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Client Spotlight: Finicity

04/11/2018

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Helping People Make Better Financial Decisions

The Client

Since 1999, Finicity has built a culture that enables and celebrates the financial success of its customers. “At Finicity, we believe that data is at the heart of good decision making,” says Jim King, Finicity’s Senior Vice-President and Chief Security Officer. With a mission of providing the data and insights individuals and organizations need to make smarter financial decisions, Finicity has become a leading provider of real-time financial data aggregation and insights for Fintechs, financial institutions, and lenders who can incorporate consumer-permissioned financial data into their apps and services utilizing Finicity’s API platform. 

Now 250 employees strong, Finicity began with a digital budgeting platform called Mvelopes. To provide its customers with the best experience and insights, the company then developed a data aggregation engine that allowed customers to pull their financial transactions into Mvelopes, which eventually led to several organizations asking Finicity to do aggregation for them. Finicity used that interest to launch its data services solutions, which has since grown dramatically, becoming the foundation for Finicity’s current services.

“While there are a handful of companies that performs financial data aggregation, Finicity stands apart in its leadership position within the credit decisioning market, where we are creating new solutions and platforms that are completely unique and transformative,” affirms King. Finicity’s core clients are individuals and families looking to use data for better decisioning. As consumer financial data is often used by major enterprises to enable the services these consumers use to manage or better their financial life, Finicity allows consumers and organizations to permit the use of their data by the Fintechs, financial institutions, and lenders providing services to them.

The Opportunity

Finicity first discovered LBMC Information Security after downloading a whitepaper on SOC 2 reporting in Summer 2016. At the time, Finicity had several upcoming compliance requirements. Finicity needed to become better acquainted with these obligations and identify a capable IT audit partner. Today, LBMC Information Security provides a yearly PCI Report on Compliance and SOC 2 Type 2 to Finicity.

When it comes to what made Finicity choose LBMC Information Security over another security provider, King says, “Reputation and cost were the key considerations. Since original selection, we've been impressed with the partnership and diligence of the LBMC Information Security team.”

The Solution

What makes the relationship with LBMC Information Security so good? King insists that it’s all about a relationship built on trust, saying, “Our relationship with our customers and our customers' customers is based on trust. One key tenant of this trust is to ensure that we handle, manage, and secure their data in a manner that exceeds their expectations. Our relationship with LBMC Information Security is a key element in our ability to do this.”

LBMC Information Security has helped improve Finicity's information security in a variety of ways. King says, “In each subsequent audit, LBMC Information Security has either validated that our program is growing correctly or helped us address deficiencies. With each instance, the audits have allowed our security program to grow and adapt to the rapidly changing audit and regulatory landscape.” For businesses on the search for similar information security services, Finicity’s partnership is a proven example of LBMC Information Security's dedication and commitment to protecting data and proactive data security management.