I am saddened today at the news of the passing of Jud Bergman and his wife Mary Miller-Bergman in a tragic car accident in San Francisco. 

Jud was an early innovator in the consumer-permissioned financial data space and helped build Envestnet into what it is today serving thousands of financial advisors and millions of consumers. He was committed to a vision of delivering better intelligence to consumers to improve their lives and provide better outcomes. Jud’s passion and zest for life will be greatly missed by all who had the opportunity to associate with him and the company he founded.

At Finicity, we had the opportunity to work with Jud on industry-wide initiatives such as the Financial Data Exchange to help provide a better future for consumers and their data. We are truly sorry for the loss and our heartfelt condolences and prayers go to his family, friends and everyone at Envestnet in this time of grief.

Congresswoman Anna Eshoo once said, “Innovation is the calling card of the future.” Finicity operates with a similar eye to the future, each new data solution taking us closer to the future that we imagine. Our vision includes truly empowered consumers with full control over their personal data and common data sharing standards that facilitate creative problem solving within secure frameworks. Our work with the Financial Data Exchange (FDX) is evidence of our investment in this future. We know that the work we do today will impact the world we live in tomorrow. 

We are, therefore, pleased to have entered into a direct data agreement with U.S. Bank. Finicity and U.S. Bank share an unwavering commitment to consumers and to protecting their personal financial data. This agreement is the result of a collaborative partnership focused on designing superior consumer experiences and on setting the stage for the future of data sharing. 

This represents our continued efforts in leading the development of next-gen data access solutions and it will translate into multiple meaningful benefits for U.S. Bank customers. These benefits include increased security, reliability, and control. For U.S. Bank customers, permissioning their data will now be easier and more secure, the ultimate in customer experience. The relationship centers on an application programming interface (API) that provides rapid access to data through a secure tokenized process. Because of this tokenization, U.S. Bank customers will not have to share their credentials with anyone other than U.S. Bank.

Integration will require minimal effort for U.S. Bank customers. The direct API experience will simply redirect them to a familiar login experience from U.S. Bank. Emphasizing the importance of consumer control, each customer will ultimately have access to a permissioning portal where they can access, manage, and restrict the sharing of their financial data. Consumer education and consent are at the core of this data sharing agreement and inform each aspect of implementation.

Finicity is leading the financial data access market by entering into these data-sharing agreements (see our announcements with USAA, Wells Fargo, Fidelity, Capital One, and JPMorgan Chase). We currently maintain market coverage of approximately 95% of U.S. deposits and investments under management and, at this writing, 40% of that coverage will be based on direct API access. Our leadership in the direct data agreement space reflects our commitment to partnering with banks to provide the best data and the best experience for our shared customers.

While this agreement with U.S. Bank comes after much research, thought, and dialogue, it is not the end of the journey. Rather, it is the beginning—a gateway to new opportunities, new products, and new possibilities.

It’s no secret that the process for verifying income and employment is often plagued with frustrations. What should be simple is, instead, complicated. Here’s what usually happens. Underwriters and loan officers order an automated verification of income and employment. The chances of a successful response to that request? About 15-25%. That means about 75% of the time, lenders have to resort to manual methods: calling up employers and chasing paper. In other words, it’s a hassle from start to finish. And expectations of success are ridiculously low. 

That’s why Finicity is excited to announce our new Verification of Income and Employment (VOIE) solution. A truly digital experience, our solution delivers accurate, reliable, up-to-date information. And we successfully deliver that data at over 3 times the rate of current prevailing automated verifications. 

Our VOIE solution uses high value data making it the industry leader in real-time, relevant income and employment verification. It’s a simple 3-step process.  

1. Borrowers upload a pay stub and permission us to verify their income and employment.

2. We digitally extract a borrower’s pay statement data from their pay stub and then we cross-verify that key data with income transactions within their financial institutions. 

3. Lenders and underwriters get an easy-to-use report that tells them everything they need to know.  

Here are 5 ways this new solution makes lenders’ lives easier:

Cross-verification equals accuracy. Our patent-pending TXVerify™ technology uses two data sources – paystub data and bank account data – to verify and cross-verify income and employment data. Cross-verifying these two independent sources increases accuracy, confidence, and data quality. Everything lenders need to make the best underwriting decisions.  

