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Revolutionizing Open Finance with MX.com CTO Wes Hummel
Episode 3231st January 2023 • Fintech Confidential • DD3, Media
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Fintech Confidential host Tedd Huff interviews MX CTO Wes Hummel to discuss his journey in the FinTech industry and the future of open banking. With over 13 years of experience in software development and leadership roles at companies like PayPal and Clarity Communications, Wes shares his insights on customer focus, scalability, and security in financial technology. He also talks about the legacy of MX's late co-founder, Brandon Dewitt, and the opportunities ahead for the company and the broader FinTech industry. Tune in to learn more about the challenges and opportunities in the fast-paced world of fintech and the potential for partnerships between financial institutions and fintech companies.

Three key things in this episode that we dive into.

1️⃣ The importance of availability, reliability, and scalability in Fintech

2️⃣ Why focusing on the customer and their experience matters most

3️⃣ How to focus on the mission and vision while continuing the legacy of the company's founders.

Also, watch the entire episode on youtube.

https://youtu.be/nEtrL0zYFr0

Links:

MX

Website: www.MX.com

Linkedin: https://www.linkedin.com/company/mxenabled

Facebook: https://www.facebook.com/MXenabled

Instagram: https://www.instagram.com/lifeatmx/

Twitter: https://twitter.com/mX

Youtube: https://www.youtube.com/c/Mxenable

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Support is provided by Solvpath, an A.I.-driven customer support system that uses a visual format and self-serve technology to quickly and effectively resolve issues, resulting in satisfying support experiences for customers.

Get the best customer support system for your business. Get Solvpath. Get started by visiting www dot Get Solvpath dot com www.getsolvpath.com

This is a Production of Diamond D3, Media

ABOUT:

Wes Hummel: Wes Hummel is the Chief Technology Officer at MX. Wes leads the company’s engineering and information security teams. He is a customer-focused technology leader with more than 25 years of experience building and leading global engineering teams. Prior to joining MX, Wes spent 14 years at PayPal, where he was responsible for the company’s infrastructure and operations vision, and strategic direction. Prior to joining PayPal, Hummel spent eight years as a software engineer at Clarity Communications Systems and five years at Motorola.

MX: MX Technologies, Inc., a leader in Open Finance, makes data accessible and actionable for everyone. MX is building the largest open finance ecosystem to help drive innovation and improve experiences through secure and reliable access to financial data. MX combines trusted open finance APIs with enhanced financial data to quickly and securely connect to and verify data for hundreds of use cases, including account opening, money movement, and underwriting. 

Tedd Huff: President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential and Head of Corporate Strategy at Corvia. 

Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

Transcripts

Tedd Huff - Host, Fintech Confidential:

:

If you were to give a FinTech founder one

Tedd Huff - Host, Fintech Confidential:

:

piece of information, what would it be?

Wes Hummel - CTO, MX:

Just have a laser focus around the customer.

Wes Hummel - CTO, MX:

You just cannot go wrong.

Wes Hummel - CTO, MX:

There have been many products that I've worked on in my career that failed

Wes Hummel - CTO, MX:

because there wasn't that focus, and there have been many products that I've

Wes Hummel - CTO, MX:

worked in my career that have wildly succeeded because there was that focus,

Tedd Huff - Host, Fintech Confidential:

:

the most common cause

Tedd Huff - Host, Fintech Confidential:

:

of bad customer experie.

Tedd Huff - Host, Fintech Confidential:

:

Isn't that high tech?

Tedd Huff - Host, Fintech Confidential:

:

It's embarrassingly simple.

Tedd Huff - Host, Fintech Confidential:

:

Yep.

Tedd Huff - Host, Fintech Confidential:

:

It's answering questions.

Tedd Huff - Host, Fintech Confidential:

:

In e-commerce, it's really easy to get bogged down with common questions.

Tedd Huff - Host, Fintech Confidential:

:

Whether that's where's my package, how do I return or exchange this item, or

Tedd Huff - Host, Fintech Confidential:

:

just to cancel a subscription Solvpath is an AI-driven customer support

Tedd Huff - Host, Fintech Confidential:

:

system that enhances the customer experience with visual formats and

Tedd Huff - Host, Fintech Confidential:

:

self-serve technology to empower your customers to handle their own support.

