Data, Member Exclusive

‘It’s paramount that consumers have a world-class user experience’: How FormFree used API connections to decrease aggregation time 89 percent

  • In 2020, some FormFree users were experiencing long connection times because of multi-factor authentication pop-ups.
  • By using MX's tokenized, credential-free connections, the firm believes the improved experience translates to a 15% lift in annual revenue.
close

Email a Friend

‘It’s paramount that consumers have a world-class user experience’: How FormFree  used API connections to decrease aggregation time 89 percent

For the only conference dedicated to financial data, please join Tearsheet’s 2021 DataDay Conference May 25 and 27. More details here.

FormFree digitally verifies assets, providing automated solutions to consumers, banks, financial institutions, credit card companies, payroll service companies and crowdfunding service providers. The company’s technology also addresses risk as part of its loan application experience for borrowers. Since its founding in 2008, FormFree has helped lenders calculate, verify and quantify what consumers can afford for over $2 trillion in mortgage loans.

In 2020, some of FormFree’s users were experiencing long connection times because of multi-factor authentication pop-ups. This resulted in a high number of users who cancelled the connection, making it difficult to collect data elements critical to the loan origination process.

FormFree turned to financial data firm, MX. Using MX’s tokenized, credential-free API connections, the average aggregation time for FormFree connections decreased by 89 percent to 22 seconds from an average of 3 minutes and 30 seconds. This improved experience is anticipated to translate to roughly a 15% lift in annual revenue going forward for FormFree.

Tearsheet had the opportunity to ask Brent Chandler, FormFree’s founder and CEO, about the importance of the borrower’s user experience.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘It’s paramount that consumers have a world-class user experience’: How FormFree used API connections to decrease aggregation time 89 percent”

Member Exclusive

‘FIs and lenders have begun to recognize the inequities in the system’: Credit building services are on the rise

  • Consumers’ interest in credit building seems to be near an all-time high.
  • New solutions are popping up, but so are their accompanying risks.
Rivka Abramson | June 21, 2021
Data Snacks, Member Exclusive

Data snack: A breakdown of North American e-commerce payments projections

  • Digital payments, mobile wallets, and BNPL services grew in 2020 and will continue to grow by 2024.
  • Bank transfers, charge cards and COD expected to decline further by 2024.
Shehzil Zahid | June 16, 2021
Member Exclusive

BankProv taps into the crypto market with Ethereum-backed loans

  • BankProv is financing Ethereum-backed loans through a collaboration with crypto custody bank Anchorage Digital.
  • Institutional investors can now get USD on credit without liquidating their ETH holdings.
Ismail Umar | June 15, 2021
Member Exclusive

Cheat Sheet: Will cryptocurrencies ever achieve mainstream adoption?

  • The crypto market crashed a few weeks ago, and has not shown any real signs of recovery yet.
  • What does this mean for the future of the industry, and what are the challenges toward mainstream adoption?
Ismail Umar | June 10, 2021
Member Exclusive

Millennials’ financial habits diverge from previous generations, according to research by BofA

  • A significant percentage of millennials seem to be less about paychecks and more about ethics.
  • Covid has shifted the way millennials think about spending and saving.
Rivka Abramson | June 09, 2021
More Articles