Access to financial data helps consumers navigate a difficult economy

The 2022 Fintech Effect Report revealed that over half of Americans experienced increased financial stress in the past year and turned to financial technology for support. With eight in ten using digital financial apps and services, enabling consumers to connect their accounts together is crucial. During the pandemic, fintech adoption skyrocketed as consumers leveraged innovative digital finance tools to manage their money better. The majority of fintech users (78%) prioritize the ability to connect their accounts when choosing a bank, with 70% considering switching banks if financial data portability isn't enabled. Financial service providers play a critical role in helping consumers tap into the benefits of data connectivity during economic uncertainty. Three key themes for meeting consumer needs are expanding data access, increasing transparency, and empowering consumers to better manage their finances. Plaid offers Data Connectivity Solutions to help enable network connections and support healthier financial lives.