3x more successful than current automated verifications. That means that 3 times more borrowers obtain a successful digital verification as compared to the largest solution currently available in the market. The result? Streamlined workflows that save lenders valuable time and money. 

High value data. This one’s simple. We deliver real-time, bank-validated data. We’re able to report income and recurring deposits, demonstrating income stream and employment status. Always current, always accurate.  

GSE support with the opportunity to receive Reps & Warranty relief. Lenders can rest easy knowing that they’re working with the best product. Our VOIE solution has been designed to meet the stringent requirements of the mortgage market and the technical requirements of the GSEs. In fact, Freddie Mac has now incorporated our VOIE solution into their AIM program

A convenient one-stop verification solution. Finicity’s suite of verification solutions is the only product in the verification market that delivers asset, income, and employment data in a single process. And because we have such a high success rate, the need for manual processes is drastically reduced. This makes it easier than ever for borrowers and lenders to adopt a truly digital verification process. With our digital solutions, stakeholders in the credit-decisioning ecosystem have the opportunity to further optimize their business, gain a competitive advantage, and open the door to new possibilities. No more phone calls, no more asking managers to confirm employment status. Just exceptional accuracy packaged in total convenience.  

Finicity’s new VOIE solution is available immediately for lenders, lending technology integrators, and resellers. Contact Finicity today to request a demo and learn how to integrate our VOIE solution into your platform. 

It’s time to expect more. More accuracy, more convenience, more success. You won’t be disappointed.

 

At Finicity, one of our catchphrases is, “better data, better decisions.” We know that greater access to personal financial data means improved quality of life. Today’s innovations using consumer data in the field of financial services, like those developed by Finicity, mean increased speed, convenience, and insights for individuals, families and organizations tomorrow. Their resources and product options will expand as banks, fintechs, and other key players compete for their business. 

However, it is critical to frame this data-driven innovation with robust security and privacy protocols that consumers can trust. Building on the work of the Financial Data Exchange, Finicity advocates for five key principles in the use of consumer-permissioned data: control, access, transparency, traceability, and security. You can read more about our stance on these critical issues in our whitepaper, “The Empowered Consumer and the Future for Financial Data.

Combating the Literacy Crisis with Consumer-Permissioned Data

Research shows that the United States is experiencing a financial literacy crisis. Although we are the largest economy in the world, we rank 14th when it comes to the proportion of adults who are financially literate. This is not a new problem. In 2008, the President’s Advisory Council on Financial Literacy stated:

“More broadly, the lack of basic skills such as how to create and maintain a budget, understand credit, or save for the future are preventing millions of Americans from taking advantage of our vibrant economic system. And tens of millions of our citizens are either unbanked or underserved, which leaves them outside the economic mainstream. Addressing these issues is critical to the future of our nation’s economy.”

One promising solution to this crisis is strengthening connections between consumers and third-party financial resources. The access to key financial resources and tools can be democratized when we give more people access to their data and to related resources. In the end, this results in greater inclusion in the financial system and greater access to financial wellness.

Take, for example, access to credit. We know that people with less access to credit are much more likely to face income volatility. With this volatility comes a dramatic uptick in reports of financial hardship. A quarter of adults who do not feel confident in their ability to get approved for a credit card report that they have experienced hardship from income volatility in the past year. On the other end of the spectrum, only 6 percent of those who are confident in their credit availability report similar hardship. 

Gaps in access to what most would consider basic financial services, like bank accounts and credit lines, exist largely in already marginalized communities of minorities and those with low incomes. Because of this, people are left living from paycheck to paycheck, vulnerable to any unexpected bills. There is a clear correlation between access to credit and feelings of security and stability. 

This is where the real potential of consumer-permissioned data lies. When we connect consumers to the numbers, figures, and reports that comprise their financial wellness, we connect them to the resources that help them save, invest, plan, and provide for themselves and those they care for. We connect them to possibilities. And with possibilities comes hope. 

Read our whitepaper to learn more about the policies and strategies that will enhance the security of consumer-permissioned data solutions and drive innovation.

If we’re serious about empowering consumers, we have to commit to putting tools and products in the hands of all consumers. It’s not enough to cater to consumers that are already in the know, who already take advantage of digital solutions to enhance their financial lives. Empowering consumers has to be about delivering simple products that make it easy for all users to understand potential risks and benefits. 

