Income verification tool for Salesforce: Bank Connect
Plaid integration with Salesforce enables real-time access to the financial information of borrowers, resulting in more precise and up-to-date financial data. This enables financial advisors to give clients up-to-the-minute data and insights, improving the client experience. Financial institutions have to manually enter account and transaction data into Salesforce, raising the possibility of data entry errors and making data management and analysis more challenging. Bank Connect- Powered by Plaid, helps financial institutions with effective bank information authentication inside Salesforce.
Bank Connect (Powered by Plaid) is a sophisticated bank verification application that allows lenders to instantly verify a potential borrower’s banking information online, including transactions, balances, income, investments, etc. in real-time. Previous methods of carrying out this process caused numerous issues for both the lender and the borrower, such as inconvenience, delay, inaccuracy, and fraud.
This Plaid integration assists financial institutions in understanding their investments by providing a comprehensive view of borrowers’ financial data and transactions. Institutions can access a wealth of information, including the borrower’s investment portfolio, risk tolerance, investment performance, and holdings. This assists financial institutions in understanding the borrower’s investment behaviour, which provides valuable insights into the borrower’s financial situation and ability to repay loans. Plaid also aids in the verification of the accuracy of the borrower’s financial data, ensuring that financial institutions have accurate and up-to-date information with which to assess creditworthiness. Bank Connect enables financial institutions to make informed lending decisions, resulting in better outcomes for the financial institution and the borrower. They can use Bank Connect to validate NPI and authenticate multiple banks with a single request. It is used closely with the Plaid Payment Initiation Product to enable users to make real-time payments within UK and European institutions. Bank Connect — Powered by Plaid can be integrated with Ocrolus and Dwolla.
Bank Connect: Powered by Plaid allows financial institutions to gain real-time access to 45k+ other financial institutions in 8+ countries. They can investigate current and historical transactions, income, and employment of the borrower. It safeguards data while preventing fraudulent loans. It enables account pre-funding and sending and receiving ACH payments via Plaid. Financial institutions can better optimize their banking and lending operations by integrating Bank Connect, allowing them to provide seamless customer experiences. For a free 30-day trial, this income verification solution is available on Salesforce AppExchange. Email info@cloudmaveninc.com for any queries, and you can learn more about different solutions by following Cloud Maven, Inc. on LinkedIn, Twitter, and YouTube.
