January 04, 2024

Building a better financial future for all of us: Plaid’s 2023 snapshot

Al Cook

Al Cook
Chief Marketing Officer, Plaid

Bringing Plaid’s products to market and telling impactful stories about digital finance around the world, Al leads our go-to-market strategy, marketing, comms, and brand teams at Plaid.

As a Plaid customer, every transaction and connection your customers make on our network of fintech apps is part of a bigger picture: helping millions unlock financial freedom.

During the past year, your customers faced rising inflation and borrowing costs. That means your efforts made a bigger difference in people’s lives than ever before—with over half of consumers saying fintech apps like yours are helping them navigate a tough economy. To commemorate 2023, we’re reflecting on everything we’ve accomplished together. 

Pssst, want our thoughts on what’s to come in the next 12 months? RSVP for 2024 Fintech Predictions with our CEO, Zach Perret.

A look back at 2023

In 2023, 1 in 3 US consumers with a bank account used Plaid to sign up for a fintech app. That means we’ve helped shape the financial lives of hundreds of millions of people and grow the businesses of thousands of our customers and partners. We’ve helped you:

Reach more consumers with a bigger, more powerful network

  • Bigger network → better sign-up experiences: In 2023, over 500,000 new connections were made to apps on our network every day—that’s around six new connections every second. And because new connections lead to a safer, faster onboarding experience for your new and returning customers, you were able to grow your business more efficiently.

  • More Plaid data partners = better, richer data for you: In addition to the 12,000+ financial institutions (FIs) and 8,000+ apps on our network, there are now 6,000+ FIs and apps building API connectivity with Plaid, which is 3 times more than in 2022.

Boost conversion and scale your business

  • Conversion went up, drop-offs went down: Your customers converted 10-15% better with Plaid Link than with competitors. And with Link’s conversion rate up 5+% from 2022, that experience is only improving. See how your conversion rate has changed this past year in the dashboard

  • We met your need for (KYC) speed: You no longer have to choose between being compliant and giving your customers a smooth, secure sign-up experience with one-click identity verification

  • More ways to pay = more customers won: From paying bills to helping out a friend, your customers moved $2B+ between accounts on their terms with Plaid in 2023. 

  • You earned customer loyalty with faster payments: Whether it was distributing a much-needed loan or a gig worker’s wages, instant payments became easier than ever with RTP and FedNow support.

Stop fraud earlier and in more places

  • Good customers came in, fraudsters stayed out: You protected your business and customers from fraudsters and ATOs by verifying 28M+ accounts and 15M+ identities with Plaid in 2023. 

  • Repeat fraudsters got blocked before they struck: You used risk data from our network to help catch repeat fraudsters, stolen identities, and synthetic identities at sign-up, and your risk data helped prevent future attacks across the ecosystem. 

Make smarter underwriting decisions with cash flow data

  • Better underwriting decisions, better bottom line: You secured more accurate loan decisions, safer rental agreements, and more by verifying over 1M incomes with Plaid in 2023. That means more of your customers accessed the credit or housing they needed for a better financial future. 

  • Making sense of cash flow data for you: We’re working on more ways to help you use cash flow data to better inform underwriting decisions via our new consumer reporting agency (CRA). Stay tuned in the new year for more. 

In 2023, you trusted us to help you grow your business, keep customers safe, and operate more efficiently. The work we’re doing together is helping millions meet their financial needs, whether it’s getting access to loans, paying rent, or investing for the future. We’re proud to be building a better future for fintech with you. That’s our bigger picture. 

Speaking of fintech’s future, join us for 2024 Fintech Predictions to hear what our CEO, Zach Perret, believes this year has in store.