Tedd Huff - Host, Fintech Confidential:

:

Get the best customer support system for your business.

Tedd Huff - Host, Fintech Confidential:

:

Get solve path.

Tedd Huff - Host, Fintech Confidential:

:

Get started by visiting www.getsolvpath.com.

Tedd Huff - Host, Fintech Confidential:

:

Welcome to FinTech Confidential, bringing you the people, tech, and companies

Tedd Huff - Host, Fintech Confidential:

:

that change how you pay and get paid.

Tedd Huff - Host, Fintech Confidential:

:

Wes, welcome to the show.

Wes Hummel - CTO, MX:

Thank you

Tedd Huff - Host, Fintech Confidential:

:

so MX from its inception has been a

Tedd Huff - Host, Fintech Confidential:

:

technology first company and really pioneered the open finance market that

Tedd Huff - Host, Fintech Confidential:

:

now powers 85% of the digital banking providers out in the marketplace.

Tedd Huff - Host, Fintech Confidential:

:

Over 1300 financial institutions and touches over 200 million consumers, and

Tedd Huff - Host, Fintech Confidential:

:

we, I'm glad that two Arizona guys could finally meet in the mountains of Utah.

Tedd Huff - Host, Fintech Confidential:

:

, but you spent 14 years at PayPal, right?

Tedd Huff - Host, Fintech Confidential:

:

And before that you did some work at Clarity Communications,

Tedd Huff - Host, Fintech Confidential:

:

and even some Motorola stuff.

Tedd Huff - Host, Fintech Confidential:

:

I'm really curious to understand.

Tedd Huff - Host, Fintech Confidential:

:

How did you fall into FinTech to begin with?

Wes Hummel - CTO, MX:

As you said, I spent the first, 13 years of

Wes Hummel - CTO, MX:

my career in telecommunications, all doing software development.

Wes Hummel - CTO, MX:

I was a software engineer for about that time.

Wes Hummel - CTO, MX:

And, then beyond that, cuz I did some internships.

Wes Hummel - CTO, MX:

and really found myself enjoying the leadership aspect of technology.

Wes Hummel - CTO, MX:

but cutting my teeth.

Wes Hummel - CTO, MX:

In, cellular infrastructure was really critical to my future path because it

Wes Hummel - CTO, MX:

taught me the importance of availability, reliability, scalability of systems.

Wes Hummel - CTO, MX:

because when I was working on the cellular infrastructure, it was when.

Wes Hummel - CTO, MX:

cell phones were just becoming ubiquitous and the carrier wars were just as heated

Wes Hummel - CTO, MX:

as they are now, and if you didn't have five nines, they would pull your

Wes Hummel - CTO, MX:

infrastructure and, put somebody else in.

Wes Hummel - CTO, MX:

I got into leadership and really wanted to get into technology management and

Wes Hummel - CTO, MX:

thought I would, start to look outside of the scope of, telecommunications.

Wes Hummel - CTO, MX:

and that's when I got connected to PayPal and thought, this will be really

Wes Hummel - CTO, MX:

interesting and it'll actually be more rigorous because it's people's money

Wes Hummel - CTO, MX:

When I started at PayPal, it was actually quite the opposite.

Wes Hummel - CTO, MX:

it, the rigor wasn't there.

Wes Hummel - CTO, MX:

it was chaos.

Wes Hummel - CTO, MX:

It was moving fast.

Wes Hummel - CTO, MX:

And, my position there morphed over the 14 years.

Wes Hummel - CTO, MX:

and I had a tremendous amount of fun just figuring out how do you scale?

Wes Hummel - CTO, MX:

How do you do this in a secure manner?

Wes Hummel - CTO, MX:

When I first started, PayPal was processing $60,000,000,000 a year.

Wes Hummel - CTO, MX:

When I left, it was over one and a quarter trillion.

Wes Hummel - CTO, MX:

The 20 x in, in growth, isn't 20 times harder.

Wes Hummel - CTO, MX:

It's 200 or 2000 times harder from a scale and a security perspective.

