Meridian CU first in Canada to take MX Pulse financial wellness tool
If you’re going to bring your new, self-guided financial wellness tool to Canada, you might as well start big, writes David Penn at Finovate.
MX announced that its Pulse solution will be available to members of Meridian Credit Union, the largest credit union in Ontario and the third largest in the country. The move will benefit not only Meridian members, but also those who are members of Meridian’s new digital entity, Motusbank. According to the credit union, the partnership is part of its larger strategy to leverage digital technology to promote financial wellness.
“By investing in data and the latest personalised AI tools, we’re showing our members that we are serious about improving their financial health in the present and in the future,” Motusbank’s SVP and COO, David Baldarelli, says. “Being able to get up and running so quickly with MX and work together as partners to customise Pulse for our members really sealed the deal.”
Pulse helps users make better financial decisions by providing AI-powered, personal, predictive, and proactive financial guidance. The solution benefits financial institutions by delivering customer engagement improvements like more logins (+60%), increased transactions per login (+32%), and an increase in NPS (+28%).
Founded more than 75 years ago, Meridian has grown into a credit union with 340,000 members and more than $21 billion in assets under management. The credit union has a network of 91 branches across Ontario, with commercial banking services available in 11 locations. Merdian launched its digital bank, Motusbank, in April of this year, which offers savings and checking accounts, GICs and mortgages, as well as personal loans and lines of credit.
The partnership news from MX is the second big fintech headline for the Utah-based fintech this month. Earlier in May, the company announced that it was teaming up with Kony to bring PFM and spending categorisation and classification to Kony’s digital banking solution, DBX.
Also, MX announced a collaboration with Personetics in March to bring AI-powered, real-time insights on customer behaviour and preferences to more banks and credit unions. The company unveiled MoneyMap with Pulse, a self-guided financial wellness solution in April and, later that same month.
Founded in 2010 and headquartered in Lehi, Utah, MX has raised $75 million in funding. USAA, Digital Garage, and Commerce Ventures are among the firm’s investors. The company says it has partnered with 1,800+ FIs and 43 of the top 50 digital banking providers. Ryan Caldwell is CEO and founder.