Poll Results Overview

In a poll of 1,500 consumers, we found that people that identify as financially underprivileged and who have received less formal education are more likely to:

  • Avoid loans or activities associated with credit checks. This ends up increasing their cost of credit and limiting their choices for jobs, housing, and other important life decisions.
  • Not share their data. This makes it difficult for them to improve their credit scores. It also reduces their access to financial management help like budgeting tools or investing tips.
  • Feel uninformed. These consumers report that they often feel like they don’t understand what’s going on with their finances. No one should experience this kind of uncertainty. 

Basically, it comes down to two correlated issues. 

  1. These consumers tend not to trust third party financial apps, products, or organizations.
  2. Because of this, they are not tapping into the benefits of accessing and using their personal financial data.

So, the financial services industry needs to do better. The task for financial institutions, fintech companies, and other financial service providers is to connect consumers with their data so that they understand their financial health, perceive the gaps in their financial knowledge, and have access to education and tools. This will ultimately give them more control over their money and their data. Now that’s an empowered consumer.

Linking Data Access to Consumer Trust

With today’s digital tools, it’s easier than ever for consumers to see and use their financial data. However, our research shows that among people who report a high school degree as their highest level of education, only 17 percent are taking advantage of their financial data. It’s clear that we have some work to do. 

Part of this work is connecting the dots between data access and improved decision making. According to our survey results, roughly 4 in 10 consumers who use their data (38 percent) feel they get enough out of it to make informed and beneficial financial decisions. When we strengthen the links between access to financial data and clear applicable benefits, we go a long way in increasing consumer trust and adoption.

Promising Consumer-Centric Solutions

One exciting tool to do just this is Experian Boost™. With Experian Boost, consumers can build their credit history, and improve their credit scores, by looping in things like utility bill payment histories. By expanding the usable data for credit reports, Experian Boost opens doors to people that would otherwise be limited by a thin credit file. 

The good news: It’s working. According to Experian, 75 percent of consumers with credit scores below 680 saw an increase in their credit score when they used Experian Boost. An amazing 90 percent of thin file consumers were rewarded with higher credit scores and 70 percent of sub-prime users saw an increase in their scores. 

These numbers matter. FICO® estimates that 79 million consumers have scores below 680 and another 53 million don’t have enough data to be scored. The new UltraFICO™ Score allows consumers to use information from their checking, savings, or money market accounts to augment their credit files. Imagine the possibilities when we connect these millions of people with their own financial data. 

This is what an empowered consumer looks like. Actively engaging with their personal financial data. Tapping into resources and tools. Confident about their financial future. 

Americans are currently saddled with $1.5 trillion dollars of student debt. $1.5 trillion dollars. This is no longer a personalized problem, only affecting a few people here and there. It’s a crisis. The good news? Debt relief programs, including employer-issued benefits, are cropping up. But before we can look at those, it’s important to understand the current scene and how we got here. 

The stats

Here’s the deal. Tuition and fees at public and private colleges and universities rose at about three times the rate of inflation between 2007 and 2018.

Chart showing how fees at colleges and universities rose at three times the rate of inflation between 2007 and 2018.

And when you look at current costs compared to those incurred by students in 1988, you’ll see that, taking into account inflation, these costs are about three times as high as they were 30 years ago.

Chart showing inflation-adjusted published tuition and fees between 1988 and 2019.

Even in the face of these mounting costs, students and families still see college as a good investment. They sign on the dotted line for loans that will likely end up burdening them for years and years to come because they believe higher education will change their lives for the better. 

Unfortunately, these students chasing their career dreams are often punished for seeking financial help. Seth Frotman, former student loan ombudsman at the federal Consumer Financial Protection Bureau and current executive director of the Student Borrower Protection Center, explained it this way: 

“In this country, we essentially treat student loan borrowers the same way we treat tax cheats (…) We will seize your wages. We will seize your tax refunds. We’ll even seize your Social Security benefits. We don’t allow them to have a second chance in bankruptcy all because you have a student loan. That is wrong.” 

Something’s got to change.

Proposed solutions

Some current solutions are proving to be less effective than desired. Take the Temporary Expanded Public Service Loan Forgiveness Program (TEPSLF). This program was funded by Congress in 2018 to help public servants (like teachers and police officers) access loan forgiveness resources and was afforded a budget of $700 million dollars across two years. 

