MX, the leader in modern connectivity and a financial data platform, today announced that it has partnered with BECU, one of the largest credit unions in the country, to develop a mobile app feature called Quick Save that encourages BECU online Banking members to build savings through frequent, small-amount transfers.
BECU made Quick Save available to members with low savings account balances as a pilot program in 2020, during the COVID-19 pandemic, as a helpful tool that allows members to easily transfer funds to their savings accounts using a “slide to save” module.
BECU and the Financial Health Network (FHN) worked together to evaluate the pilot’s mobile app experience. According to the findings of the FHN study, BECU’s members’ use of Quick Save resulted in the following outcomes over the course of five months during the pilot:
• Over $2 million was transferred into members’ savings accounts
• An 18% increase in low-balance savers’ savings balances
• A 26 percent increase in money moved through mobile transfers BECU and MX will apply the behavioral science findings of the FHN study Targeting Low-Balance Customers with Small-Dollar Savings Suggestions) for Quick Save’s future enhancements.
“Because we want to enhance the experience of our members and give them financial independence, BECU is constantly innovating and utilizing technology. Liz Wagner, director of digital strategy at BECU, stated, “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 joined force of BECU, Monetary Wellbeing Organization, and MX empowered us to make and quantify the adequacy of this experience to further develop our individuals’ monetary well-being genuinely.”
The Quick Save mobile app tool is the result of BECU identifying a segment of its membership that appeared to be struggling to build their savings. This is one more way BECU is helping its members with low balances increase their savings in the spirit of “people helping people.”
According to Nate Gardner, Chief Customer Officer of MX, “BECU and MX have been aligned partners for years, both resolute in our determination to help strengthen the financial well-being of BECU business online banking login members and their community.” The development of BECU’s Quick Save feature, our most recent collaboration, is yet another illustration of BECU’s unwavering dedication to financial stability and the provision of intelligent and individualized financial experiences for the hundreds of thousands of members they serve.
About MX MX is the global leader in modern connectivity and a financial data platform that enables businesses of all sizes to connect to the world’s financial data and transform raw, unstructured data into their most valuable asset for providing intelligent and individualized financial experiences. MX is the most secure and dependable data connectivity network in the industry, connecting more than 16,000 financial institutions and fintech. In addition, MX powers thousands of banks, credit unions, and fintech that serve over 200 million customers and 85 percent of digital banking providers.
