The tale of #GetVerified, Trulioo’s third annual parody music video, chronicles the journey of a young, ambitious entrepreneur who dreams of becoming a fashion icon with her successful own clothing line.
The parody music video pays homage to “Stayin’ Alive”, by the Bee Gees. Arguably one of the biggest songs released in the late 1970s, the track ignited a disco fever that even listeners today can’t sweat out.
In this year’s video, we see our main character paying a visit to a traditional bank in an effort to turn her business dream into a reality. However, instead of fueling her entrepreneurial fire, she leaves feeling overwhelmed and disheartened. Not only is she faced with a stack of paperwork, it will likely take weeks, if not months for her to be pre-approved for a business loan.
Studies show it’s not uncommon for people, millennials in particular, to be discouraged by the manual, often time-consuming banking processes of old. Set to surpass Baby Boomers this year as the largest generation in history, millennials are quickly becoming banks’ and FIs’ largest customer base. Of those who opened bank accounts last year, 49 percent were millennials – one of the many reasons banks have begun to embrace innovation.
Banking Across Generations findings disclosed that while over 75 percent of millennials, Gen Xers and baby boomers use online banking, millennials lead in mobile banking adoption (47 percent). Spending upwards of 223 minutes per day on their mobile phones, it’s no wonder millennials are more inclined to opt for digital-forward banking. However, those processes must be secure, reliable and user-friendly. Research shows that 38 percent of millennials abandoned mobile banking activities because the process took too long.
Thankfully, through an act of serendipity, our entrepreneur in our parody video finds a digital banking solution that lets her focus on what’s most important: her business.
While entrepreneurship may be in the spotlight, the story does not simply speak to the plights of the small business owner. The video also speaks to financial institutions that want to put their customers first, specifically for new banking customers who demand and expect convenience and improved user experience.
Many legacy banks face this issue every single day. Challenger banks, that champion an agile, customer-centric philosophy, are built to address this problem since they are not held back by infrastructure, or culture, that may be decades old. In fact, legacy banks are currently working with challenger banks, or with technology partners, to digitalize and automate customer onboarding.
Prior to Get Verified, Trulioo produced two other parody music videos. In 2016, Down with KYC, a parody of Naughty by Nature’s “Down with OPP”, was released to emphasize the importance of knowing your customer. Inspired by Ed Sheeran’s hitmaker “Shape of You”, Trulioo produced Verify You in 2017, which sings the praises of digital identity verification in today’s world of online marketplaces.
Watch our third parody music video and share on social media using the hashtag: #GetVerified. Thank you for watching!