Wes Hummel - CTO, MX:

And so I had a lot of fun figuring out those engineering problems with my team.

Wes Hummel - CTO, MX:

And how do you actually scale this and bring this to a, global market?

Tedd Huff - Host, Fintech Confidential:

:

So in those 14 years, if you could pick

Tedd Huff - Host, Fintech Confidential:

:

out one thing in that 14 year journey, What would it be that you feel helped you

Tedd Huff - Host, Fintech Confidential:

:

the most in this transition over to mx?

Wes Hummel - CTO, MX:

I think it's the focus on the customer.

Wes Hummel - CTO, MX:

when, I took on operations and infrastructure, we had measured

Wes Hummel - CTO, MX:

availability via clo, by clock time, which is how most infrastructure

Wes Hummel - CTO, MX:

providers do it, and it wasn't working.

Wes Hummel - CTO, MX:

We had numbers that were not reflecting how our customers actually felt

Wes Hummel - CTO, MX:

about our products and shifting more to an outside in view and.

Wes Hummel - CTO, MX:

What is a good representation of how our customers are experiencing

Wes Hummel - CTO, MX:

our products and services?

Wes Hummel - CTO, MX:

Fundamentally changed how we looked at the, infrastructure, how we looked at the

Wes Hummel - CTO, MX:

architecture of the infrastructure, how we looked at our application architecture.

Wes Hummel - CTO, MX:

And really, had us look into how do we make it more robust?

Wes Hummel - CTO, MX:

How do we make it more reliable?

Wes Hummel - CTO, MX:

How do we make the customer experiences excellent?

Wes Hummel - CTO, MX:

And I think that was a pivotal moment for me in my journey to say, taking that

Wes Hummel - CTO, MX:

customer view of everything that we do.

Wes Hummel - CTO, MX:

Because in technology, especially a big companies, you can get siloed.

Wes Hummel - CTO, MX:

And the more connected you are to the customers and their experience, the better

Wes Hummel - CTO, MX:

those experiences are gonna be and the more successful you're going to make

Wes Hummel - CTO, MX:

your customers in there for your company.

Tedd Huff - Host, Fintech Confidential:

:

So I have to ask this question.

Tedd Huff - Host, Fintech Confidential:

:

The MX founders were extremely dynamic, and especially the late Brandon Dewitt.

Tedd Huff - Host, Fintech Confidential:

:

What do you see as the biggest challenge you face in continuing

Tedd Huff - Host, Fintech Confidential:

:

to build on his legacy?

Wes Hummel - CTO, MX:

Yeah.

Wes Hummel - CTO, MX:

first off, like you said, the, legacy, is one of the re one of the

Wes Hummel - CTO, MX:

things that brought me here, the culture, the focus around the mission.

Wes Hummel - CTO, MX:

I.

Wes Hummel - CTO, MX:

Honestly have never seen a more purpose and mission driven company.

Wes Hummel - CTO, MX:

And that's, what brought me here.

Wes Hummel - CTO, MX:

I think what's gonna be really important is keeping that focus on

Wes Hummel - CTO, MX:

the mission and vision and having that focus on the customers and

Wes Hummel - CTO, MX:

financial, wellness and, open banking and, really continuous continuing.

Wes Hummel - CTO, MX:

The legacy of, Brandon is really important to me.

Wes Hummel - CTO, MX:

I want to make this company as successful as I can possibly contribute to making it

Wes Hummel - CTO, MX:

be, and, I want to carry on his legacy.

Wes Hummel - CTO, MX:

I'm not Brandon.

Wes Hummel - CTO, MX:

there's no way I could be Brandon , but my intent is to honor his, legacy and to

Wes Hummel - CTO, MX:

continue, what he so successfully started

Tedd Huff - Host, Fintech Confidential:

:

technology has, always moved at

Tedd Huff - Host, Fintech Confidential:

:

an extremely fast pace and today it is magnitudes more than what

Tedd Huff - Host, Fintech Confidential:

:

we could have ever imagined.

Tedd Huff - Host, Fintech Confidential:

:

Yeah.

