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

With Extend partnership, Amex wants SMBs to create more virtual cards

  • American Express has teamed up with Extend to launch a virtual card solution for its small business customers.
  • Virtual cards provide security and flexibility for SMBs and can help them improve cash flow.
Ismail Umar | October 12, 2021
Member Exclusive

Buy now, regret later? The tricky relationship between BNPL and credit ratings

  • As BNPL use has surged through the pandemic, consumers’ credit scores have taken a significant hit.
  • Research shows more than a third of BNPL users have fallen behind on their payments and hurt their credit score.
Ismail Umar | October 05, 2021
Member Exclusive

The strange connection between horoscopes and financial advice

  • A person’s horoscope may not determine their future wealth, but a propensity to read their horoscopes might.
  • A survey by N26 found that quite a few US adults count on their horoscopes for financial guidance here and there.
Rivka Abramson | September 28, 2021
Member Exclusive

‘There’s a two-sided integration going on between fiat and crypto’: How banks are gearing up to move into digital currencies

  • Many banks are starting to incorporate digital assets into their services.
  • Further adoption will depend on how federal agencies perceive and regulate the large-scale use of cryptocurrencies.
Ismail Umar | September 24, 2021
Member Exclusive

Cheat Sheet: What’s going on behind Goldman Sachs’ acquisition of BNPL GreenSky?

  • Goldman Sachs has acquired BNPL firm GreenSky for $2.24 billion, with the transaction expected to finish by Q4 2021 or Q1 2022.
  • GreenSky's platform and team will be integrated with Marcus by Goldman Sachs.
Subboh Jaffery | September 21, 2021
More Articles