How Ģֱ Account Aggregation Enables Informative Research to Streamline Verifications and Reduce Connection Times
Watch Video
Informative Research, a Stewart company, is a leading technology platform that delivers data-driven solutions to the lending community. The company currently serves mortgage companies, banks, and lenders throughout the United States. In 2023, Informative Research acquired the AccountChek platform which has been a long-standing Ģֱ partner since 2017.
For over 15 years, AccountChek has helped borrowers skip the paper chase when qualifying for a loan. Borrowers send their financial data straight to lenders in an underwriter-friendly format that reduces delays, eliminates manual errors, and mitigates fraud risk. To make this possible, Informative Research’s AccountChek platform needs reliable data and connections to enable borrowers to share their financial data and lenders to quickly verify their asset, income, and employment during the mortgage loan application process.
To streamline the borrower experience and maintain connections that deliver the data that lenders need, Informative Research turned to Ģֱ as its primary bank data aggregation partner.
Previously, borrowers using AccoutChek would need to satisfy multiple multi-factor authentication (MFA) requests before connecting their accounts to the system. Using Ģֱ’s direct connections, AccountChek has condensed its consumer authentication process, thus eliminating a significant source of borrower drop-off and reduced success and completion rates. This shift also helped shorten the consumer authorization and enrollment process from an average of 2:45 minutes to less than 0:30 seconds.
Reduced consumer authorization from 2:45 min to < 30 sec
Improved connection success rates to above 99%
32.9 million jobs completed in the last year
3.1 million mortgage loans closed, totaling over $1.1 trillion
Additionally, Informative Research recognized the value of modern banking connections and Open Finance to create more secure, lasting connections. In working with Ģֱ, the company has been transparently switching its bank connections to modern Open Authorization (OAuth) connections — improving connection success rates to above 99% for users connecting their accounts.
“W’re constantly striving to drive access to more modern banking connections. That’s where Ģֱ is a tremendous partner — getting those connections provisioned and turned on, and then enabling them in our system so that our customers can immediately take advantage of it,” said Brian Francis, Head of AccountChek at Informative Research.
This improved experience has created a competitive advantage for AccountChek, speeding up the lending process and streamlining the borrower experience. In the last 12 months, Informative Research has completed 32.9 million aggregation and verification jobs, with a 97% overall job completion status. The average connection speed for an aggregation job is 24.64 seconds, while the average connection speed for a verifications job is 4.44 seconds.
In total, AccountChek has helped to close over 3.1 million mortgage loans with the help of Ģֱ, totaling over $1.1 trillion.
Data quality is very important. If you look at the use case associated with mortgage lending, there is a very high bar of data that needs to be provided. And we've worked in partnership with Ģֱ to continually drive that bar higher.
Brian Francis
Head of AccountChek at Informative Research
Improve the customer experience by enabling borrowers to easily connect external accounts and share permissioned data during the loan application process
Speed up the loan process and take manual work and errors out of it by enabling consumers to easily grant permission to financial data and connect accounts for loan data and asset verification
Help mitigate risk and reduce fraud with instant verification of account owner identities, bank accounts, and other financial accounts
Create more reliable, secure connections with OAuth and direct connections that eliminate the need for credential sharing or multiple MFA requests
Ģֱ’s account aggregation solutions enable consumers to easily connect and view all of their financial accounts in one place — and give financial providers full visibility into consumer financial data to better meet their needs.
Ģֱ provides fast, reliable verification technologies to help organizations better manage risk, protect against cyberattacks, and maintain compliance. Ģֱ reduces your reliance on manual verification processes with instant account verifications (IAV) and account owner identification.
Ģֱ helps financial institutions and fintechs verify account balances quickly to streamline processes, reduce risk, and deliver a better customer experience.
Explore how Ģֱ can help you get the most from financial data and build better money experiences for consumers.