Experian and Finicity collaborate to digitize the lending marketplace with an easier, quicker and less tedious experience for consumers and lenders
New technology will allow for real-time income and asset verification from more than 80 percent of all financial accounts, making paper-based processes more obsolete
In addition, consumers will no longer be burdened by the laborious task of providing paper-based verification documents during loan underwriting. Lenders will receive deeper financial information on prospective customers through real-time access to alternative data on a customer’s assets, income and ability to pay.
“Our goal is to make the loan process far easier for consumers and to provide better information for lenders through easy-to-use, fair and transparent digital and mobile experiences,” said Alex Lintner, Experian’s president of Consumer Information Services. “By working with Finicity, we will deliver more timely detailed information through smooth, safe processes for credit grantors to improve their business and dramatically enhance lending experiences for consumers by using the power of data.”
Experian and Finicity’s partnership also will benefit the approximately 25 percent of the U.S. population with limited or no credit history, including millennials, who are the largest segment of the workforce and are increasingly applying for loans. While these consumers may have a limited credit history, most consumers have a checking and savings account, as well as other payment obligations such as rent, and utility and phone bills, which can demonstrate they are capable of repaying a loan.
“Together with Experian, we’re reimagining the way the financial industry views credit decisioning, while also broadening credit inclusion for consumers,” said Steve Smith, CEO of Finicity. “Digitizing the credit decisioning process will improve the experience for lenders and borrowers while enabling further innovation in the lending space.”
To learn more about how lenders can bring financial data aggregation into the mainstream please join Experian and Finicity for a 60-minute webinar on March 23. Additionally, to find out more about the Experian and Finicity collaboration, visit https://www.experian.com/finicity.
Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It also is leading the development and promotion of industry standards. The company has developed more than16,000 bank integrations with the vast majority through connections which provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year. To learn more and test-run the rock-solid API today, visit https://www.finicity.com/.
Experian® is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
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Finicity VP of Marketing