Use alternative financial data to improve credit decisioning and more
People increasingly want to apply for credit cards and loans digitally, via fintech apps. To prevent fraud and make sound lending decisions, fintechs need to verify the user’s identity and check their financial statements before opening a new line of credit for them.
With Akoya’s APIs for lending and credit decisions, individuals can share their data with fintech apps using their financial institution’s existing online portal — no screen scraping required.
The fintech app can use their data, encompassing up to two years of transaction history, for decisioning purposes, including:
- Account verification
- Asset verification
- Credit scoring and modeling
- Deposit verification
- Employment verification
- Fraud prevention
Sensitive information like tax ID and date of birth is not shared.
How it works
“After one seamless integration onto Akoya, we are now able to authorize direct connections with data aggregators and fintechs that will use the Akoya Data Access Network. The data recipients that the customer authorizes to connect to their U.S. Bank account through Akoya will receive authorized and permissioned access to U.S. Bank customer data, all while giving consumers the confidence that their data is safe and secure.”
“PNC takes very seriously our responsibility to protect the financial and account information that our customers entrust to us. Many customers assume it is safe to provide their sensitive information to the financial app of their choice. However, we know this information has been used for unauthorized access to customer accounts. That is why we have been taking interim steps to provide accessibility and security.… [We] are providing a permanent solution for striking the right balance between customer choice and data protection.”
“Consumers' personal financial data should only be accessed with their explicit consent and they should have the ability to monitor and revoke that access. For this reason, we created Akoya and are now joining with several financial institutions to accelerate the availability of a secure, transparent and more reliable network for the entire financial services industry.”
“Akoya provides another option for third parties to safely connect to Chase. Most importantly, our over 60 million digitally active customers will have full control and visibility into the data they choose to share with apps and companies. This brings us closer to a future where customers know with certainty what information they’re sharing and with whom.”