Money Management from MX promotes financial literacy and empowers Americans to access powerful insights on their spending, savings, debt, and more
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, unveiled its personal finance visualization tool, Money Management, to add to the suite of digital, user-friendly resources available to CSB and Ivy Bank customers.
“Money Management will inspire our customers to help them get on the right financial path by providing simple, yet powerful instruments that stretch beyond the basics to help them identify spending and budgeting habits, and improve their financial well-being”
CSB introduced its Money Management tool, in partnership with MX, as a response to Americans’ concerns about their financial health. An Experian survey from last year revealed that 69 percent of respondents were concerned about their personal finances, while 59 percent were worried about paying down existing debt. By developing a deeper understanding of consumer needs, CSB’s products and services are rolled out to support the way consumers want to interact with their banks. The bank also offers resources that provide digital financial education and fraud prevention best practices.
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Designed to help consumers take control of their financial health and interact with their finances in a more meaningful way, Money Management empowers users to responsibly oversee their spending, savings, and financial accounts by providing tools and resources to:
- Visualize Their Financial Life: View all accounts, including bank, retirement accounts, credit cards, mortgages, and more from other financial institutions, in one central dashboard that enables users to visualize their full financial picture, including their overall net worth.
- Set Budgets and Manage Debt: Monthly spending data will be reported to allow consumers the flexibility to create budgets, plan how to allocate their funds, and update projected income as needed. With the ability to link to aggregated accounts, individuals will be able to access balances, APR, last payment dates, and minimum payments due to control and eliminate debt.
- Uncover Trends: Users have the freedom to sort by date range, subcategories, and transactions to better understand their finances and gain insight into how they are spending, realize trends in their transaction history, as well as track their income and savings.
“Money Management will inspire our customers to help them get on the right financial path by providing simple, yet powerful instruments that stretch beyond the basics to help them identify spending and budgeting habits, and improve their financial well-being,” said Susan Nachtigall, SVP Head of Digital Banking, Cambridge Savings Bank. “Complementing our digital tools, CSB will always have dedicated in-branch and call center team members available to ensure customers have access to live financial wellness support, in addition to the in-person and virtual financial education classes we offer to the communities we serve.”
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Through the power of financial literacy, CSB aims to play a pivotal role in enabling better financial outcomes for its customers and communities, especially to those most in need, such as low-to-moderate income individuals and families.
CSB added Money Management to its digital offerings through its partnership with MX, a financial platform that enables financial institutions and Fintechs with the ability to give their customers access to personalized, actionable insights about their financial health.
Money Management can be easily accessed within CSB and Ivy Bank’s Online and Mobile Banking platforms to give both bank’s customers a holistic view of how, where, and when their money is being spent and key insights on how to help improve their financial well-being.
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