If you’ve read a few of Truv’s product updates, you know that increasing conversion rates and coverage is always top of mind for us. Today, we’ll share a recent change we made in our processes that resulted in a 5%+ increase in end-to-end conversion (E2E).
The Problem
Receiving detailed, accurate data directly from the payroll provider isn’t always an option. Yet traditional manual document uploads and employer cold calls can often have a slow turnaround time and take up to three days to verify income and employment.
When this happens, the user experience, which should be seamless and simple, becomes clunky and frustrating with too many steps. It’s unsurprising then that users often abandon the process, and this results in decreased conversion rates and unsatisfactory user experiences.
In addition, fraud is a significant problem, especially if there isn’t either an in-house or third-party service to detect and parse through W2s, tax returns, paystubs, and more. Fraudulent pay stubs alone represent up to 7% of all uploaded documents and only provide you with limited data points. Since the pandemic, fraud has skyrocketed as traditional verification processes have become digitized without the necessary security and screening to identify fake documents.
So how do we fix this?
The Solution
Our hypothesis is that adding a simple way to upload documents could be an effective and efficient backup option if end users can’t immediately access their payroll provider account. Our testing revealed that those who ran into one of the issues mentioned above chose to proceed with their verification needs if offered the option to upload documentation. This is Truv’s intuitive and easy doc upload process:
This also helped our clients achieve better conversion rates, and since the user is already engaged with the product, instead of abandoning and going to a more expensive and manual option, they could still complete verification via Truv. The best part is that this required no additional implementation on behalf of our clients. This is the doc upload option on the payroll provider login in Truv Bridge, making it frictionless for users to customize their experience based on their needs and the information they have at their fingertips.
Results
While we’re ramping this up and streamlining doc upload as we test, we’ve already seen an uplift of ~5.6% to E2E conversion rate. Our machine learning and document automation algorithms make this process smooth and seamless for the user while identifying suspicious activity to prevent fraud.
This means more connections, savings, and informed lending decisions that drive growth while reducing risk for your organization. We’re excited by the success and progress of this functionality, keeping end users within the ecosystem and getting the result both the client and consumer desire — a successful connection to share data.
Next Steps
Truv is hard at work enhancing our fraud detection and W2 and 1099 parsing capabilities to help verify identity, income, and employment as quickly and securely as possible. Doc upload is at the center of these initiatives to continue to help clients drive business outcomes such as easy savings and decreased fraud when end users can’t instantly connect with their payroll provider.
