Regulated entities are frustrated by their inability to share personally identifiable information (Pii), the consequence of which is a poor client service experience.

Problem: A current bank customer wants to open an additional account at one of the bank’s foreign offices, and the experience proves frustrating for both parties.

• The bank is not able to sync a customer’s Personally Identifiable Information (Pii) from one office to the foreign office. Instead, the bank asks the customer to re-submit the personal data needed to meet its Know Your Customer (KYC) guidelines.
• This duplicated process proves time-consuming and frustrating for the consumer, who has previously given this same information to the bank. The bank is also unsatisfied by the time and effort it takes to locate the correct documents through email exchanges and other internal processes.
• In the end, it is quite possible that after searching, the customer still is not able to find the documents the bank needs. Therefore, the bank is not able to process the account opening request. Not only has the customer had a poor experience with its trusted financial institution, but is also forced to take the business to a competitor with a mobile service offering that makes sharing data possible across jurisdictions.
• Persistence of this issue will inevitably have a negative impact on the bank’s marketshare.

Solution: The bank looks to Trunomi’s mobile app, TruMobile, to provide customers a simple method to permission and provision Pii.

• The bank now has a solution to share Pii across multiple offices; consumers’ personal data sets are hosted on TruMobile, and they have full control to permission, provision and update the information in real-time for no cost.
• Through Trunomi’s solution for the bank, TruHub, a bank employee can issue a request for permission to access a customers’ Pii to complete KYC documents. The customer receives the request through their TruMobile app and can securely grant permission to share his or her Pii with the bank’s foreign office, as well as with other entities as needed.
• If additional data is required, a customer can easily upload documents from a mobile device and take photos of other necessary pieces of information.
• TruHub uses regulatory compliant workflows to ensure data is complete and accurately classified, reducing the bank’s regulatory risk.
• The ability to instantly share Pii eliminates the need for bank customers to complete redundant paperwork, reducing the time it takes to open an account as well as customers’ frustration with the process.

With Trunomi’s solutions, there is no need for customers to take their business elsewhere simply because the bank is not able to share Pii among its own locations. By giving customers ultimate control of their personal data with TruMobile, they are empowered to give the bank permission to access critical information for account openings and activities; banks can easily complete KYC requirements and minimize the paperwork and stress for everyone.