Case Study: Purpose Financial achieves a 71% lift in instant income verification with Plaid

Purpose Financial can issue more loans faster when applicants verify their income using Plaid

Purpose Financial, facing the imminent sunset of their prior verification tool, needed a fast, robust, and user‑friendly income verification solution within 90 days to avoid losing applicants — particularly for its Advance America brand. They selected Plaid and its Assets + Bank Income offering to replace the legacy system.

Plaid implemented Assets + Bank Income and went live in just 33 days; since the switch Purpose reports a nearly 4x increase in bank coverage, a 71% lift in customers able to instantly verify income, and a 38% higher adoption rate of instant verification. Verification now averages 11 seconds and can enable funding in under three minutes, with 99.8% approval for Plaid-verified applicants versus 78% for manual reviews — accelerating approvals and helping Purpose greenlight more loans.

Purpose Financial

Nathan Wiggins

Director Technology and Innovation