A Trulioo fintech customer realized a 100% ROI and $2.05 million in benefits in a projected three-year financial analysis, according to a 2023 Trulioo-commissioned Forrester Consulting study.
“The Total Economic Impact™ of Trulioo” study focused on interviews with a Canada-based fintech organization, which has more than 450,000 registered users, to project the financial analysis and determine a potential ROI from using Trulioo identity verification services. The person Forrester interviewed noted that prior to using Trulioo, the organization relied on in-house identity verification, which required extra resources, according to the study.
The fintech organization’s customer onboarding process fell under strict Know Your Customer (KYC), Know Your Business (KYB) and Anti-Money Laundering (AML) regulations, but the organization struggled to overcome those verification challenges.
Other challenges the organization faced included:
- Access to specialized databases – Identity verification during onboarding requires access to a variety of databases, which was costly for the fintech, according to the study. It also created a difficult manual burden for the fintech’s verification.
- Limitations of manual onboarding – The fintech had a team of 12 working on verification, but the manual process still took days to complete, according to the study. Those delays damaged the customer experience.
The study found a blend of quantified and unquantified benefits from the fintech organization’s partnership with Trulioo.
The financial analysis arrived at 100% ROI from Trulioo based on several factors.
- Increased customer onboarding rate – The higher rates contributed more than $594,000 of profit, and the organization was able to onboard people and businesses it didn’t have access to before the partnership.
- Decreased fraud rate – By year three of the projection, Trulioo helped the organization decrease its fraud rate by 80 percent.
- Decreased labor – Compliance officers achieved time savings of $139,000 because the decrease in fraud meant less time filing regulatory reports.
The unquantified benefits included:
- Improved customer experiences – Automation allows the organization to complete verification in seconds instead of hours or days.
- Simplified data transfer – Trulioo provided customized configurations and flexible integrations, from low-code options to standard APIs, that suit any tech stack.
- Ensured data standardization – Trulioo services ensured access to standardized data, streamlined optimization and assurance-based onboarding.
“After the investment in Trulioo, the interviewee’s organization was able to leverage Trulioo’s expertise in identity verification to standardize the customer onboarding process with high efficiency,” according to the study. “Key results from the investment include increased onboarding rate and better customer and employee experiences.”
‘The Total Economic Impact™ of Trulioo’
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