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You Got Asked to Connect Your Bank Account — What Does That Mean?
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As more and more business happens online, we’re bound to encounter new experiences. Millions of Canadians have been asked to connect their bank account to a financial app or service. And, just like you, they had a few questions about this new experience.
As it turns out, financial data connectivity is the new normal in online loans. Let’s see why.
Why Your Lender Is Asking You to Connect to Your Bank Account
Lenders, and other financial service providers for that matter, have always collected information from their clients — bank statements, proof of employment, etc. That’s how they verify their clients’ identity and assets. For ages, that’s been done in person or by email.
Today, tech-oriented lenders favor secure digital channels and use financial data connectivity.
That’s where companies like Flinks come in. We supply the (digital) pipes that enable you to share financial information to your lender, directly from a connection to your bank account.
What You Get Out of This
Transferring financial data directly from your bank might not seem like much, but it’s in fact a pretty big deal. And you get to benefit from it too.
The transfer is instantaneous, and as a result your lender is able to:
- verify your identity and banking information
- receive your application online and approve it in minutes
Besides enjoying the fast lane treatment, sharing data from your bank comes with another major perk: with the information they get from your bank statements, your lender is able to understand your specific reality — in some cases better than your credit score. Your loan application is stronger, and you can get a service that is adapted to your needs.
In short, financial data connectivity providers like Flinks are a tool your lender uses to understand you better, and serve you faster. It makes the whole process substantially more convenient for you.
How Secure is The Whole Process
Using a reputable financial data connectivity provider like Flinks is actually how your lender makes sure your information remains safe and secure.
We act as the intermediary between your bank and your lender, so you can share financial information without giving them direct access to your account.
Obviously, keeping your information secure is paramount. This means encrypting your data at all times, maintaining robust security protocols, and conducting regular independent audits to make sure they are effective.
Let’s be real: the team here at Flinks knows full well we wouldn’t exist if consumers didn’t trust us. We respect your privacy and value transparency. Our model is based on your consent and is designed to put you in control, all so you can file your online application with confidence.
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Still unsure how mainstream financial data connectivity has become?
Just this year, Visa and Mastercard have both acquired financial data connectivity providers in the US. We’re the Canadian-owned, independent alternative — and, so far, roughly 1 in 3 Canadians have used Flinks to connect to their bank account in order to share their information. More than 300 financial institutions and other financial businesses are using us everyday, and others are catching up.
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