Tedd Huff - Host, Fintech Confidential:

:

Tell me about what you see the opportunity head for MX and the

Tedd Huff - Host, Fintech Confidential:

:

broader industry, especially as we start to see more regulatory pressure

Tedd Huff - Host, Fintech Confidential:

:

around all of these financial tools.

Wes Hummel - CTO, MX:

First and foremost, the fact that MX is really

Wes Hummel - CTO, MX:

focused on partnering instead of being this siloed company, that

Wes Hummel - CTO, MX:

winner takes all kind of thing.

Wes Hummel - CTO, MX:

we really believe it's not a zero sum game that we can actually partner

Wes Hummel - CTO, MX:

with other institutions, with, with financial institutions, with fintechs

Wes Hummel - CTO, MX:

and, help them be successful and help their customers be successful.

Wes Hummel - CTO, MX:

And that's, different from other companies that are really trying

Wes Hummel - CTO, MX:

to, just completely clobber their market and take everyone else out.

Wes Hummel - CTO, MX:

So they think there's a huge opportunity and value in that.

Wes Hummel - CTO, MX:

I think there's a huge opportunity in, open banking and open

Wes Hummel - CTO, MX:

finance, being able to, give.

Wes Hummel - CTO, MX:

Consumers access to their data, the ability to act on their data and, to

Wes Hummel - CTO, MX:

really understand their financial health and financial wellness and, give them

Wes Hummel - CTO, MX:

products and services that are relevant to them instead of just spamming them

Wes Hummel - CTO, MX:

with an ad that, they may have mentioned.

Wes Hummel - CTO, MX:

A mortgage in a conversation, all of a shows up in their, all of a sudden it

Wes Hummel - CTO, MX:

shows up in their Facebook feed, but they actually said, I just got a mortgage.

Wes Hummel - CTO, MX:

They don't want one now.

Wes Hummel - CTO, MX:

So using rich data, and using it intelligently, contextually to

Wes Hummel - CTO, MX:

serve up the best products and services that we can, I think

Wes Hummel - CTO, MX:

there's a huge opportunity there.

Tedd Huff - Host, Fintech Confidential:

:

I've always

Tedd Huff - Host, Fintech Confidential:

:

loved being able to look at data and try and figure out what you could do with the

Tedd Huff - Host, Fintech Confidential:

:

data, what insights it could give you.

Tedd Huff - Host, Fintech Confidential:

:

And I've always looked at it as, really a gold mine versus a stack of gold bars.

Tedd Huff - Host, Fintech Confidential:

:

And really for the data geeks, it is turning that mine into those gold bars.

Tedd Huff - Host, Fintech Confidential:

:

What role do you see the data playing in FinTech and building out these additional

Tedd Huff - Host, Fintech Confidential:

:

services and all the different pieces?

Tedd Huff - Host, Fintech Confidential:

:

and how do you see us maintaining the privacy that everybody's

Tedd Huff - Host, Fintech Confidential:

:

holding on so tightly to?

Tedd Huff - Host, Fintech Confidential:

:

Yeah.

Wes Hummel - CTO, MX:

Yeah.

Wes Hummel - CTO, MX:

first off, I think, I can't think of a great analogy, so I'll give you a bad one.

Wes Hummel - CTO, MX:

And that is, it's a gold mine with disparate pieces of gold throughout

Wes Hummel - CTO, MX:

that you can only cash in if you put them together in the right way.

Wes Hummel - CTO, MX:

data, just like you, I'm a data.

Wes Hummel - CTO, MX:

, but data is, hard.

Wes Hummel - CTO, MX:

It's hard to actually parse out like what's relevant, what's not relevant.

Wes Hummel - CTO, MX:

You can get your hands around and get directionally in the right, in

Wes Hummel - CTO, MX:

the, head in the right direction.

Wes Hummel - CTO, MX:

but to start to use AI and machine learning to have systems actually

Wes Hummel - CTO, MX:

draw pieces together and understand, oh, , this is a variable that drives

Wes Hummel - CTO, MX:

this kind of behavior with customers, and this is a, and this might not

Wes Hummel - CTO, MX:

be something that you've thought of.

Wes Hummel - CTO, MX:

And so I think really bringing technology into data.

