Digital onboarding with consent to use customer data

Posted 30th April 2015 by in Use Cases  
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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 account openings are 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

  • Customer demand for all-digital on-boarding and account opening experiences
  • All digital data delivery results in increased risk of data privacy regulatory fines and sanctions (as much as 4% of global revenue under EU GDPR)
  • May 2016 survey indicated regulatory change is the top concerns among financial institutions, while a parallel survey of their corporate customers found that 89% had not had a good onboarding experience, with 13% changing their financial institution relationship as a result
  • Customer identities and ID documents need to be digitally authenticated, verified and validated and data controllers (banks/ins. companies) need to prove they have clear, affirmative and informed customer consent to hold & process this data
  • Obtaining consent through manual, traditional methods can be costly for the bank and frustrating for the customer
  • Banks must provide the ability for customers to withdraw consent at any time

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.

  • Solve the challenge of sharing and maintaining consent to use customer ID data through the Trunomi data rights management platform and immutable, auditable consent certificate, TruCert
  • TruCert provides audit trail of data interactions and provides a business and their client proof of consent to use personal data
  • Our partners provides customer interfaces which allow individuals to share, view and manage access to their personal data and documents
  • Businesses can prove consent to hold and process personal data in compliance with data protection regulations
  • Using white-labelled web or mobile customer interfaces provided by our partners can remotely submit electronic copies of their identity documents (such as Driver’s license, Passport etc) and their address verification documents (e.g. utility bills) as well as photo/ video selfies (for further verification of the ID documents)
  • Using our consent-based platform, permission for these documents to be routed to a selection of eID&V providers for processing is also possible

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