Enter MX’s Cash Flow tool, which offers a better way for users to visualize how money moves in and out of their account throughout the month. Cash Flow allows users to easily see any upcoming deficits—and then to plan accordingly. The tool simplifies a complex element of financial planning through advanced analytics driven by past transactions.
Luckily for M&T, with Money Smart they’d already put in place the infrastructure needed to support the Cash Flow tool, having planned to launch this as a new feature in Money Smart later that year.
“When we realized this tool could substantially help our customers, we came together and reprioritized our roadmap so we could meet our customers’ needs quickly during this time of uncertainty,” Lee added.
The MX Cash Flow tool specifically addresses the need for individuals to both understand their historical spend and predict their future spend. It analyzes a user’s transaction history for recurring deposits and payments and then provides a future-cast of their projected cash balance each day to help them see the impact of any additional expenditures.
Within Cash Flow, users are asked to validate certain transactions as outflows or inflows. Once the transaction is validated, the user determines the frequency and saves the transaction as a recurring inflow/outflow that will enable Cash Flow to project future cash balances.
Using Cash Flow, users have the ability to track—and take action on—their data.