Wes Hummel - CTO, MX:

data is the goal, data is where it's at.

Wes Hummel - CTO, MX:

Data is what's going to make those experiences next level.

Wes Hummel - CTO, MX:

and like I said, if, I see a mortgage ad in, in my Facebook feed, I'll probably

Wes Hummel - CTO, MX:

see it 15 times if I've just had a conversation or there's an email or.

Wes Hummel - CTO, MX:

But, that's not what consumers want.

Wes Hummel - CTO, MX:

They really want you to understand their financial situation and help

Wes Hummel - CTO, MX:

them, be successful in their financial health and their financial lives.

Wes Hummel - CTO, MX:

And you can only do that when you're really, intelligently using data.

Tedd Huff - Host, Fintech Confidential:

:

The most common cause of

Tedd Huff - Host, Fintech Confidential:

:

bad customer experience.

Tedd Huff - Host, Fintech Confidential:

:

Isn't that high tech?

Tedd Huff - Host, Fintech Confidential:

:

It's embarrassingly simple.

Tedd Huff - Host, Fintech Confidential:

:

Yep.

Tedd Huff - Host, Fintech Confidential:

:

It's answering questions.

Tedd Huff - Host, Fintech Confidential:

:

In e-commerce, it's really easy to get bogged down with common questions,

Tedd Huff - Host, Fintech Confidential:

:

whether that's Where's my package, how do I return or exchange this item?

Tedd Huff - Host, Fintech Confidential:

:

Or just to cancel a subscription.

Tedd Huff - Host, Fintech Confidential:

:

Solvpath is an AI-driven customer support system that enhances the

Tedd Huff - Host, Fintech Confidential:

:

customer experience with visual formats and self-serve technology.

Tedd Huff - Host, Fintech Confidential:

:

To empower your customers to handle their own support requests, get the best

Tedd Huff - Host, Fintech Confidential:

:

customer support system for your business.

Tedd Huff - Host, Fintech Confidential:

:

Get Solvpath.

Tedd Huff - Host, Fintech Confidential:

:

Get started by visiting www.getsolvepath.com.

Tedd Huff - Host, Fintech Confidential:

:

MX offers a ton of data.

Tedd Huff - Host, Fintech Confidential:

:

How can the MX customers and users best use that data?

Wes Hummel - CTO, MX:

that's a, I think the great thing about the

Wes Hummel - CTO, MX:

data is we can make it situational.

Wes Hummel - CTO, MX:

you can't, you don't want to go to someone who has, Who, who has one car and then

Wes Hummel - CTO, MX:

they use that car to get to work and you don't want to sit there and offer them

Wes Hummel - CTO, MX:

a boat loan or you, just really have to understand their financial situation.

Wes Hummel - CTO, MX:

And so I think it's using the rich data that we have.

Wes Hummel - CTO, MX:

Using data science around that to understand what's gonna be relevant to

Wes Hummel - CTO, MX:

the consumer, what, goals do they have.

Wes Hummel - CTO, MX:

So bringing in their aspect of it, making sure that they know they own their data.

Wes Hummel - CTO, MX:

I think there's a lot of value in putting the consumer in control of

Wes Hummel - CTO, MX:

their data, being able to set goals around their financial health and

Wes Hummel - CTO, MX:

serving them up products and services that'll be very useful to them.

Tedd Huff - Host, Fintech Confidential:

:

Why is there the perception.

Tedd Huff - Host, Fintech Confidential:

:

Of making data private so hard.

Wes Hummel - CTO, MX:

Yeah, I think it's hard because there are companies

Wes Hummel - CTO, MX:

that want to own that data and there are companies that want to control that

Wes Hummel - CTO, MX:

data and, where we get into, problems is when we allow that to happen.

Wes Hummel - CTO, MX:

the consumer needs to be in control of their data.

Wes Hummel - CTO, MX:

We need to have open systems, we need to have secure data, we need to

Wes Hummel - CTO, MX:

have tokenized data exchange, there isn't, a few large companies holding

Wes Hummel - CTO, MX:

data and using it in ways that may be good, but may be nefarious as well.

