Cadence Bank Increases Interchange Revenue with Data Insights from MX
Regional bank with approximately $50 billion in assets gains nearly $157,000 in one month from estimated annual recurring “interchange” revenue with MXdata
LEHI, Utah and TUPELO, Miss. — February 2, 2022 — 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.
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 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 visitwww.cadencebank.com