Overview

Embed Flinks in your forms to collect financial information automatically from your users.

What you need

• An active Feathery account and form
• An active Flinks account

Background

Flinks is a financial data platform that plays a pivotal role in the open banking ecosystem, enabling the consent-based exchange of financial data between businesses and their customers. It allows for the secure connection to users' bank accounts to collect and transform raw financial data into actionable insights. This capability is fundamental in various financial applications, from loan underwriting to digital banking, providing enriched data that supports better decision-making and personalized financial services​.

The platform offers tools for financial innovation tailored to both large and small businesses, aiming to empower them with the necessary data to create the next generation of financial experiences. Flinks focuses on data enrichment, turning financial data into valuable insights that can directly support business operations, and connectivity, allowing for the integration of user account data across industries and geographies.

In the realm of digital banking, Flinks facilitates the creation of improved digital banking experiences through the use of open banking. It supports prime lenders, credit card companies, auto-financing firms, and other financial institutions in optimizing their operations, from credit underwriting to risk management and financial data sharing. The platform enables customers to safely share their data, driving adoption with leading fintechs and providing institutions with control over data usage​.

Benefits

Flinks offers a range of benefits, particularly in the realm of open banking and financial data integration, which can significantly enhance financial services and customer experiences. Here's a summary of the key benefits:

1. Data Connectivity and Insight: Flinks enables secure and reliable access to users' financial data, transforming raw transaction data into actionable insights. This capability is crucial for various applications, from loan underwriting to digital banking, enhancing decision-making processes with more accurate and comprehensive financial information​.
2. User Activation and Risk Reduction: By using Flinks, companies like Wise can quickly and securely connect customers' bank accounts, streamlining the user onboarding process. This not only improves the user experience by minimizing friction but also helps in meeting compliance requirements and minimizing business risks, such as fraud and insufficient funds issues. Flinks facilitates real-time verification of a user's account status and balance, ensuring smoother and more secure transactions.
3. Efficiency and Automation in Banking: Open banking, supported by Flinks, automates many manual administrative processes, like accounting reconciliations and cross-border payments, leading to more efficient operations, faster service delivery, and improved customer experiences. For commercial banks, this means making their services more accessible and secure, allowing clients to engage in transactions seamlessly without the limitations of traditional banking.

Flinks stands out by facilitating the integration of financial data across different platforms and services, making financial operations more efficient and user-friendly, and supporting the growth and scalability of businesses by leveraging the power of open banking.

Considerations

When evaluating Flinks for your business or financial institution, consider the following factors:

1. Security and Compliance: Given that Flinks deals with sensitive financial data, ensuring that their security measures and compliance protocols meet industry standards and regulatory requirements is crucial. This includes data encryption, secure data storage, and compliance with financial regulations​.
2. Data Coverage and Connectivity: Evaluate the breadth and depth of financial institutions and account types that Flinks can connect to. This includes checking whether Flinks supports the geographies and specific banks or financial services your customers use​.
3. Data Enrichment and Insights: Assess the quality and relevance of the insights that Flinks can provide from raw financial data. Consider how these insights can be integrated into your services, such as loan underwriting, risk assessment, or personalized banking experiences​.
4. Integration and Scalability: Consider how easily Flinks can be integrated with your existing systems and whether it can scale to meet your business needs. This includes looking into their API documentation, developer support, and the technical flexibility of their solutions​.
5. Customer Support and Service: Evaluate the level of customer support and service Flinks offers, including their responsiveness to inquiries, availability of technical support, and the quality of their documentation and resources for developers and clients​.
6. Pricing and Business Model: Understand Flinks' pricing structure and how it aligns with your business model. Consider the costs associated with the data access, enrichment services, and any additional features or services that you may require​.
7. Reputation and Reliability: Research Flinks' reputation in the market, including reviews from existing clients, case studies, and any known issues or challenges other businesses have faced when using their services​.
8. Innovation and Future Roadmap: Consider Flinks' commitment to innovation and their roadmap for future development. This can give you insight into whether they are likely to continue evolving in ways that will benefit your business in the long term​.