LEHI, Utah and TUPELO, Miss., Feb. 2,
2022 /PRNewswire/ -- MX, the financial data platform and
leader in modern connectivity, partnered with Cadence Bank 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.
"Working with Catalyst has been an amazing experience, and I was
blown away by the insights we gained from the MXdata," said
Tommy Sanderson, Digital Channel
Manager at Cadence Bank. "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."
In 2021, Cadence launched a one-month campaign to more than
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 more than 5,800 customers adding
debit cards as the payment method for their recurring transactions,
25,000+ new recurring payments, and nearly $157,000 in estimated annual recurring
interchange revenue for the bank.
"The elegance of this engagement is in its simplicity," said
David Hall, director of MX Catalyst.
"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."
Read the full Cadence Bank-MX case study here.
About MX
MX, the financial data platform and leader in modern
connectivity, 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 more than 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.
To learn more, follow us on Twitter @MX or visit www.mx.com.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking
franchise with approximately $50
billion in assets and more than 400 branch locations across
the South, Midwest and Texas.
Cadence provides consumers, businesses and corporations with a full
range of innovative banking and financial solutions, and it's
committed to a culture of respect, diversity and inclusion in both
its workplace and communities. For more information visit
www.cadencebank.com
Contact:
Tom Cook
tom.cook@mx.com
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SOURCE MX