How Enrichment Lifts the Whole Industry: A Visual Story

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At Flinks, we have a deeply held belief that financial service providers should be able to focus on building differentiated, innovative apps and services. Instead, what we’re seeing is that only a handful of players have the kind of data processing capabilities needed to do that on their own.

We’ve built Flinks Enrichment to make it easy for service providers to understand and take action using their customers’ financial data—wherever their data is coming from, and no matter their technical know-how.

We want to go beyond leveling the playing field: our aim is to lift the whole industry.

By now, we’ve all heard that data is the new oil. In this metaphor, financial data connectivity is the wells and pipelines of our time. It solves an important problem; after all, for a resource to be used, it must first be accessible.

How to process that raw resource, though, has mostly been left to financial service providers to figure out. And this is no small task.

Case in point: this is what raw financial data often looks like.

Processing it to extract meaningful pieces of information is resource-intensive, technically hard, and gets increasingly challenging as financial service providers integrate more sources of data. (To dive deeper into how fintechs build mature, multi-providers data stacks, head over to this discussion between experts from Nav, BlueVine and Flinks.)

These data processing steps aren’t what’s actually generating positive outcomes for customers; they simply turn raw data into usable information.

Taking action based on that information—underwriting loans with advantageous rates, recommending relevant products, or instantly screening new users during onboarding—is what’s driving competitiveness and customer satisfaction.

Flinks Enrichment, in the context of our metaphor, is like a tailor-made refinery that sits on top of our clients’ data pipelines to convert the raw resource into a material that is ready to be used in their apps and services.

To put it in more concrete terms, this is how we’re presenting financial data to our clients as actionable, model-ready insights.

Lifting the whole industry, from fintech startups to incumbents financial institutions

By doing the heavy lifting of converting raw data into insights, Flinks Enrichment is setting a new baseline for service providers across the industry looking to use financial data.

Fintech startups can build custom data-driven products faster.

Fintech is a booming sector. One in every five dollars invested by venture capital this year fuelled their growth.

Flinks Enrichment enables fintechs to enhance or even sidestep data processing, allowing them to save precious resources and build their products with a deeper understanding of their users. From day one, they have access to the insights they need to execute on their vision. And as they grow, they can leverage Enrichment’s extensive library to scale and diversify their products.

Incumbents big and small can digitize and improve their processes.

Flinks Enrichment automates the type of data processing that is typically done manually in order to generate very specific outcomes: reviewing bank statements and other financial documents to underwrite a mortgage loan, for instance.

With Enrichment, financial data becomes a resource they can leverage to add more depth to point-in-time decisioning processes, or on a larger scale to segment their customers based on an accurate understanding of their financial profiles.