However, of the nearly 40,000 applicants, as of April of 2019 only 262 people have actually received debt relief. That’s a whopping 0.006% success rate. Many blame a complicated application process and confusing requirements. Clearly, this solution is not working.  

A report issued June 14, 2019 by the U.S. Department of the Treasury included recommendations for improving the current student loan situation. The authors of the report call on colleges and universities to be more transparent about tuition, fees, and cost of living in acceptance letters. They also recommend financial literacy courses for students. While changes like this might help, what about people who are already weighed down by student loans? How can we address existing issues?

Employer benefits and fintech integrations: Promising options

More and more employers are adding a new option to their suite of benefits: employer-assisted student loan repayment. Think of it like retirement savings. Employees pay their monthly loan bills, employers kick in a matching percentage. The debt gets paid off faster so employees can move on with their lives and shed the weight of endless bills. Companies like Vault give HR departments the platform they need to connect employee loan accounts with employer payments. No roadblocks.  

Finicity is proud to power some of these solutions with our data access and insights products. This problem isn’t going to go away on its own and complicated debt forgiveness programs aren’t helping. This 21st century crisis needs 21st century solutions. Simple. Hassle-free. Effective. 

In March, Ellie Mae released the findings from its annual Borrower Insights Survey. The results of this survey of 2,000 renters and homeowners deliver a valuable window into the motivations and experiences of borrowers. Specifically, this particular survey highlights areas where communication between borrowers and lending professionals can be improved. Let’s take a look at some of those numbers.

How do digital options impact borrower decisions?

According to this survey, the borrower demand for digital options across the mortgage lending process is up 18 percent since 2017. Not too surprising given the digital trends across industries. Just look at retail commerce. In 2016, 1.32 billion people bought goods and services online. By 2021, that number is projected to reach 2.14 billion. In other words, about 164 million people become digital buyers each year. 

Perhaps because of this larger trend to go digital, 50 percent of borrowers surveyed said that they chose their lender based on the availability of an online application or portal. They want the convenience of doing everything on their phone or personal computer. After all, they can do all of their other shopping and spending online. Why not manage their mortgage application online, too? 

What digital options do borrowers use most?

Of those surveyed, the overwhelming majority will take advantage of digital tools when they are part of the lending process. For example, 83 percent of borrowers will use an online portal to electronically sign and notarize documents and 80 percent will use an online portal to upload the various documents required for verification and approval. Even this process remains tied to analog document handling. A truly digital verification process, like that powered by Finicity’s verficiations solutions, results in increased customer satisfaction because it makes it even easier. People also appreciate the convenience of mobile solutions with 78 percent reporting that they used their lender’s mobile app. 

Where do borrowers experience friction in the digital lending process?

About 25 percent of those surveyed reported that they have started an online mortgage application that they later abandoned or completed offline. Some of those borrowers were likely window shopping and weren’t yet ready to complete their application. Considering the high stakes of mortgage borrowing, it makes sense that this number is relatively low compared to rates of abandonment in other industries. Looking at retail numbers, it’s clear that smaller purchases result in higher rates of transaction abandonment. In 2018, about 75 percent of online shopping carts were abandoned. It’s easy to change your mind about a pair of shoes or a new area rug. Filling out a mortgage application involves more thought and commitment.   

Even when online mortgage applications are completed, about half of those surveyed reported that it took multiple sessions to work through the process. This is important because about 60 percent of people that abandoned online applications did so because the process was simply taking too long. And 20 percent of those borrowers went on to choose a new lender. When customer expectations aren’t met, today’s marketplace makes it easy to move on to a new provider. This is where a true digital verification process can make a huge difference. This process avoids potential barriers by going straight to the financial institutions that house financial data. No more uploading documents and trying to make sure everything is in the right place. Streamlined and frictionless, this process increases adoption and significantly reduces borrower abandonment. 

What about offline lending support?  

While it might seem counterintuitive, according to the Borrower Insights Survey, 79 percent of millennial borrowers said that they frequently meet with their lenders in-person. That’s compared to 61 percent of baby boomer participants. Millennial borrowers want more frequent communication and interaction with their lenders to support them across all channels.

