This is a YouTube video titled "Why Truv? Hear from Truv's Customers" containing a multi-speaker discussion from July 2023. Various speakers, likely customers or partners of Truv, share their experiences and perspectives on the benefits of using Truv's employment and income verification services, emphasizing speed, accuracy, user experience, and risk reduction in financial and employment screening processes. The content is a structured testimonial or panel-style discussion rather than a casual conversation.
Before purchasing truv, you know, there were the traditional non technical ways to acquire information about a employment screen or where somebody worked before either picking up the phone and calling someone to make sure somebody worked there, or leveraging one of the credit bureaus and given the digitization of identities and data. And that to me is very old fashioned.
So at luthersales we chose TRU for a couple of different reasons. First one being the match rate of employers in your database. We've been finding a 50 to 60% match rate. Some of your competitors were doing 10 to 12 match. Second was ease of use and implementation. From a technology side, we've been found it's very easy to work with, very fluid. Also on the consumer side, it provides a very good experience for them.
The reason why we do verification of employment and proof of income. One, it's to reduce risk to know that the customer when they're applying is still employed, that they make what they say they make and that they are who they are. It's a kind of a know your customer in a small way, but it's really to just know that they have the ability and the means to repay the loan that we're offering them.
Coverage was very important. How many employers out of the United States, the ecosystem of employers, do they have coverage for? Employer matching capabilities, search capabilities, how hard was it going to be for the user? And then I really liked the idea that TRUV tries to really standardize the data that we're getting back. So whether someone comes in through their actual permissioned and credentialed data capture, or if they upload a payroll stub and true does OCR on it or whatever, they're returning the same data fields to us. And that makes our processing of the data much, much simpler. We're looking to achieve high rates of conversion. We want people to actually sign up and credential in with Troof. We're going to probably incentivize people to do that. The other is just going to be actual outcomes on our loans and our loan performance. We'd love to see some substantial risk mitigation and healthier portfolio going forward.
Turnaround time is paramount. So Chuv in my mind serves many masters in that one. It's helping the consumer, whether that's a candidate or somebody applying for a loan, to get quicker through the process to get what they're needing to do. For us, selfishly, it is more cost efficient to do this. So for our employers, they get to hire that person faster as well. So I think it's A win win for everyone involved.
We're expecting to achieve a couple of different outcomes by using troop. First one is ease of validation. So right now we have a entire department that validates income as well as helps consumers attach to the payroll. We're looking to automate that so that we can process more applications and service more consumers. Second one is validity in terms of being able to literally in the closest to real time, validate that particular data and verify that particular income stream. Last is being able to to expedite the process in one session of attaching to the payroll. Sometimes that is a long process for the consumers. They either have to go to HR or they have to log onto their intranet independently of us. We have to get verification from the consumers. With truv, we can do that all in one seamless shot.
TRUV solution provides us a way faster conversion on the ones where we need proof of income and verification. Employment. Literally, it's instantaneous. A traditional solution where we use like a work number or literally pick up the phone and call an HR department. It can take anywhere from hours to days to weeks and sometimes we have to follow up several times to get that. The Truve solution gives us a one stop shopping and it's instantaneous.
We want to be able to verify income faster and not having our members have to go and provide paper documents to us. Being able to provide a decision that's instant, especially for new members coming for their financial solutions was a big pull for us to go with truv so that they can have that all in one experience and not even have to leave their couch if they're applying.
I think it's important for consumers to get the best deal to know that their bank or their financial institution is not going to know something about them that nobody else can learn. The fact is that your transaction experience is your own experience. The ability to be able to share that experience with a chosen financial service provider to me is the right of the consumer. 1033 levels the playing field between large institutions and smaller ones. The fact is that large institutions have millions, tens of millions of customers and smaller institutions are ones that struggle to compete. 1033 through deposit aggregation and other means basically levels the playing field in that a consumer's transaction experience is really their own and they can take that experience and share it with anybody that they want.
Vendor independence by enabling the consumer means that we benefit. Our clients benefit in terms of both speed and cost efficiency.