Wes Hummel - CTO, MX:

I think, once we start to, bring open banking more to the forefront

Wes Hummel - CTO, MX:

and, having it be, grow throughout the ecosystem, we're gonna see a

Wes Hummel - CTO, MX:

lot of value added for the consumer, and they'll have less concerns about

Wes Hummel - CTO, MX:

the data security because they'll.

Wes Hummel - CTO, MX:

Who owns their data, they'll give permission and access to that

Wes Hummel - CTO, MX:

data and they'll know that they're always fully in control of that.

Tedd Huff - Host, Fintech Confidential:

:

Listening to the way you've

Tedd Huff - Host, Fintech Confidential:

:

described a lot of these things,

Tedd Huff - Host, Fintech Confidential:

:

it brings me to think about how fractured, how disjointed, how disconnected the

Tedd Huff - Host, Fintech Confidential:

:

financial technology industry really.

Tedd Huff - Host, Fintech Confidential:

:

and people want to use track and grow their money in the

Tedd Huff - Host, Fintech Confidential:

:

way that's best for them.

Tedd Huff - Host, Fintech Confidential:

:

How is the MX technology enabling partners to achieve better

Tedd Huff - Host, Fintech Confidential:

:

outcomes for their customers?

Wes Hummel - CTO, MX:

:

You're right, the there are.

Wes Hummel - CTO, MX:

:

A ton of different apps.

Wes Hummel - CTO, MX:

:

I know I probably have a dozen different apps on my phone that,

Wes Hummel - CTO, MX:

:

are to my different financial institutions, and MX is really about

Wes Hummel - CTO, MX:

:

aggregating that data, bringing it together, giving you a full

Wes Hummel - CTO, MX:

:

picture of your financial health and wellness and, where your money is.

Wes Hummel - CTO, MX:

:

Versus having all these different apps that you have to go to and you're not

Wes Hummel - CTO, MX:

:

sure what, where money's going to.

Wes Hummel - CTO, MX:

:

It's also about the data cleansing, and the data enhancement so that you

Wes Hummel - CTO, MX:

:

don't get this cryptic descriptor around where you spend money and it's very

Wes Hummel - CTO, MX:

:

clear, okay, this was at Dunking Donuts.

Wes Hummel - CTO, MX:

:

Yeah, I remember going there.

Wes Hummel - CTO, MX:

:

That makes sense.

Wes Hummel - CTO, MX:

:

So it's really about, the, control of their data.

Wes Hummel - CTO, MX:

:

The under, the understandability, if that's a word of their data.

Wes Hummel - CTO, MX:

:

I think that's really gonna be the differentiator.

Wes Hummel - CTO, MX:

:

And then aggregating one place where they can see.

Wes Hummel - CTO, MX:

:

, Tedd Huff - Host, Fintech Confidential:

Wes Hummel - CTO, MX:

if you are a FinTech and you, or, if you're a, financial

Wes Hummel - CTO, MX:

institution and all you have is one slice.

Wes Hummel - CTO, MX:

Of someone's financial life, you're not gonna be able to make the best

Wes Hummel - CTO, MX:

decisions for them or for your business.

Wes Hummel - CTO, MX:

Having data aggregation, having an under a more comprehensive

Wes Hummel - CTO, MX:

understanding of a person's financial profile, is gonna make it that much

Wes Hummel - CTO, MX:

better for the customer and for you.

Tedd Huff - Host, Fintech Confidential:

:

Creating a cohesive experience means

Tedd Huff - Host, Fintech Confidential:

:

that everybody's gotta play together nicely in the same sandbox together.

Tedd Huff - Host, Fintech Confidential:

:

how is the technology positioned to lead?

Tedd Huff - Host, Fintech Confidential:

:

The open finance Economy.

Wes Hummel - CTO, MX:

I think first and foremost, just MX is, a very

Wes Hummel - CTO, MX:

trusted partner in this space.

Wes Hummel - CTO, MX:

we are very open, we're, we are very much into partnerships.

Wes Hummel - CTO, MX:

We're, not a company that thinks it's a zero sum game.

Wes Hummel - CTO, MX:

We know that all boats rise.

Wes Hummel - CTO, MX:

We know that the.

