How Lenders Build Data-Driven Verification Processes

Flinks routinely helps lenders structure their data-driven verification processes. More often than not, financial data enrichment has been the missing piece within their existing data stack. Relying on a third-party to categorize transactions enables lenders to automate their processes and make smarter decisions when it comes to their business.

Since there are a variety of ways to leverage borrowers’ financial data, understanding how major lenders are moving forward will help you plan the next upgrade of your own data stack.

Download our full white paper—or check out the highlights below—to learn how Financeit, Mitsubishi HC Capital Canada, and Spring Financial use Flinks to build data-driven verification processes.

Key Outcomes

• Financeit needed a reliable way to collect and analyze borrowers’ financial data to verify their identity and income. To minimize these risks while powering a seamless application and approval experience, they embedded Flinks Connectivity in their application experience to instantly collect bank-sourced KYC and account-level information, as well as transactional data. Then, Flinks Enrichment automatically turns the raw data into a series of model-ready insights. In turn, Financeit uses these insights to power their income verification process.

• Mitsubishi HC Capital Canada needed new digital tools to make it easier for borrowers to share information while also helping their agents monitor asset-based loans. They now ask borrowers to connect their financial accounts using Flinks Connectivity, allowing the lender to collect up-to-date financial data automatically. The data is then transformed into actionable insights by Flinks Enrichment, which agents can easily visualize in reports generated in the Flinks Dashboard. After a one-time connection of customers’ financial accounts, the lender’s agents can now visualize income and transaction insights at the press of a button.
• Spring Financial was looking to provide access to credit products to every customer—no matter their credit score. Using Flinks Connectivity, Spring Financial makes it quick and easy for borrowers to share the information needed to process new or renewed loan applications. Flinks now enables the lender to detect and analyze borrowers’ income streams and power risk models based on their financial track record.

You might also like

---

Data Enrichment: The Next Evolution in Data-Powered Financial Services

Flinks pioneers a new generation of data enrichment tools that make it easy for businesses of all sizes to extract insights from their customers’ financial data, and use them to power their use cases.

Introducing Flinks Enrichment for Commercial Lending: Business Financing Just Got Better

Introducing Flinks’ Business Analysis report: our core Enrichment engine just expanded beyond consumer financing and into the business space.