Have you met the quiet quitter?

Of course you have: it's the customer that's been with you forever but hasn't grown with you in years. The one that knows their favorite teller's birthday but reluctantly buys elsewhere when your product or experience can't compete.

They've been slowly quitting your institution, with one foot out the door. But all of that is about to change.

Welcome to the era of portable banking

While neobanks, wallets, direct deposit switches, BNPL, and fintech lenders have been peeling away your customers for years, they were just the warm-up act. “Digitization and decentralization in consumer finance create new possibilities for more seamless consumer switching and greater competitive intensity” is how the CFPB introduces its proposed open banking Rule 1033. Consumer and small business banking is about to go portable, making it even more challenging to retain and grow customer relationships.

Open banking will likely create challenges for customers as well. Portability means more choice but also greater fragmentation; the recent explosion of new and varied financial services will only accelerate, requiring consumers and small businesses to navigate a complex marketplace. And while the rule-making includes safeguards over personal financial information, bad actors will work hard to exploit the new environment.

This is where Ascent comes in

Ascent is the first platform that enables financial institutions and their customers to securely and bidirectionally share internal and external financial information, on a permissioned basis. Ascent enables banks and credit unions to act as trusted partners in helping consumers and small businesses navigate the financial marketplace.

Ascent's Permissioned Data Core merges 3rd party data with your institution's data to provide a holistic view of the customer. This lets you surface insights about the customer to deliver higher levels of personalization and service. Additionally, with the institution acting as their trusted partner, the platform enables customers to securely share information with other entities–not just other financial institutions, but insurers, healthcare providers, logistics and supply chain partners, government, etc.

External 3rd party data includes typical sources such as Plaid, QuickBooks, and credit bureaus, plus esoteric sources such as Shopify, Paypal, and Uber. All of these, combined with data from your systems-of-record (bank core, loan origination system, payment platform), create a 360-degree view of the customer.

Ascent Permissioned Data Core
External Data Sources
External Data Recipients
Systems of record background
Data from application forms
Systems of record

How we got here

The idea for Ascent was born during PPP when, as bankers, Ascent's founders experienced first-hand the difficulties small businesses faced in pulling together needed documentation for their loans. Consumers, businesses, and their financial institutions continue to deal with this basic friction every day.

APIs and data aggregators make data sharing easier, but there is a bigger opportunity: not only can data sharing streamline processes and improve experiences, it can foster deeper engagement, greater collaboration, and better outcomes. Moreover, when combined with data from your institution's systems-of-record, powerful use cases are enabled; Ascent's initial clients are gaining significant competitive advantages while just scratching the surface of what's possible. We invite you to join them!

Lending is a good place to start

The Permissioned Data Core can be deployed and connected to your existing systems and applications. However, to help banks and credit unions launch and gain immediate benefit from Ascent, we built a set of add-on modules that unlock value from your loan origination and servicing systems. These highly configurable add-ons enable you to quickly launch bespoke lending products, automate loan monitoring and renewals, and eliminate wasted effort on internal and external audits.

Other capabilities in development include a product recommendation engine powered by machine learning, seamless linking of lending and insurance products, and intelligent exception management tools for neobanks and BaaS providers. How can we help you and your customers engage in more meaningful conversations, enjoy better banking experiences, and develop richer relationships?