Wes Hummel - CTO, MX:

there are trillions of dollars of payments there.

Wes Hummel - CTO, MX:

There's plenty of, space for people to innovate and ensuring that we have

Wes Hummel - CTO, MX:

open banking and open finance and ensuring that consumers have access

Wes Hummel - CTO, MX:

to their data and can use it in good ways, actually gives them a broader.

Wes Hummel - CTO, MX:

set of, capabilities that they can innovate around and that they

Wes Hummel - CTO, MX:

can deliver to those customers.

Wes Hummel - CTO, MX:

Where you start to have closed systems, you start to have very targeted solutions

Wes Hummel - CTO, MX:

for a slice of the data, and that's never going to be a great solution.

Wes Hummel - CTO, MX:

a, great comprehensive solution.

Wes Hummel - CTO, MX:

So it may solve for one particular use case or one part of their lives,

Wes Hummel - CTO, MX:

but it's not gonna be comprehensive.

Wes Hummel - CTO, MX:

It's a, winning strategy for us to be looking at, like how do we, lean

Wes Hummel - CTO, MX:

very heavily into the open bank and continue to do that and continue to

Wes Hummel - CTO, MX:

drive and be pioneers in this space because, and our partners are telling

Wes Hummel - CTO, MX:

us every day that this is working and, that they're seeing better engagement

Wes Hummel - CTO, MX:

from, their members and their users.

Wes Hummel - CTO, MX:

and so it's a collaborative effort, which is bearing fruit.

Tedd Huff - Host, Fintech Confidential:

:

How is MX delivering that though?

Tedd Huff - Host, Fintech Confidential:

:

Because we've talked about open banking, we've talked about the data, but how

Tedd Huff - Host, Fintech Confidential:

:

does that data get to those, products?

Wes Hummel - CTO, MX:

When you talk about, products like MX Access,

Wes Hummel - CTO, MX:

where we're, offering, tokenized, APIs where we can actually.

Wes Hummel - CTO, MX:

bringing solutions that are more resilient, that are, more reliable, that

Wes Hummel - CTO, MX:

give them all the data that they need.

Wes Hummel - CTO, MX:

We're bringing those solutions to the market to show them, you don't

Wes Hummel - CTO, MX:

have to use, prior methods of, screen scraping and getting data, but actually

Wes Hummel - CTO, MX:

secure, methods that are highly reliable when it comes to connectivity.

Wes Hummel - CTO, MX:

And, that's how we're bringing that data to them.

Wes Hummel - CTO, MX:

That's how we're bringing data aggregation to them and they're able

Wes Hummel - CTO, MX:

to innovate around that data in, in.

Wes Hummel - CTO, MX:

pretty wonderful ways.

Tedd Huff - Host, Fintech Confidential:

:

So we're coming to the end

Tedd Huff - Host, Fintech Confidential:

:

of today's conversation.

Tedd Huff - Host, Fintech Confidential:

:

I wish I had so much more time to talk to you, cuz I've got a whole bunch of

Tedd Huff - Host, Fintech Confidential:

:

questions floating around in the back of my head that I didn't prepare for.

Tedd Huff - Host, Fintech Confidential:

:

But if you were to give a FinTech founder one piece of information

Tedd Huff - Host, Fintech Confidential:

:

as they're getting started in their journey, what would it be?

Wes Hummel - CTO, MX:

Gosh, just one.

Wes Hummel - CTO, MX:

I have like just 1000 . I think it would, I think it would be.

Wes Hummel - CTO, MX:

and you usually don't have to give founders this, piece of advice cuz

Wes Hummel - CTO, MX:

founders are usually pretty good about this, but is just have a

Wes Hummel - CTO, MX:

laser focus around the customer.

Wes Hummel - CTO, MX:

you just cannot go wrong.

Wes Hummel - CTO, MX:

There have been many products that I've worked on in my career, that.

Wes Hummel - CTO, MX:

Failed because there wasn't that focus.

Wes Hummel - CTO, MX:

And there have been many products that I've worked in my career that have wildly

Wes Hummel - CTO, MX:

succeeded because there was that focus.

