Cadence Bank Increases Interchange Revenue with Data Insights from MX
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.”
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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.”
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