Editor’s Note: The Performance Profiles series examines real-world examples of how Trulioo helps customers improve verification workflows to maximize performance, reduce friction and optimize value.
A global broker turned to Trulioo for help increasing verification rates while maintaining onboarding speed.
Trulioo found the right answer for the broker after conducting an in-depth value optimization analysis. The subsequent adjustments helped the broker realize a match rate improvement from 2 to 12% per country at no additional cost and a $237,600 per month increase in the value of added users.
The Importance of Identity Verification Performance
The identity verification match rate is the percentage of submitted identities that meets the requirements for confirming people are who they say they are. A verified match moves a person to the next stage of customer onboarding, while a negative match can lead to slow, costly manual review.
Match rate performance improvement requires frequent testing and adjustment because it takes time to achieve the ideal data source configuration and optimize input fields, particularly for global organizations.
The Trulioo platform has data science expertise, access to sources around the world and sophisticated artificial intelligence and machine learning technology. Those combined capabilities can lead to deep performance analysis that helps organizations optimize their match rates.
Trulioo Value Optimization Program
Customer onboarding and regulatory compliance in a digital economy often requires a combination of advanced technology and a deep understanding of identity and business verification nuances.
But not all vendors provide guidance in optimizing verification programs. Many don’t have the necessary experience in markets around the world.
Trulioo constantly expands and optimizes its integrated identity platform to provide global coverage that meets the needs of organizations around the world. The platform applies best practices for different markets and leverages real-time analysis of user demographics to guide value optimization.
The goal is to continually improve match rates and onboarding times so organizations can provide optimal customer experiences.
When businesses use integrated identity platforms instead of siloed point solutions, according to Liminal research, they can see improved user experiences that lead to an 83% drop in abandonment.
The Trulioo platform takes the complexity out of managing and optimizing performance across data sources. Trulioo advanced data science capabilities can lead to unique onboarding configurations based on:
- An ever-expanding ecosystem of new data partners in markets around the world
- Real-time analysis of an organization’s customer demographics
- Sophisticated algorithms that test traffic to determine the best possible data source configuration for higher match rates
The approach to identity verification value optimization depends on the market and the organization’s priorities. Does the company want as many successful matches as possible? Does it want to decrease onboarding time? Does it want to decrease cost?
The global broker’s goal was to increase conversions while providing a quick onboarding experience because the lifetime value of its customer is fairly high, and the company was focused on signing up as many customers as possible. Trulioo suggested starting with optimizations in five European markets and New Zealand.
The value optimization program created measurable match rate improvements that represent customer base and revenue growth. The broker is now considering the program for 17 additional markets.
Trulioo provides ongoing consultation to enable the best-performing identity verification workflow configurations. As a true partner, Trulioo strives to continually improve match rates, decrease onboarding times and expand data source access.
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