FinLocker Looks to Build Futures With AllData Aggregation
FinLocker leverages AllData® Aggregation from Fiserv to help consumers plan for their financial futures while enabling lenders to gain CRA credits.
Challenge
FinLocker wanted to layer data aggregation technology onto its analytics infrastructure to enhance services provided to future homeowners. With a growing lender network, FinLocker also wanted to deliver the real-time data lenders need to validate borrower information.
Solution
Leveraging AllData Aggregation, FinLocker organized consumer financial data from more than 18,000 sources. By utilizing the API solution AllData Aggregation provides, FinLocker is able to leverage API integrations and aggregate the precise information needed by a given customer in real-time.
Proof Points
With AllData Aggregation, FinLocker's data aggregation tools enable people - including low-to-moderate-income consumers to access financial planning insights, resources and advice. Financial institutions are able to streamline data collection and validation, and receive CRA credits for work with underserved communities.
Serving Lenders and Consumers
By providing real-time, secure, verified data, AllData Aggregation enables FinLocker to help both lenders and consumers more fully understand where people are on the road to financial health.
"In my prior role as an executive at Flagstar Bank, I saw the value of FinLocker in providing consumers, especially those who are underserved, with an intuitive and insightful platform to assist in their journey towards homeownership," said Brian Vieaux, President of FinLocker.
Because AllData Aggregation can be used to provide financial planning and education tools to historically underserved populations, it also provides additional opportunities for lending institutions. As Vieaux explained, "Since joining [FinLocker], we have engaged several community banks to help them improve their CRA rating by partnering with FinLocker."
Client Profile
FinLocker empowers consumers to start, achieve and continue their homeownership journeys. This secure, transactional personal financial management tool aggregates a consumer's financial data, adding the ability to analyze, recommend and streamline financial transactions. Consumers benefit from personalized recommendations, mortgage and financial education, credit score reports and monitoring, cash flow analysis, budgeting, goal planning, and data sharing. Lenders utilize FinLocker to nurture leads, cross-sell value-add products, reduce costs and create customers for life. The company is headquartered in St. Louis, MO. For more information, visit www.finlocker.com.
Delivering, Planning and Budgeting Tools at Scale
By using AllData Aggregation APIs, FinLocker can customize API responses based on the unique data requests of individual providers. It's an adaptable, customizable solution that can deliver deep, reliable, on-demand data from more than 18,000 sources aggregated by AllData Aggregation.
FinLocker received approval for AllData Aggregation asset information to be used with the FinLocker asset verification solution as part of Fannie Mae's Desktop Underwriter validation service.
How FinLocker Enables Lenders to Serve Underserved Communities
Financial institutions use AllData Aggregation through FinLocker to provide consumers with access to educational content, credit reports, and tailored budgeting and goal planning tools. An independent legal analysis indicated that banks should expect to receive CRA consideration for the benefits FinLocker provides to LMI consumers.
When we originally used AllData Aggregation, we were excited about the options it gave us to help lenders create a digital borrowing process. We quickly saw a larger opportunity by repositioning the financial locker and providing [information] to consumers before they apply for a loan. The real benefit we can provide is to nurture, prepare and educate consumers so they are better informed and prepared to act when the time is right.
- Peter Esparrago Co-Founder and CEO FinLocker
A better borrowing and lending experience
Asset verification and financial planning tools with AllData Aggregation make life easier.
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