Joe Tyrrell, executive vice president of technology and corporate strategy for Ellie Mae, discusses the need for lenders to meet this communication expectation. “As more Millennials enter the housing market,” he explains, “it will be imperative for lenders to prioritize the use of all available technologies, digital tools and communication channels to foster strong borrower relationships throughout each step of the loan lifecycle – from the moment they are interested, all the way through to closing.” 

Finicity provides the data access and insights solutions that help lenders meet and exceed customer expectations. Our digital verification reports make it simple for borrowers and their loan officers to access financial history information. And they are exceptionally accurate. Not only that, but by removing mortgage application roadblocks and paperwork, our solutions drive customer satisfaction and free up resources so that loan officers can focus on their customers. 

From choosing a restaurant to finding that next vacation destination, data plays a significant role in everyday decision making. The same should hold true when it comes to daily finances. To better understand whether data is being used to improve financial wellbeing, we surveyed 1,500 consumers on their various financial habits. Respondents were evenly distributed across age groups, gender, education and income.

Just 38% of participants with a graduate degree and 21% of those with a high school degree use their financial data. Meanwhile, less than half of all consumers making more than $150,000 use most of their financial data to make better decisions. For those making less than $15,000, that number drops to 17%.

It’s time for consumers across all education and income levels to harness the power of their financial data. FinTechs and financial services organizations need to explore what’s keeping consumers from making the most of their financial data, as well as the benefits they stand to gain from using such data to inform financial decisions.

What’s standing in the way?

Consumers aren’t shy about opening new financial accounts. In fact, one-third have more than six different accounts. Although that paves the way for plenty of financial flexibility, it also tends to complicate things for consumers interested in monitoring their financial data. Less than 40% of consumers feel they always have sufficient knowledge of their credit history and financial information.

Financial services leaders can look for opportunities to ease the burden associated with leveraging data across several different accounts. Consumers who have greater insight into their financial information — regardless of where it may live — will be better positioned to take advantage of such data moving forward.

In addition to the trouble of tracking financial data stored in multiple accounts, yet another issue that could potentially prevent consumers from capitalizing on their information is a lack of transparency that builds trust. For the most part, consumers aren’t opposed to sharing their data with apps and services outside of their core banking institution. In fact, nearly 60% of those making between $50,000 and $75,000 — which encompasses the U.S. median income — rank themselves at a five or above on a 10-point “trust” scale of third-party apps or services. And as income rises, so does trust: Among those making more than $150,000, 77% rank themselves a five or above. 

FinTechs and financial services companies can provide further assurances to consumers by being upfront about how data is protected while also ensuring consumers retain control over how their data is shared. The more transparency there is about how data is being protected and ultimately used, the better chance consumers will continue to share their financial information.

Opening up opportunities

Regardless of their age or level of education, consumers dedicate a higher percentage of their income toward loans than credit cards, investments, emergency funds or big purchases. The reason? Loans serve as the lifeblood of modern society. Capable of opening up opportunities that might not otherwise exist, loans help move consumers one step closer toward achieving their financial dreams.

While most consumers can qualify for loans without issue, those with lower income and/or education levels are more likely to be bogged down by an insufficient or nonexistent credit history. Around half of all consumers making less than $30,000 have been unwilling or hesitant to apply for a loan or undergo a credit check due to concerns about an unfavorable credit score or poor credit history. The same applies to more than half of all consumers with less than a high school degree.

In cases such as these, expanded financial data can make a difference. Instead of missing out on loans that can turn a dream of buying a home or car into reality, consumers should be able to share data as a part of their credit score — such as cell phone or utility bills. 

The idea of distributing expanded financial data to make up for a less lengthy credit history isn’t all that foreign to millennials. In fact, 25 to 34 year olds are twice as likely as 55 to 64 year olds to share financial information. Providing consumers with the opportunity to shed light on their financial well being through expanded financial data ensures those on the cusp of qualifying for a loan aren’t left on the outside looking in.

Far too many consumers aren’t accustomed to leveraging their financial data. FinTechs and financial services organizations have an incredible opportunity to empower consumers with increased control over and utilization of their data to improve financial decisioning and understanding. 

One great example is the partnership of Experian, FICO and Finicity. Together with the two leaders in analytics-based credit decisioning, Finicity is working to ensure consumers maximize the potential of their financial information with opt-in programs including Experian Boost® and the UltraFICO® Score to shed light on their financial health.

