Everything that Plaid is building together is part of a “bigger picture” which includes helping millions find financial freedom.
As Plaid and its team prepares for 2024, they’ve taken a look back at what they consider to be the year’s biggest highlights and what they’ve accomplished with you during this timeframe.
In 2023, more people used fintech “to take control of their money,” the team at Plaid claims.
Notably, 1 in 3 US consumers with a bank account used Plaid in order “to sign up for a fintech app.” And as their global network grew, clients reportedly used Plaid in order to “connect to more customers.”
In fact, 500k+ new connections were made on their network daily. That’s ~6 new connections to a fintech app, every second. Every app, connection, and transaction “added up to more impact.”
According to the update from Plaid, shared with CI, people have “transferred $2 billion between accounts with Plaid, whether it was to pay rent, bills or save for the future. And in 2024, it will be even easier to meet demand for instant payment experiences.”
Safer experiences for you and your users
Over 28 million accounts were “verified, protecting you and your customers from account takeovers, one of the most common types of fraud. To top it off, we made it even faster to get verified without compromising security.”
A lending hand for millions of borrowers:
Plaid says it has “verified over 1 million incomes, which means more people accessed loans, car purchases, and housing.” Plus, they’re helping lenders “make better underwriting decisions that open up more opportunities with their new vision for credit.”
Over the past decade, a strong foundation of consumer financial data rights have underpinned an open finance ecosystem “that drives competition, choice, and inclusion for hundreds of millions of people today.” This, according to an extensive update from Plaid.
Plaid noted in a blog post that this Fintech trend will only “continue as more consumers move their financial lives online.” In fact, the average consumer uses “between 3-4 fintech apps and services.”
To support rising consumer demand and financial service’s digital transformation, Plaid has built “a network that ensures consumers have the right security and protections in place as they continue to rely on these solutions.”