Utilization of online services has increased rapidly in the last five years and the banking industry is no exception; in 2011, 5.8 million people attempted – and failed –to open current accounts online. Most people apply for accounts online because they expect it to be faster and more convenient than doing it over the phone or visiting a branch. However, research has shown that 32% of online customer on-boarding is abandoned midstream and only 53% of applicants are able to successfully open and fund their account online – resulting in an estimated $1Billion loss of potential revenue.
Challenge: Digital Customer On-boarding
Our Solution: Trunomi has partnered with a best of breed ecosystem of fintechs and global financial services providers to solve customer on-boarding which bridge the gap of those who fail current eID&V and enables financial institutions to electronically verify a customer’s identity and on-board them without physical contact – with their consent for sharing or data for processing by third parties.
In Summary: By working with Trunomi and our established partners to deliver end to end onboarding solutions financial institutions can provide a quicker, personalized and more convenient ‘customer-driven’ online digital experience for customers whilst simultaneously offering a more efficient and secure method of authenticating and verifying customer ID documents.
Trunomi platform mitigates and reduces risk associated with non-compliance of GDPR
TruCert proves compliance with data privacy regulations by proving customers digitally consent to share personal data with counterparties
Digital Data Delivery streamlines and secures client lifecycle experience
Customer interfaces (web/mobile) allow customers digital rights management over their data – ensuring informed & unambiguous consent