The value of data-driven decisioning has never been a debate. How to unleash that data and deliver unrealized promise is the challenge for the industry. Doing so will usher in an era of increased inclusion and improved financial well being.

ultrafico-1

From becoming first-time homeowners to securing a new set of wheels, credit plays an important role in helping all of us live out our dreams. And the new UltraFICO™ Score from Finicity, Experian and FICO, which empowers borrowers to build and improve their credit scores, is designed to turn a few more of those dreams into reality.

How it works

Credit scores rely on credit history, but don’t take into account other important factors of your financial profile – until now. With UltraFICO, borrowers have the option of sharing more information with lenders than ever before. Although credit scores typically consist of five specific elements, UltraFICO opens the door for a whole host of new data – including how you manage or balance your checkings, savings and money market accounts.

By permissioning the use of these data sources, borrowers can offer greater insight into their financial responsibility. Instead of assuming loan candidacy based solely on credit history, lenders can leverage this additional financial information to better inform credit decisioning.

Perhaps most importantly, we as consumers have unprecedented transparency into the data that is being used. Any confusion over what data is being used to recalculate a credit score will quickly become a thing of the past.

Who it helps

For consumers who have a subprime credit score – those in that “gray area” right on the cusp – more information means a better shot at obtaining a loan. Given the fact that just one in three millennials own a credit card to begin with, UltraFICO couldn’t come at a better time.

Millions of young adults are out of luck when it comes to borrowing. Among the most prominent reasons is fear of debt. Having seen their parents struggle to escape credit card debt, the last thing most millennials want to do is open a line of credit. Research shows millennials fear credit card debt more than the threat of war – or even death.

With UltraFICO, however, millennials will be better positioned for when they do need credit. Rather than using credit utilization or length of credit history to prove their financial wherewithal, consumers can point to other positive financial attributes – such as maintaining a healthy savings balance or paying a cell phone bill on time every month.

While millennials are prime candidates for UltraFICO, there’s no limit to who can take advantage of this new credit scoring system. For example, older adults who have paid off their mortgages may still want to obtain an auto loan. By giving them the option of sharing data from a well-funded checking or savings account, UltraFICO can help make up for any dips in credit score. It will also benefit other emerging consumers and borrowers who may have had previous negative marks but otherwise have demonstrated positive financial management.

Why it matters

We’ve entered a new era in credit scoring. Once left to wonder if they’d qualify for a loan, consumers are now empowered to provide more information that’s relevant to their credit worthiness. Whether it’s showing you have cash on hand for emergencies or that you’ve avoided a negative balance in your checking account, data that sits outside of the traditional credit scoring model can move consumers one step closer toward reaching their financial goals.

The best part? UltraFICO is just the start of digital innovation in the credit decisioning space. As more ground-breaking ideas emerge, consumers stand to gain greater control over and insight into their financial lives.

UltraFICO-Score

Consumers are more empowered to shape their lives and lifestyles using a vast array of digital tools that are now available at the tap of their phone screens.

While digital tools and solutions have made it possible for consumers to be better informed about their credit scores and profiles, they haven’t been able to directly influence their score. Until now.

The recently announced UltraFICO™ Score, created using consumer contributed data in conjunction with FICO, Experian and Finicity, is a landmark event in credit scoring.  It’s a fundamental shift in the collection of credit related data that brings the consumer directly into the scoring process. In short, it further empowers consumers to use their personal financial data for their benefit. Read more about the UltraFICO™ Score in the announcement here or in the The Wall Street Journal here.

The process starts with a consumer securely permissioning the use of their financial data that is commonly found in monthly statements of checking, savings and money market accounts.  That data can be used to provide visibility into financial management behaviors that may improve their score and provide better access to credit. The UltraFICO™ Score includes factors such as length of bank account history and consistency in maintaining balances, in addition to traditional credit report information.  

This information wasn’t previously available to be used for scoring and its inclusion now allows consumers to provide reliable, historical data for a better informed credit score.  In some cases it provides enough data that those previously unscored or under-scored can be scored for the first time. Millions of consumers with limited credit history will benefit from improved access to mainstream financial products.

Consumers are now able to influence their credit score through their demonstration of everyday sound financial management  habits. They can put their financial data to use in finding lower interest rates or better credit offers and in some cases can become credit-worthy for the first time thanks to the extra data found in their checking, savings and money market accounts.