Cadence Bank Increases Interchange Revenue with Data Insights from MX
Cadence Bank has partnered with MX, a financial data platform, to enhance its interchange revenue through data insights. The collaboration enabled Cadence to boost its annual recurring interchange revenue by nearly $157,000. In a recent campaign targeting over 50,000 users, Cadence achieved an impressive 11% response rate, resulting in over 5,800 new debit card users and 25,000+ new recurring payments. This partnership demonstrates the effectiveness of data-driven strategies in generating sustainable financial outcomes for banks.
- Annual recurring interchange revenue increased by nearly $157,000.
- Campaign targeting over 50,000 users achieved an 11% response rate, significantly above the market average.
- Resulted in over 5,800 customers adding debit cards, leading to 25,000+ new recurring payments.
- None.
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
"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
"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
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately
Contact:
Tom Cook
tom.cook@mx.com
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SOURCE MX
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