Discovered Accounts Overview

  • Updated

Each month, your customers are paying thousands of dollars to your direct competitors. Discovered Accounts takes data you already have and tells you who those customers are and whom they bank with.

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HOW IT WORKS

Discovered Accounts leverages existing transactional data to find these outside accounts — it does not rely on users connecting those accounts to MX software.

Consider, for instance, one of your checking customers; their transactional data shows a monthly payment to the competing Epic Bank's credit division. Discovered Accounts will see this — along with every other user making payments to Epic Bank, and tell you not only who they are, but how much money you're losing to Epic Bank each month. With that knowledge, you can target the user to encourage them to transfer their Epic Bank balance over to you by offering a credit card with a lower APR, etc.

 

CHARTS IN DISCOVERED ACCOUNTS

There are six charts displayed in Discovered Accounts, each one more specific: discovered accounts volume by month, discovered accounts volume by organization, discovered accounts by type, discovered accounts by organization, discovered account users by account type, and discovered account users by organization.

All charts have a few features in common. On the top right of each chart, there are four buttons for displaying credit card, investment, mortgage and loan payments.

  • Click on "Credit Card," "Investment," "Mortgage," or "Loan" to display data for that particular payment type.
  • On the bottom right, click "Show More" to see more data or click the forward and backward arrows to view past data.
  • Click "Export Data" to the left of each chart to download all data points in CSV format.

 

Discovered accounts volume by month:
This metric adds up every transaction that appears to be a payment to one of your competitors and breaks it down by month. On the left you'll see a single number representing all the payments lost to your competitors over the last six months. On the right, you'll see bar graphs representing the current month and the previous five months, grouped by payment type.
Discovered accounts volume by organization:

This metric adds up every transaction that appears to be a payment to one of your competitors and breaks it down by organization and type. By default, it will sum the top three organizations for the last month.

  • Click on "See More" on the bottom right to view the top ten organizations. This will also update the sum on the left.
Discovered accounts by account type:
This metric shows you the total number of competitor accounts to which your users are making payments for a selected month. The exact number will be listed on the left, and a bar graph showing four account types will be on the right.
Discovered accounts by organization:
This metric shows the number of accounts, broken down by organization and type. By default, it will sum the top three organizations.
Discovered accounts by account type:
This metric displays the number of users who have at least one discovered account during the current month, grouped by type.
Users with discovered accounts by organization:
This metric displays the number of users who have at least one discovered account during the current month, grouped by organization and type. By default, the top three will be displayed.

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