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Expand the Ways You Collect Bank Data with Flinks Upload

By Flinks on July 11th, 2023

Reading Time: 4 min

Financial data aggregation has been playing a pivotal role in connecting FIs with fintech applications, but the practice of bank linking is only utilized by a portion of the end-users—42% of them express discomfort when it comes to sharing their bank account credentials with third parties.

We built Upload to address the concerns of data sharing and bridge the gaps in data collection. This feature lets customers upload their bank statements, helping financial service providers reduce end-user drop-offs and improve conversion rates. To create this functionality, we partnered with Ocrolus, a leading AI-powered document automation platform with extensive experience processing hundreds of millions of bank statement pages for over 400 financial services providers. 

Upload provides a way to capture nearly all banking data from your customers, regardless of bank, data source, or document format. In return, it gives a simple, consolidated view of categorized and enriched data ready for your usage.

Discover how Flinks Upload can revolutionize your data collection process, eliminate manual inputs, and gather financial data from as many of your customers as possible. 

What’s wrong with the current state of financial data sharing?

Imagine a scenario where every prospective customer you target to obtain banking data from goes through a funnel, with each step representing a potential dropoff point that hinders you from acquiring their banking information.

There are several reasons why this occurs. One major factor is that third-party providers have limited coverage, making supporting all banks and credit unions impossible. Additionally, while we invest significantly in reliability, it’s important to acknowledge that even the most reliable API connectivity experiences occasional downtime and errors. And these errors will persist until we have Open Banking and APIs from banks as a standard practice. 

As a result, businesses need to have multiple fallback methods in place to collect and process banking data from different sources, such as in-person or broker channels, creating friction and potential missed opportunities.

Flinks’ solution: reimagine data sharing for financial services

With Upload, you now can collect all of your customers’ bank data without the need for credential sharing. Powered by Ocrolus, Flinks can collect and normalize your customers’ financial data altogether—whether it’s from PDF bank statements or APIs, user-supplied or broker-supplied channels—giving you a streamlined way to access enriched bank data. 

In addition, Upload enhances your fraud analysis process by incorporating built-in fraud detection signals to identify and mitigate pernicious document tampering. 

What does this mean for you?

  • Increase end-user conversions: Reduce end-user drop-offs by enabling data connection beyond bank linking, with full coverage of FIs in Canada and the US
  • Improve operational efficiency: Upload and process bank statements in under 90 seconds, reduce your total application review time by 75% by eliminating manual entry and processing 
  • Unlock financial data enrichment: Enhance your business capabilities by running Flinks Enrichment on any type of uploaded data, not just data collected through an aggregator

If you already have an existing integration with Flinks, you can launch Upload with zero development efforts.
Reach out to your Relationship Manager today to activate this feature and enjoy the benefits immediately.

What does this mean for your customers?

  • Remove the discomfort of bank account linking: Let your customers, brokers, and agents have the option to manually upload bank statements, including native and non-native documents like scans and images
  • Create a frictionless customer experience: Simplify and enhance your customer journey by enabling them to effortlessly share their banking data the way they prefer
  • Accelerate service delivery: Minimize processing time and allow for quicker access to the desired financial products and services for your customers

See it in action: how Flinks’ clients benefit from Upload

A mortgage company

Use cases: Income verification, identity  verification, payroll verification, fraud detection

  • Reducing end-user drop-offs by allowing them to upload bank statements via dedicated URLs
  • Automating mortgage underwriting by handling bulk uploads from brokers
  • Consolidating banking data from different sources and enabling agents to view normalized data in the CRM

A consumer lender

Use cases: lending underwriting, cash flow analysis, fraud detection, debt consolidation

  • Pre-qualifying borrowers by getting directly bank-sourced income data they can trust
  • Identifying document tampering by detecting abnormalities, alterations, and edits within images and PDF files
  • Performing effective fraud reviews with specific transaction categories such as gambling expenses, NSFs, and cash advance

What’s next?

While over 68% of consumers abandon fintech apps during the onboarding process, your customers don’t have to. Our team is committed to solving the funnel problem so you and your team can verify all sources of user-permissioned data and onboard more customers faster. 

In the next couple of months, we’re looking into expanding the functionalities of Upload to render other types of financial documents and improve end-user experiences with more custom integration support

To learn more about how to integrate Upload into the manual path of your workflow, talk to one of our experts today and let us help you get started.


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