As a leader in the consumer-permissioned data provider space, Truv’s mission is to set our clients up for success. One way we do that is with 100% transparency on our coverage. In our June Product Update, we announced the release of our enhanced coverage search tool for clients, designed to guide Truv users to higher conversion.
What is the Enhanced Coverage Search Tool?
The new coverage search tool empowers Truv clients who leverage our Verification of Income and Employment product by providing clear, data-driven insights into the likelihood of their customer successfully connecting to their payroll provider(s).
Color-coded Success Indicators
Within the Coverage Tab of the Truv Dashboard, Truv users can now search for a company name and receive immediate feedback on connection success probabilities. This is visually represented through a color-coded system:
- Green indicates high likelihood of a successful connection
- Yellow indicates moderate likelihood of a successful connection
- Grey indicates low likelihood of a successful connection
Just as our consumer-permissioned payroll data retrieval is real-time, our coverage search tool provides indicators in real-time. The color-coded indicators are up-to-date, as the indicators are based on Truv’s historical data and recent traffic. This ensures that Truv users have a reliable gauge of potential connection outcomes, prior to a Truv Verification of Income and Employment order being created and sent to a customer for completion.
How To Use Truv Coverage Search Tool
Step 1: Search for an Employer
Begin by entering the employer name into the coverage search tool bar and select it.
Step 2: Assess the Likelihood of a Successful Connection
Before selecting the employer, review the tool’s color-coded indicator, which predicts the likelihood of successfully connecting to the employer for income and employment verification.
Step 3: Take Next Steps Based on the Indicator
Based on the color displayed by the indicator, Truv recommends the following actions:
- Green: Send Order to Customer
- Action: The connection likelihood is high. Proceed to send the verification order to the customer.
- Yellow: Flag to the Truv Team
- Action: The connection likelihood is uncertain. Flag the case for the Truv Team to review. We may be able provide additional guidance or assist with the verification process.
- Grey: Fallback to Alternative Solution
- Action: The connection likelihood is low or unavailable. Do not proceed with the standard Truv order. Instead, initiate an alternative verification method, such as Truv’s Document Upload solution, or a manual verification process.
The Benefit to Mortgage Lenders
This enhancement is particularly beneficial in the lending space, where timely and accurate payroll data is critical. By understanding the likelihood of successfully connecting to a payroll provider upfront, mortgage lenders can streamline their processes, reduce uncertainty, and enhance their customer’s experience.
This heightened visibility allows lenders to take proactive steps before their customers, or borrowers, use Truv. For example, when there is a high likelihood of a successful connection, loan officers can reach out to borrowers to explain how to use Truv effectively. Conversely, if the likelihood of a successful connection is low, lenders can decide not to send a Truv order and proceed with the loan application to avoid introducing unnecessary borrower friction. This proactive approach not only improves operational efficiency but also enhances the borrower experience, reinforcing trust and transparency for the lender.
Visibility Into the Customer’s Login Journey
The more our Truv clients know about their customer experience, the more success with their borrowers they have — which leads to higher conversion. With that in mind, Truv has expanded visibility into the customer experience even further, displaying the single sign-on (SSO) provider information, when available, to deliver an additional layer of context. The goal? Equip Truv users with more insight to further simplify the connection process for their customers.
The Bottom Line
Our commitment to partnership is the guiding principle in all that we do, ensuring that every innovation and improvement is designed with our clients’ needs at the forefront. By continually refining our platform with conversion-driving features and actionable insights, we’re putting the keys to success right at our clients’ fingertips.
If you have any questions about Truv’s coverage or have any feedback for the Truv team, let us know. We’re happy to build to our clients’ needs!
