Drive Direct Deposit Growth and Customer Satisfaction.
With deposits shrinking throughout the industry, enable the lowest friction channel for your customers to switch their direct deposit distribution in seconds. Acquire more customers and accelerate deposit growth.
You’ll be in good company
Challenges in driving
deposit growth today.
Challenges in driving deposit growth today.
Problem.
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Shrinking Deposits.
In 2023, depository institutions are seeing a shrink in deposits as the Federal Reserve reduces the money supply to combat inflation. -
Lack of Customer Loyalty.
32% of consumers in 2023 indicated that they are very likely to switch their checking relationship in the next year. -
High Friction Manual Processes
Switching direct deposit is typically done through a high friction manual form.
Negative Outcomes.
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Decreased Profitability.
Less deposits lead to reductions in profitability for financial institutions, as you’re restricted on your lending opportunities based on your deposits. -
Increased Customer Churn.
With lack of stickiness of direct deposit, more customers will leave your institution to a competitor. -
Negative Customer Experiences.
Manual processes are high in friction, and they lead to increased customer churn through the process resulting in less deposits and loans.
Truv’s Value for
Depository Institutions.
Truv’s Value for Depository Institutions.
Deposit Growth.
Up to 65% Direct Deposit Growth.
Streamline the direct deposit switching experience to less than 45-seconds.
Receive insights into previous and existing direct deposit distribution for your customer base.
Increased Customer Loyalty.
Retain your customers with a lifelong relationship.
The average U.S. consumer keeps their primary financial institution relationship for 16 years.
Provide a best-in-class digital experience that requires little effort and no intervention from your staff.
Marketing Segmentation.
Understand Your Customers to Improve Marketing.
Understand which customers have all, a portion, and none of their direct deposit going to your institution.
Understand where your customers’ previous direct deposit was distributed to allow you to derive insights from where you’re stealing market share from.
Increase Efficiency.
Provide a Best-In-Class Experience to Reduce Friction.
Reduce manual form switching volume that drive greater call center volume for your staff.
Empower in person branch staff to automate direct deposit switching through Truv.
Truv’s Platform Overview for
Leading Financial Institutions.
Truv’s Platform Overview for Leading Financial Institutions.
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Increase Efficiency: Enable your customers to switch their direct deposit distribution in less than 45-seconds.
Increase Deposit Growth: Streamline the switching experience to drive direct deposit growth by up to 65%.
Gather Competitive Insights: Understand your customers prior and current direct deposit distribution to adjust marketing offers to gain more share of wallet.
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Reduce Risk: Gather over 200 unique data points to better assess ability and willingness to repay.
Increase Efficiency: Have all of the necessary data to instantly make a loan approval decision, decreasing time to close.
Approve More Loans: Find low credit applicants with high willingness and ability to repay.
Increase Margins: Save up to 90% per verification with Truv compared to The Work Number.
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Increase Loan Repayment: Reduce your default rates by receiving loan payment directly from the applicant’s paycheck.
Increase Efficiency: Avoid cycles of tracking down applicants to pay through establishing an automatic, and consistent loan repayment mechanism.
Approve More Loans: Approve loans for lower credit score applicants by recognizing that repayment will come directly from their paycheck.
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Reduce Risk: Receive real-time insurance data that is updated every time there is a change.
Reduce Dropout: Eliminate friction from insurance verification to stop applicants from dropping out of the flow.
Work Efficiently: Decrease time to close by removing a high-friction experience before funding is able to occur.
Why Partner with Truv.
Change the way your
customers switch direct deposit
distribution to drive growth.
Change the way your customers switch direct deposit distribution to drive growth.
Strongest Authentication Experience
95%
of integrations are API-based rather than screen scraping.
Amber Buker
Co-Founder & CEO at Totem
“From the moment I was introduced to
the team at Truv, their passion was
apparent. From a technical perspective,
the number of employer mappings Truv
has is significantly larger than that of
their competitors.”
“From the moment I was introduced to the team at Truv, their passion was apparent. From a technical perspective, the number of employer mappings Truv has is significantly larger than that of their competitors.”
Ready to
Get Started?
Ready to Get Started?
Talk to our team about driving growth for your organization or access the developer portal today.
