{"id":38910,"date":"2023-11-08T17:59:21","date_gmt":"2023-11-08T17:59:21","guid":{"rendered":"https:\/\/www.trulioo.com\/blog\/"},"modified":"2023-11-30T16:59:03","modified_gmt":"2023-11-30T16:59:03","slug":"total-economic-impact","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/trulioo\/total-economic-impact","title":{"rendered":"Forrester Consulting Study Finds 100% ROI With Trulioo"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>\u201cThe <a href=\"https:\/\/www.trulioo.com\/lp\/forrester-consulting-the-total-economic-impact\">Total Economic Impact\u2122 of Trulioo<\/a>\u201d 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fintech-s-identity-verification-challenges\"><a><\/a><strong>Fintech\u2019s Identity Verification Challenges<\/strong><\/h2>\n\n\n\n<p>The fintech organization\u2019s 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.<\/p>\n\n\n\n<p>Other challenges the organization faced included:<\/p>\n\n\n\n<ul>\n<li><strong>Access to specialized databases \u2013<\/strong> 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\u2019s verification.<\/li>\n\n\n\n<li><strong>Limitations of manual onboarding \u2013 <\/strong><a>The fintech had a team of 12<\/a>&nbsp;working on verification, but the manual process still took days to complete, according to the study. Those delays damaged the customer experience.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/11\/trulioo-blog-total-economic-impact-infographic-final.svg\" alt=\"\" class=\"wp-image-38950\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-benefits-of-trulioo\"><a><\/a><strong>The Benefits of Trulioo<\/strong><\/h2>\n\n\n\n<p>The study found a blend of quantified and unquantified benefits from the fintech organization\u2019s partnership with Trulioo.<\/p>\n\n\n\n<p>The financial analysis arrived at 100% ROI from Trulioo based on several factors.<\/p>\n\n\n\n<ul>\n<li><strong>Increased customer onboarding rate \u2013 <\/strong>The higher rates contributed more than $594,000 of profit, and the organization was able to onboard people and businesses it didn\u2019t have access to before the partnership.<\/li>\n\n\n\n<li><strong>Decreased fraud rate \u2013 <\/strong>By year three of the projection, Trulioo helped the organization decrease its fraud rate by 80 percent.<\/li>\n\n\n\n<li><strong>Decreased labor \u2013 <\/strong>Compliance officers achieved time savings of $139,000 because the decrease in fraud meant less time filing regulatory reports.<\/li>\n<\/ul>\n\n\n\n<p>The unquantified benefits included:<\/p>\n\n\n\n<ul>\n<li><strong>Improved customer experiences<\/strong> \u2013 Automation allows the organization to complete verification in seconds instead of hours or days.<\/li>\n\n\n\n<li><strong>Simplified data transfer<\/strong> \u2013 Trulioo provided customized configurations and flexible integrations, from low-code options to standard APIs, that suit any tech stack.<\/li>\n\n\n\n<li><strong>Ensured data standardization<\/strong> \u2013 Trulioo services ensured access to standardized data, streamlined optimization and assurance-based onboarding.<\/li>\n<\/ul>\n\n\n\n<p>\u201cAfter the investment in Trulioo, the interviewee\u2019s organization was able to leverage Trulioo\u2019s expertise in identity verification to standardize the customer onboarding process with high efficiency,\u201d according to the study. \u201cKey results from the investment include increased onboarding rate and better customer and employee experiences.\u201d<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"not-post section\">\n\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/forrester-consulting-the-total-economic-impact\" class=\"block bg-brown-100 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t<picture>\n\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/10\/Trulioo-Forrester-TEI-thumbnail-1-468x263.jpeg\">\n\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/10\/Trulioo-Forrester-TEI-thumbnail-1-608x342.jpeg\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/10\/Trulioo-Forrester-TEI-thumbnail-1-304x171.jpeg\" width=\"304\" height=\"171\" itemprop=\"image\" alt=\"Total Economic Impact\" class=\"md:h-full w-full object-cover\">\n\t\t\t\t\t<\/picture>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"pt-4 p-6 lg:pt-6\">\n\t\t\t\t<p class=\"p-sm md:p-xxs subheading md:subheading text-red-500 mb-4\">Case Study<\/p>\n\t\t\t\t<h4 class=\" mb-1 text-green-900\" >\u2018The Total Economic Impact\u2122 of Trulioo\u2019<\/h4>\t\t\t\t<p class=\"p-sm md:p-xs text-green-900\">Learn more about the benefits of leveraging a full suite of in-house verification capabilities through the Trulioo global platform.<\/p>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/a>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"A Trulioo fintech customer realized a 100% ROI and $2.05 million in benefits in a&#8230;","protected":false},"author":8,"featured_media":38754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[322],"post-types":[81],"post-topics":[96],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Forrester Consulting Study Finds 100% ROI With Trulioo<\/title>\n<meta name=\"description\" content=\"A Trulioo fintech customer realized a 100% ROI and $2.05 million 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