Business performance, in the end, is about the numbers. There are other values and qualitative factors, but the need to measure indicators and results is critical to ongoing success. What is the best way to measure performance for your identity verification initiatives?
The Trulioo GlobalGateway platform is now version 4.1 and includes numerous new features and service upgrades. One central theme of the platform update is performance improvements to identity verification match rates and the ability to analyze verification performance better. Overall, the core of the update includes:
- An updated Identity Verification Analytics dashboard
- Built-in AI and machine learning-driven data optimization features
- Additional data sources to improve country coverage for Business and Identity Verification
- UI and UX upgrades across multiple products
Identity Verification Analytics Dashboard
A classic phrase in business analytics is “you can’t improve what you don’t measure.” To understand your identity verification performance, you need access to:
- Total verification rates
- Total transaction volumes
- Change in volume and verification rates
- Details about country data types and matching of specific fields and regulations
- Percentage of transactions containing missing required fields
- Performance for particular countries or time periods
- Performance for different data source tiers in each country
- Performance for different age groups
With GlobalGateway 4.1, all this information is quickly available in a clean and intuitive dashboard. You can keep on top of trends and patterns to ensure your customer onboarding is running smoothly. Or use the information to improve decision making, test new opportunities or try new workflows.
If there are any onboarding problems, you can isolate issues to improve performance quickly. The amount of data available and the visual representation make it easier to understand what is happening with your new customer onboarding. You can even download data in CSV format to help you run analysis the way you want and download PNG and PDF files for easy display.
Of course, our identity verification experts are still with you to help fine-tune performance, but you can check out your numbers anytime in the GlobalGateway C-Portal.
Introducing TruMatch — Maximizing identity verification match rates
One of the most critical factors for measuring the performance of your onboarding program is your identity verification match rates. An identity match is when a person’s identity information meets the requirements for a positive match, so the higher the match rate, the higher your verification rate and the more customers you can sign up.
That’s why Trulioo created TruMatch, a proprietary matching engine built to improve identity verification performance. Using advanced algorithms to normalize and optimize identity inputs makes the GlobalGateway engine’s analysis quicker and more accurate.
The volume of data GlobalGateway receives, interprets, manages, processes and sends to data partners is massive. We also reprocess all the returning data to optimize results further. The ability to deal with infinite variations at speed is a critical factor why Fortune 500 companies, global banks and high-growth organizations choose Trulioo; we have the reach, expertise and technology to deliver a global KYC match engine.
TruMatch offers unique technology to improve verification match rates:
- Using AI and Machine Learning, with input from the vast amount of verification data Trulioo processes
- Applying advanced Natural Language Processing and Deep Learning technology to ‘fuzzy’ match results
- Fine-tuning results based on our deep experience with different markets and use cases
The results are a smoother onboarding experience, ensuring that false negatives become true positives.
Every false negative represents a potentially frustrated customer, higher transaction costs, more support strain or lost revenue. Excellent match rates lead to quick and seamless customer onboarding, while poor match rates lead to frustrated customers, higher transaction costs, more strain on support and lost revenue.
Optimize your verification match rates and improve your business performance with TruMatch.
TruMatch is free for all GlobalGateway customers and is currently enabled for countries with typically hard-to-match fields like name and address, providing substantial uplift in verification rates across:
- South Africa
- United States
Learn more about GlobalGateway TruMatch
Increase identity verification rates with the world’s most robust and intelligent KYC engine
Improving identity data coverage
The best performance and analysis mean little if your audience isn’t included. Trulioo prides itself on having the best global coverage and we’ll continue to seek, vet and integrate new sources on an ongoing basis to keep it that way. Trulioo is happy to announce it now has substantial increases in data source coverage for:
- Czech Republic
- South Korea
As well as three net new countries:
Improving the customer experience
Another vital aspect in the verification process is the user interface (UI) and user experience (UX); the look and feel, navigational flow, interactive design and many other customer experience (CX) factors affect response rates and customer satisfaction.
GlobalGateway 4.1 includes:
- Options to customize messages in the document verification process to provide better feedback or other communications
- Additional standardized fields for business verification customers to deliver more predictable and uniform responses
- New business verification data sources to provide better match capabilities and improve performance
The evolution of GlobalGateway
As the worldwide leader in identity verification, Trulioo is constantly improving and refining our technology on an ongoing basis. To simplify understanding of all the changes we are making to the platform, going forward GlobalGateway will have bi-monthly version releases.
You can check all usage and technical information around GlobalGateway 4.1 Release Notes in the Client and Development Portals.
If you have any questions about GlobalGateway 4.1, please contact your Customer Success representative. Or, if you are new to Trulioo, request a demo.
Download the GlobalGateway Brochure
Learn how the Trulioo identity platform can help your company build trust online, comply with cross-border AML/KYC requirements and prevent fraud.