With a move that provides an easier and quicker onboarding experience, Plaid has introduced an “all-new” Plaid Link. Announcing the new link in a blog post on Friday (Oct. 2), the company said it is debuting an easier flow for returning users that could lessen the number of stages it takes them to link accounts.
A person who has linked their financial accounts with the FinTech in the past has their financial institution displayed when he or she signs up for a new app (bypassing the institution select pane). The person is then provided with a “pre-filled flow” or it is requested that he or she prove their identity with a single-use password.
“In total, this may reduce the number of steps required to connect their financial accounts,” according to the post.
Additionally, the company said it has shortened the loading time for each pane. As a result, the account connection experience for users is up to almost 30 percent quicker than in the past.
The company has also bolstered the experience of choosing an institution by displaying those that are most relevant before the others depending on where a user is and which app he or she is utilizing.
Furthermore, the company debuted a one-column grid that displays a financial institution’s name, website and logo. As a result, it is more probable that users will select the correct one.
Plaid said it developed Plaid Link in 2015 to provide people new FinTech users with a simple and safe way to link to their financial accounts, making a “new industry standard.”
But, now, the company says FinTech is “everywhere” and 73 percent of Americans view FinTech as their “new normal” for handling funds.
In September, Plaid launched a significant upgrade to its new bank- and institution-focused offering, letting banks and their FinTech partners who link up on Plaid Exchange provide instant account updates to their customers.
“Instant account activity … allows institutions on Plaid Exchange to send user-permissioned transactions data to authorized Plaid developers within seconds of a user’s activity,” Jesse Dhillon, a Plaid product manager, wrote in a blog post at the time. “This allows users to have a consistent, up-to-date picture of their finances when they use apps powered by Plaid.”