B9 Realizes +12% Improvement in Total Funds Deposited Over Consumer-Permissioned Competitor

Problem

Despite already leveraging a consumer-permissioned payroll API provider to gain instant insight into broader income and employment data across all types of employees in place of outdated and unreliable manual methods, B9’s customer conversion rates were not trending up, nor driving the direct deposit growth and lifelong relationships that B9 was seeking. Following consistently underwhelming results, the hunt for a provider who could drive significantly higher conversion, offer market-leading coverage, and collaborate to optimize performance, was on.

Truv Solution

Direct Deposit Switch.

About

In 2021, a financial services app headquartered in San Francisco, California, set out to trailblaze a new path to financial health improvements for all types of employees, including migrants, gig workers, and underserved markets. Flash forward to today, B9 provides every type of employee with on-demand cash and early payroll access. In a few years, they’ve grown to serve 600,000+ customers per month, with plans to scale significantly by leveraging technology and trading in dated, manual data collection methods for direct-to-source, consumer-permissioned data.

The Story

B9's innovative business model empowers nearly every type of employee in the workforce to dictate their payday, offering advances and emergency cash access without reliance on traditional credit metrics. Leveraging the use of payroll connectivity APIs, their platform casts a wider net for consumers, attracting a more expansive customer base, including previously rejected and high-risk applicants. Readily accessible via a user-friendly mobile app, customers of B9 easily select their payroll provider and set up or make changes to direct deposits in seconds, thereby gaining access to life-changing financial assistance.

In search of a provider who could deliver results and maintain a client-centric approach, B9 conducted an intensive A/B test, vetting two prominent direct deposit switching (DDS) providers simultaneously: their current consumer-permissioned vendor, and potential contender, Truv.

B9 Goals:

1. Leverage API-based income and employment data to attract consumers with swift enrollment speeds without the need for manual doc upload and review.
2. Foster primary banking relationships built to last.
3. Increase existing customer activity by empowering consumers to make changes to their direct deposit preferences in seconds.

Driven by a laser-focused determination to find a partner with their data needs, product flexibility, and solution-oriented mentality, B9 collaborated closely with Truv to test out another direct deposit switching vendor. Customizing the product for optimal performance, they tailored real-time direct deposit switching capabilities to widen financial accessibility to users and unlock previously overlooked and untapped markets. Truv’s APIs, industry-leading payroll coverage of nearly 170M US employees, and ability to retrieve extensive income & employment data enabled B9 to serve more consumers in need of fairer banking practices.

The decision to partner with Truv was driven by tangible results. Exceeding expectations, the partnership led to increased conversion rates, enabling B9 to expand to achieve their growth targets. With a steadfast commitment to enhancing the customer experience and financial inclusivity, B9 anticipates sustained momentum, solidifying their position as an industry leader.

About Truv

Truv empowers 150+ lenders to instantly verify income, employment, and asset data directly from the source. With best-in-class coverage, configurable workflows, and a focus on consumer-permissioned data, Truv helps financial institutions streamline underwriting while dramatically reducing costs. Truv's full suite of solutions provides GSE-eligible reports for submission to Freddie Mac and Fannie Mae, protecting lenders from buyback risks and delivering market-leading data quality. Learn more at truv.com