Trulioo Verification Optimization Fuels Onboarding Growth for Global Organization
A prominent remittance, payments and money transfer organization faced the complex challenge of maintaining regulatory compliance across markets worldwide while prioritizing swift, cost-effective customer onboarding.
Striking the balance between compliance and convenience, though, requires a meticulously refined onboarding process fortified by a strong partner with expertise in precise data source allocation.
The organization turned to Trulioo to initiate an onboarding optimization effort to gain insight into the nuances influencing the cost of a verified, high-value user. The remittance company’s objective was to identify opportunities to increase onboarding efficiencies without compromising speed, accuracy, compliance or the user experience.
The organization had partnered with Trulioo for five years prior to the onboarding optimization initiative, entrusting the platform with identity verification through a comprehensive suite of capabilities.
The optimization initiative had two primary goals:
- Increase verification rates in four critical markets
- Successfully onboard an additional 20,000 users annually
20,000 New Users Annually
The global organization had a mandate to provide fast, compliant onboarding in multiple countries, each with unique data challenges, rules and requirements. Through careful data set analysis and precise combinations of fields and rules tailored to each country, Trulioo provided flexibility to meet onboarding needs while uplifting the remittance leader’s onboarding performance.
In North America, the organization achieved an average 4% verification rate uplift, equaling an additional 6,500 users annually who would have otherwise required an alternative, potentially more costly onboarding method. Across New Zealand and Australia, the optimization delivered an average 21% verification boost, surpassing 10,000 new annual users per country. In the United Kingdom, the organization realized a 2% uplift, resulting in an additional 3,500 annual users.
Estimated $1.5 Million Annual Revenue Increase
As the remittance organization onboarded an influx of new users, its revenue went up. Each verification rate percentage uplift from the program equaled an estimated $56,000 increase in annual revenue, leading to a total of about $1.5 million per year.
The company achieved that revenue increase with minimal or no additional investment. It stemmed solely from the value optimization program with Trulioo.
A combination of detailed assessments, data source analysis and rule set optimization that led to data package reconfigurations formed the foundation for Trulioo and the organization to improve customer onboarding performance and unlock untapped revenue streams.
About the Customer
The organization is a digital, cross-border remittance business that provides international money transfer and remittance services in more than 130 countries and more than 70 currencies. For those receiving money, the organization offers payout options such as bank deposit, mobile money, mobile airtime top-up, cash pickup and cash delivery. At the heart of the business is a desire to meet people’s needs while ensuring the authenticity of all parties.
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