Alternative Data > Best Data Analysis Tool
Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. The company has developed more than 15,000 bank, wealth management and credit card integrations, giving it broad market coverage utilizing advanced analytics and data intelligence to deliver rich financial insights.
Finicity recently developed a breakthrough product for the lending industry which was announced in mid September -- verification of income and employment. Finicity’s VOIE solution digitally extracts a borrower’s pay statement data from the paystub and then cross-verifies that key data with their income transactions from their financial institutions. Enabled by its TXVerify technology, this new detailed data analysis capability creates a real-time picture of an applicant’s income and employment for fast, accurate reports. The solution does this by leveraging the highest value data – direct from banks – along with a scan, photo or PDF of a borrower’s paystubs.
The tool is considered a breakthrough as previously lenders were forced to conduct the majority of verifications manually. Legacy digital solutions rely on other sources of data, namely payroll data supplied by employers, which can be outdated. This results in low success rates, typically no more than 25%. Finicity’s VOIE solution is anticipated to provide successful income and employment verification coverage of over 70% of applicants, shaving as much as 12-14 days off the origination process.VOIE is a huge leap forward for the industry toward a fully digitized experience, providing increased accuracy, profitability and faster closings.