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While building GradJoy, a student loan personal finance app, we realized the difficulties of integrating with brittle loan data providers. On average, a GradJoy user held student loans across 5 servicers, which meant that they would need to authenticate with 7 sets of credentials to get a holistic picture of their student loan debt.
Few users ever managed to connect all accounts because they either didn’t remember their passwords, felt uncomfortable sharing them, or the auth flow simply failed. Additionally, these brittle integrations meant that the users would need to re-authenticate every few weeks. This poor user experience led to frustrated users and further increased churn.
Over the past few months, we pulled together a solution that makes retrieving a consumers’ debt seamless, enabling our customers to realize a tremendous improvement in user experience and allowing them to focus on building products that improve the financial outcomes of millions of Americans.