Wes Hummel - CTO, MX:

Even if counterintuitively from a revenue perspective or a take

Wes Hummel - CTO, MX:

rate perspective, we're like, oh, we're gonna lose money doing this.

Wes Hummel - CTO, MX:

When you focus on what's going to be a great customer experience, when you

Wes Hummel - CTO, MX:

focus on the reliability, and so I'm in technology, so it's all the IIes,

Wes Hummel - CTO, MX:

reliability, scalability, security.

Wes Hummel - CTO, MX:

When you focus on those things, you end up with very, great experiences.

Wes Hummel - CTO, MX:

And like I said, founders are typically, that's actually what gets 'em up in the

Wes Hummel - CTO, MX:

mornings, like how to solve problems.

Wes Hummel - CTO, MX:

so they don't necessarily need that advice, but I think that's really critical

Wes Hummel - CTO, MX:

as, and as companies grow, it's a really important to keep your eye on the ball.

Tedd Huff - Host, Fintech Confidential:

:

Any special words of wisdom

Tedd Huff - Host, Fintech Confidential:

:

to the technical co-founder?

Wes Hummel - CTO, MX:

:

I think, stay curious.

Wes Hummel - CTO, MX:

:

technology is changing at a very rapid pace, and if you're not staying on top,

Wes Hummel - CTO, MX:

:

and if you're not understanding it, if you're not curious or if you're not asking

Wes Hummel - CTO, MX:

:

questions, it'll, bypass you very quickly.

Wes Hummel - CTO, MX:

:

So I think it's really important to, to stay, to keep your

Wes Hummel - CTO, MX:

:

technical chops to understand what's going on in the industry.

Wes Hummel - CTO, MX:

:

And, to understand best practices and to be talking to different companies

Wes Hummel - CTO, MX:

:

that are doing similar to in, in your industry and even outside your industry

Wes Hummel - CTO, MX:

:

to see how they're solving problems.

Tedd Huff - Host, Fintech Confidential:

:

What do you hope that the

Tedd Huff - Host, Fintech Confidential:

:

attendees of this year's Money Experience Summit take away?

Tedd Huff - Host, Fintech Confidential:

:

After spending three days at this beautiful resort,

Wes Hummel - CTO, MX:

I hope they just continue to be very excited.

Wes Hummel - CTO, MX:

About open finance, about open banking, and really empowering people

Wes Hummel - CTO, MX:

to be, financially, financially free to have the access and, act,

Wes Hummel - CTO, MX:

be able to act, on their data.

Wes Hummel - CTO, MX:

And, I know the partners that I've talked to throughout the week have been, continue

Wes Hummel - CTO, MX:

to be very excited about the journey.

Tedd Huff - Host, Fintech Confidential:

:

Well, Wes we've covered a bunch of stuff.

Tedd Huff - Host, Fintech Confidential:

:

I, again, I wish I had so much more time with you today.

Tedd Huff - Host, Fintech Confidential:

:

Is there anything that we left out you wanted to make sure that we

Tedd Huff - Host, Fintech Confidential:

:

communicated out to the audience?

Wes Hummel - CTO, MX:

I think the partnership aspect is something

Wes Hummel - CTO, MX:

that, that, we should leave with.

Wes Hummel - CTO, MX:

And that's a, it's not a zero sum game and there's a ton of

Wes Hummel - CTO, MX:

innovation to be done in this space.

Wes Hummel - CTO, MX:

And you can walk in the halls and see all the people that are,

Wes Hummel - CTO, MX:

hungry to innovate, with the data.

Wes Hummel - CTO, MX:

And the more open we are and the more we partner, the more

Wes Hummel - CTO, MX:

successful we're all gonna be.

Tedd Huff - Host, Fintech Confidential:

:

Fantastic.

Tedd Huff - Host, Fintech Confidential:

:

thanks again, Wes.

Tedd Huff - Host, Fintech Confidential:

:

I appreciate your time.

Tedd Huff - Host, Fintech Confidential:

:

Hopefully I haven't made you late to another event, . Thanks

Tedd Huff - Host, Fintech Confidential:

:

again and have a great day.

Wes Hummel - CTO, MX:

All right.

Wes Hummel - CTO, MX:

You bet.

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