future of digital banking is context
Source: Forrester Research
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Firms face many substantial barriers
Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
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Firms face many substantial barriers
Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
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Firms face many substantial barriers
Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
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Firms face many substantial barriers
Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
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Firms face many substantial barriers
Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
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Firms face many substantial barriers
Source: Forrester Research. “The State Of Digital Money Management, 2015” report.
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Firms will need to focus on foundational digital initiatives…
Source: Forrester Research
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…this will involve re-engineering
Source: Forrester Research
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Digital money management capabilities›Real-Time Data
›Data Visualizations
›Natural Language Processing
›Recommendation Engine(s)
› External Account Aggregation
› Predictive Analytics
›Game Mechanics
›Categorization Engine(s)
› APIs
›Machine Learning
› Alerts/Messaging Capabilities
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Predictive analytics enable personalization
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Predictive analytics enable personalization
Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
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Predictive analytics enable personalization
Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
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Predictive analytics enable personalization
Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
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Predictive analytics enable personalization
Source: Forrester Research, “Mobile Is The New Face Of Engagement” report.
“Our first implementation of PFM was working on a batch process. We were uploading data at night. If you want to provide effective and accurate hints to customers, you need real-time data. You must be providing feedback in real time.”
-Head of eBusiness at a US bank
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Up Next:
Brennan from MX…
Presented by Brennan Knotts
Product Lead at MX
Personalization ofDigital Money Management
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MX Technologies © 2016
Award winning UI/UX
Open Platform
Industry BestCategorization
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MX Technologies © 2016
So What?Enter text here
MX FinSmart Personalization
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MX Technologies © 2016
So What?Enter text here
MX FinSmart Personalization
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MX Technologies © 2016
So What?Enter text here
MX FinSmart Personalization
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MX Technologies © 2016
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specific to the user
MX FinSmart Personalization
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MX Technologies © 2016
So What?Enter text here
so what?
MX FinSmart Personalization
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MX Technologies © 2016
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MX FinSmart Personalization
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MX Technologies © 2016
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MX FinSmart Personalization
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MX Technologies © 2016
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MX FinSmart Personalization
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MX Technologies © 2016
So What?Enter text here
MX FinSmart Personalization
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MX Technologies © 2016
So What?Enter text here
MX FinSmart Personalization
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MX Technologies © 2016
So What?Enter text here
MX FinSmart Personalization
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MX Technologies © 2016
So What?Enter text here
What makes this possible?Aggregatio
nAllows you to understand the users complete financial picture.
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MX Technologies © 2016
So What?Enter text here
What makes this possible?Aggregatio
nAllows you to understand the users complete financial picture.
Data 3C’sTransaction cleansing, categorization, classification.
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MX Technologies © 2016
So What?Enter text here
What makes this possible?Aggregatio
nAllows you to understand the users complete financial picture.
Data 3C’sTransaction cleansing, categorization, classification.
Dynamic TargetingThe segment of users who see this message is always changing and updated in real-time with new data.
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MX Technologies © 2016
So What?Enter text here
What makes this possible?Aggregatio
nAllows you to understand the users complete financial picture.
Data 3C’sTransaction cleansing, categorization, classification.
Dynamic TargetingThe segment of users who see this message is always changing and updated in real-time with new data.
Dynamic MessagingTo get the full value out of personalization, the message itself needs to be personalized for each user.
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MX Technologies © 2016
So What?Enter text here
What makes this possible?Aggregatio
nAllows you to understand the users complete financial picture.
Data 3C’sTransaction cleansing, categorization, classification.
Dynamic TargetingThe segment of users who see this message is always changing and updated in real-time with new data.
Dynamic MessagingTo get the full value out of personalization, the message itself needs to be personalized for each user.
Easy-to-Use ToolsIf your digital and/or marketing teams are going to use personalization, it needs to be easy to setup and track.
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MX Technologies © 2016
So What?Enter text here
What makes this possible?Aggregatio
nAllows you to understand the users complete financial picture.
Data 3C’sTransaction cleansing, categorization, classification.
Dynamic TargetingThe segment of users who see this message is always changing and updated in real-time with new data.
Dynamic MessagingTo get the full value out of personalization, the message itself needs to be personalized for each user.
Easy-to-Use ToolsIf your digital and/or marketing teams are going to use personalization, it needs to be easy to setup and track.
“Big Data” Marketing PlatformIncluding a data repository, hardware for storage, governance capabilities, data prep, etc.
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
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MX Technologies © 2016
So What?Enter text here
Future FinSmart Personalized Recommendations
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MX Technologies © 2016
So What?Enter text here
Moving Towards the Analytics Approach
Mergers & Acquisitions Traditional Marketing Retention, Utilization& Held-away
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MX Technologies © 2016
Mass Personalization
Mass personalization tied to permission-based money movement is going to change this industry so dramatically that we will not recognize it within the next decade.
– Bradley Leimer, Head of Innovation, Santander
MX Technologies © 2016
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Questions?