Product Updates – December 2022

With a strong focus on optimizing integrations, refining user experiences and improving data quality — each update made in December furthers our vision of helping organizations to unlock the power of consumer-permissioned data.

Happy 2023! We are excited to ring the new year with you. Thank you for your continued partnership with Truv.

With that I’m really excited to share the product updates that we released in the month of December where we’ve significantly improved coverage, conversion rate, our developer experience, data quality for key integrations, and much more. Additionally, we now have clients live on our insurance verification product!

All of these updates further our vision of helping organizations to unlock the power of consumer-permissioned data. Let’s dive right in!

Truv Bridge Updates

Existing Allocations in Direct Deposit Switch

Truv has seen significant growth within our direct deposit switching product, announcing several key partnerships with financial institutions and digital banks. These partnerships enable depository institutions to take the direct deposit switching process from days to seconds.

As an enhancement to this product, we launched the ability for consumers to view existing direct deposit allocations within the Truv Bridge. This provides increased clarity and visibility into a consumer’s current direct deposit distribution to increase conversion rates for making a successful direct deposit switch.


Disable Specific Payroll Providers

Truv remains focused on building scalable solutions that increase in both customizability and flexibility for our customers. This enables our customers to build a differentiated product that fits their business needs and objectives.

To that end, our customers can now disable specific payroll providers that they don’t want to surface to their users. This enables our customers with greater personalization and control of their experience.


Multi-Factor Authentication Updates

The Truv Bridge is able to handle single-sign on providers, security questions, and MFA all within our experience. This empowers greater conversion rates as consumers are not switching back and forth between multiple applications to establish a successful connection.

Last month, we made significant improvements to our MFA capabilities, one such enhancement is keeping the users in context as we surface errors to simplify the experience. In addition, we are now handling a new variation of MFA that includes verifying via QR code to authenticate across many payroll providers. With these new enhancements, we’re seeing an uptick in conversion rates that is available for all of our customers.


Data Quality Improvements

Truv remains relentlessly focused on data quality, because strong data quality and fill rates allows our customers to truly underwrite with confidence. With majority of Truv’s integrations being API-based, we lead the industry with strong data quality.

To this end, we have significantly improved pull-through rates for the following employers: Lyft, American Airlines, iSolved, CVS, Social Security Administration, Bamboo HR, DoorDash & AT&T.

Additionally, we significantly improved pull-through rates for the following payroll integrations:

  • Job Title in the Employment object for our Ceridian integration
  • Job Title and Job Type in the Employment object for our AmazonAtoZ integration
  • Date of Birth in the Identity object for our Intuit integration
  • Direct Deposit Information in the Bank Accounts object for our Intuit integration

Lastly, we improved the classification of our errors and our error messaging for Oracle, Paycor, Paylocity, Workday, and Intuit.

This increased focus on data quality and fill rates will ensure that Truv continues to provide the market-leading data quality with the most accurate data, the most complete data, and the most compliant data in our consumer-permissioned data platform.


Truv Dashboard & Documentation Updates

Support Portal Enhanced

Last month, we announced that we launched our support portal that enables our customers to manage all support tickets within the Truv Dashboard. Throughout December, we received strong positive feedback from our customers on this enhancement, as it improves visibility on the status and progress of tickets and improved response times to issues.

We’ve now enhanced our support portal by providing the ability for our customers to see the entire history of the support conversation along with the ability to look into attachments & files at any point in time. This provides additional information and clarity for our customers, as they can go back and look through prior responses to identify solutions.


Filter Orders in Truv’s Dashboard

Understanding the status of orders is exceptionally important as it enables lenders on our platform to understand the verification status for each applicant. Truv’s dashboard enables our customers to do so, and we launched the ability for our customers to more effectively filter orders.

Clients who use Truv’s Offline workflow can now filter Orders by the person who generated this Order. This helps substantially with tracking, monitoring and reporting for our customers, especially those who have external Loan Officers & Branch Managers walking the borrower through the entire process. 

Additionally, we have added the latest data refresh timestamp for all Orders in Order timeline. 


Insurance Verification Enhancements

Truv now has customers live on our insurance verification product! This product enables our customers to verify the status of a consumer’s auto or home insurance policy to further speed up the loan application process and make confident underwriting decisions. 

In December, Truv added improvements to the PDF report by adding insurance provider name, logo and identity fields after the verification has been completed. This enables our customers to have all of the necessary insurance verification data on the PDF report.


Landing Page Enhancements For Offline Experience

Several of Truv’s customers use our orders workflow, which enables them to send an email and text message to their customers to complete a verification through Truv’s consumer-permissioned data platform. This empowers our customers to go live quickly with little to no integration work.

We completely redesigned the verification landing page to provide additional clarity which ultimately drives stronger conversion rates. These landing pages now have information on how Truv works and relevant frequently asked questions.


API Documentation Improvements

Here at Truv, we are obsessed with building our consumer-permissioned data platform in a way that our customers can implement as quickly as possible. To this end, we’ve made the following significant improvements to our already robust API documentation:


Truv New Product Updates

Truv wrapped up 2022 with 2 exciting announcements! 

  • First, one of our lender clients went live on our Insurance Verification product. We’re currently seeing an end-to-end conversion rate greater than 50%.
  • Truv also powered a leading airline’s enrollment using our paycheck linked lending product for a new client with a conversion rate of over 65%.

We look forward to implementing new customers and driving big product releases in the month of January, so stay tuned! See you next month.

Keep Reading

Product Updates – October 2022

With a strong focus on optimizing connections, redesigning user experiences, and improving data quality — all of the October updates further our vision of helping organizations to unlock the power of consumer-permissioned data.

Darshana Shetty

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