Innovation in technology is creating the opportunity for traditional finance players to streamline their business operations, compete more closely with their peers and offer customers a better deal. But with clunky legacy systems and a broadly conservative approach to change, integrating new technology is tough even when the will is there.
Enter MX Technologies, which picked up $30m last April to help provide banks with better visibility into where they’re losing out to competitors and gain a more holistic picture of their customers’ financial health. During an interview in the Finetics™ Studio by The Bancorp at Money20/20 in Las Vegas, CEO and co-founder Ryan Caldwell talked about developments in the banking and payments industries and where MX fits into the brave new world of finance.
“In banking, there hasn't been a lot of choice, which meant a user didn't have a lot of power. MX is rooted in advocacy. We believe fundamentally that in industries that have been around for a very long time, they may have grown up in an environment where advocacy wasn't paramount, or it wasn't requisite,” says Caldwell. “But in all the modern economies, it's absolutely requisite.”
Access more insights on ‘The Shift from Digital Banking’ from Ben Katz, CEO and Founder, Card.com; Hamed Shahbazi, CEO, TIO Networks; Lars Sandtorv, CEO, MeaWallet; and Pete Chiccino, Executive Vice President and Chief Information Officer, The Bancorp on The Bancorp’s Finetics blog.