Financial data platform MX on Wednesday (Aug. 18) announced that it has partnered with the BECU credit union on the Quick Save mobile app feature to encourage members to make frequent, small transfers to build their savings accounts.
BECU introduced Quick Save and its “slide to save” module as a pilot last year for members with low savings account balances during the COVID-19 pandemic. During the five-month pilot, members transferred more than $2 million into their savings accounts, an 18 percent increase in savings for low-balance customers and a 26 percent increase in money movement through mobile transfers.
“It’s been inspiring to see that Quick Save can go from a concept to a fully functioning tool that members in this pilot are using to build their savings,” said Liz Wagner, director of digital strategy at BECU, in the joint announcement. “The combined power of BECU, Financial Health Network and MX enabled us to create and measure the effectiveness of this experience to meaningfully improve our members’ financial health.”
“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,” said Nate Gardner, chief customer officer of MX, in the joint announcement. “Our latest project with BECU has been building their Quick Save feature, yet another example of BECU’s wholehearted commitment to financial strength and to provide intelligent and personalized money experiences for the hundreds of thousands of members they serve.”
Related news: MX, Dwolla Team To Automate Bank Account Verification
MX last month partnered with Dwolla, a software platform working with funds transfers, to help customers connect to depository accounts.
Also read: Blend And MX FinTechs Land $300M Investments
MX and fellow FinTech startup Blend announced in January that they had each landed $300 million in funding. MX’s Series C funding round was headed up by a $150 million investment from TPG Growth, and included new and current backers. MX said it would use the money to help organizations digitize the “money experience.”