Financial data platform MX announced a collaboration with 1.2 million-member BECU (Boeing Employees Credit Union) to build a new mobile app feature called Quick Save that will help members boost their savings. Piloted last year with BECU members that had low savings account balances, Quick Save helps increase savings via an easy-to-use “slide to save” module that enables frequent, small dollar amount transfers.
“BECU is continually innovating and leveraging technology to improve our members’ experience and empower them financially,” BECU Director of Digital Strategy Liz Wagner explained. “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 pilot project was conducted – and evaluated – in coordination with the Financial Health Network (FHN). Over the course of five months, FHN determined that BECU members using the new solution had transferred more than $2 million into savings accounts, representing an 18% increase in savings balance for the credit union’s low-balance savers, and a 26% increase in money movement via mobile transfers. Wagner credited the “combined power” of all three parties involved for both helping build and measure the effectiveness of the Quick Save offering, adding that the solution would “meaningfully improve our members’ financial health.”
Quick Save is only the latest example of the relationship that the Utah-based fintech and BECU have cultivated. More than five years ago, BECU went live with Helios by MX, a cross-platform framework that enables device- and platform-agnostic, full-featured digital banking.
“When it comes to mobile banking, every option we looked at functioned about the same,” BECU VP of Digital Banking Howie Wu said after the technology had been implemented. “We saw Helios as a chance to stand out and provide a very different experience.” Wu highlighted digital money management, aggregation, budgeting, and alert notifications among the offerings available via the framework – “all features that would enable our members to be financially strong,” Wu explained. Within 18 months of its deployment, BECU reported a 170% increase in billpay, a 56% increase in money transfers, and a 22% in check deposits.
Headquartered in Tukwila, Washington (a suburb of Seattle) and founded in 1935, BECU has assets of more than $26 billion. The institution is the largest credit union in Washington State and the fourth largest credit union in the U.S.
“BECU and MX have been aligned partners for years, both resolute in our determination to help strengthen the financial well-being of BECU members and their community,” MX Chief Customer Officer Nate Gardner said. He called Quick Save “yet another example of BECU’s wholehearted commitment to financial strength” as well as delivering “intelligent and personalized money experiences for the hundreds of thousands of members they serve.”
A multiple-time Finovate Best of Show winner, MX returns to the Finovate stage next month in September for FinovateFall in New York.
Monetary information platform MX introduced a collaboration with 1.2 million-member BECU (Boeing Staff Credit score Union) to construct a brand new cell app function referred to as Fast Save that can assist members increase their financial savings. Piloted final 12 months with BECU members that had low financial savings account balances, Fast Save helps improve financial savings by way of an easy-to-use “slide to save lots of” module that allows frequent, small greenback quantity transfers.
“BECU is regularly innovating and leveraging expertise to enhance our members’ expertise and empower them financially,” BECU Director of Digital Technique Liz Wagner defined. “It’s been inspiring to see Fast Save go from an idea to a completely functioning software that members on this pilot are utilizing to construct their financial savings.”
The pilot undertaking was performed – and evaluated – in coordination with the Monetary Well being Community (FHN). Over the course of 5 months, FHN decided that BECU members utilizing the brand new answer had transferred greater than $2 million into financial savings accounts, representing an 18% improve in financial savings stability for the credit score union’s low-balance savers, and a 26% improve in cash motion by way of cell transfers. Wagner credited the “mixed energy” of all three events concerned for each serving to construct and measure the effectiveness of the Fast Save providing, including that the answer would “meaningfully enhance our members’ monetary well being.”
Fast Save is barely the newest instance of the connection that the Utah-based fintech and BECU have cultivated. Greater than 5 years in the past, BECU went reside with Helios by MX, a cross-platform framework that allows device- and platform-agnostic, full-featured digital banking.
“On the subject of cell banking, each choice we checked out functioned about the identical,” BECU VP of Digital Banking Howie Wu stated after the expertise had been applied. “We noticed Helios as an opportunity to face out and supply a really completely different expertise.” Wu highlighted digital cash administration, aggregation, budgeting, and alert notifications among the many choices obtainable by way of the framework – “all options that might allow our members to be financially robust,” Wu defined. Inside 18 months of its deployment, BECU reported a 170% improve in billpay, a 56% improve in cash transfers, and a 22% in verify deposits.
Headquartered in Tukwila, Washington (a suburb of Seattle) and based in 1935, BECU has belongings of greater than $26 billion. The establishment is the most important credit score union in Washington State and the fourth largest credit score union within the U.S.
“BECU and MX have been aligned companions for years, each resolute in our dedication to assist strengthen the monetary well-being of BECU members and their group,” MX Chief Buyer Officer Nate Gardner stated. He referred to as Fast Save “one more instance of BECU’s wholehearted dedication to monetary energy” in addition to delivering “clever and personalised cash experiences for the a whole bunch of hundreds of members they serve.”
A multiple-time Finovate Better of Present winner, MX returns to the Finovate stage subsequent month in September for FinovateFall in New York.