Consumers in Control: Lending Use Cases for Account Transaction Data

Data from consumers’ account transactions can serve as a robust source of insights.

Boston, March 18, 2020 – U.S. consumer lenders—eager to obtain additional insights to find creditworthy customers—are beginning to use account transaction data as a supplement or alternative to traditional credit information. This report provides an overview of the process of obtaining transaction data, the vendors who facilitate its use by consumer lenders, and the solutions offered to assist lenders with common use cases during origination and account monitoring.

Aite Group conducted in-depth interviews with 10 thought leaders, including relevant vendors, regulators, and consumer lenders, in Q4 2019 and Q1 2020. These interviews were supplemented by desk research on the efficacy of transaction data for decisioning and the review of vendor websites, solution-specific case studies, and solution demonstrations.

This 22-page Impact Report contains nine figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Envestnet Yodlee, Equifax, Experian, Fannie Mae, FICO, Financial Data Exchange, Finicity, FinRegLab, Freddie Mac, Plaid, and Wells Fargo.

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