Data quality drives better fintech experiences

Data quality is crucial for enhancing fintech experiences. Plaid, a platform that connects with over 11,000 financial institutions globally, focuses on four key factors to ensure data accuracy and timeliness: connection success rate, connection longevity, data freshness, and uptime. Connection success rate refers to the ability to link bank accounts to fintech apps, while connection longevity denotes the average duration of active data connections. Data freshness pertains to how often banks provide transaction updates to apps, with real-time updates being ideal. Uptime signifies the percentage of time a bank connection is operational for data sharing. Plaid aims for 99.99% uptime and continues to work with financial institutions to improve these factors for better user experiences.