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Financial data aggregation was for a long time confined to powering digital personal financial management tools. Firms like Quovo are now using their data sets to help speed up loan / mortgage underwriting decisions.
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For now, the practice of using data aggregation for streamlining the application process is more typical of fintech companies like Quicken’s Rocket Mortgage and Kabbage. But aggregators like Finicity and Envestnet-Yodlee predict that traditional banks will increasingly follow suit to protect their lending operations.
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