Digital banking solutions provider Kony has partnered with financial data expert MX to enable banks and credit unions to offer customised financial insights to their customers.

Under the collaboration, Kony DBX will utilise MX capabilities to offer Personal Financial Management and spending categorisation for banking and credit union customers.

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The classification will provide better insight into the customers’ financial health and allow the banks to tailor their services.

Kony DBX senior vice president and general manager Jeffery Kendall said: “We live in a ‘data age’ and it is critical for banks and credit unions to have access to clean, actionable financial data to better meet their customers and members’ expectations.

“We are excited to collaborate with MX to deliver valued-added data services for Personal Financial Management and spending categorisation and classification solutions that will give consumers a clear view of their financial health.

“In addition, banks and credit unions can also gain insight so they can better tailor their digital banking offerings to their customers and members.”

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CommonWealth One Federal Credit Union is the first joint customer of the collaboration.

Established in 2010, MX focuses on providing actionable financial data to enable the financial institutions reduce costs, improve customer experience and facilitate growth. Till now, it has partnered with more than 1,800 financial institutions.

Commenting on the collaboration, MX executive vice-president of partnerships Don Parker said: “Together, and through Kony’s expansive partner network, we will help more banks, credit unions and fintech developers grow faster, reduce costs, and deliver exceptional experiences to their customers.”