We’re Losing Marketshare Because Our Onboarding Utilities are Inefficient

Problem: What happens today each time one of your customers wants to create a new account with your institution in a foreign office or with an affiliated entity?

• First, your team has to request that the customer re-submit his/her Personally Identifiable Information (Pii) to complete KYC due diligence. While this seems easy enough, your customer has previously submitted this same information to the institution and is frustrated to be gathering and re-submitting these documents over and over. After all, the customer isn’t aware of global privacy regulations and does not appreciate the reasons why their information isn’t simply available to the other office.
• The situation worsens when your team informs the customer that additional documentation is needed due to a variation in jurisdictional requirements between the two locations. The customer must attempt to find and submit this necessary material, and is now even more displeased due to the extra work required as they try to do more business with the bank.There is also extra cost (multiple couriers) and time spent.
• With an unhappy customer on your hands, it becomes evident that this inefficient on-boarding process could put existing and potential customer relationships in danger. You might also lose their business to another company that has a better and easier solution.

Solution: By working with Trunomi and leveraging TruHub, your bank can electronically capture and create shareable, digitized, comprehensive KYC data sets of Pii for each customer. Then using TruMobile, and our proprietary technology that shares these datasets securely – the information could be shared immediately, without cost, delay or effort for either you or your customer. The new scenario goes like this:

• The customer begins the account opening process at an international location.
• Through TruHub, your team issues a request for client permission for the on-file KYC documents to be shared between locations.
• The customer receives the request via the TruMobile app on their mobile device, and is able to immediately, conveniently and securely provide permission for data set to be shared.
• If additional data is still needed, the customer is able to easily upload documents from their mobile device and take photos of other necessary pieces of information and upload them remotely into the system.

In Summary:

• With regulatory compliant workflows in place, TruHub ensures completeness of data capture and classification, reducing your bank’s regulatory risk in a highly efficient manner.
• TruMobile empowers your customers to directly manage permissioning, provisioning and updating of identification documents remotely, in real-time, at no cost.

This powerful combination eliminates the need for customers to re-submit data, significantly improving the customer experience and reducing the drop-off rate during account opening. Your bank could realize 80% efficiency gains in its on-boarding process by reducing overall data duplication across global offices. More often, it might just turn your customer onboarding and KYC department from a major headache and cost center, into a client services gateway and revenue center. Now it is time to start winning business away from your competitors who are not working with Trunomi.