Experian has partnered with Finicity to launch Digital Verification Solutions, a service that leverages Finicity's technology to connect with financial institutions for verifying income and assets; Experian is the first credit bureau to offer this type of solution; in addition to offering an enhanced service, the solution is also intended to help lenders broaden their credit underwriting for thin file borrowers; Finicity is also working with other lenders to help improve verification processes and shorten the end-to-end processing time for lending. Source
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From the deal, Finicity will gain data sharing access to Wells Fargo's customer data for its clients which include personal financial management providers and online lenders; the deal is one of many currently underway for Wells Fargo and Finicity as well as numerous other market participants; overall, market consensus from American Banker shows less tension between banks and third party providers with companies such as Intuit reporting an increased interest from all parties involved in improving the experience for customers; American Banker also notes that as data sharing becomes more prevalent there's likely to be an evolution of technology that helps facilitate the connectivity. Source
