Tech Trends: Last week I talked about how Plunk is delivering a technology solution that will get every real estate professional more visibility into every property across this country. This is a huge problem that technology can solve. Plunk, for one, has stepped up to the challenge. However, real estate professionals also need total visibility into their customers. To solve this problem, a company called Truv (truv.com) has come to market with a new technologically advanced solution to take this issue off the table.
Truv is getting a lot of attention, because it’s saving its clients 60-80% over its nearest competitor. Truv is an open finance platform that enables financial organizations with access to every data source available. Use cases supported by Truv include income and employment verification, asset verification, verification of insurance, documents processing, direct deposit switching and many more. Through Truv’s model of having access to payroll data, financial account transaction data, tax data, and insurance data, Truv’s platform is built with complete coverage, compliance, and data quality.
“We directly mimic, including the look and feel, of the customer’s HR portal. So, they’re automatically comfortable using our platform because it looks like the platform, they use to collect their paychecks,” said Darshana Shetty, VP of Product at consumer-permissioned data platform Truv. “Our system works in 30 seconds to authenticate you and give over all the quality data needed directly from the source so you can truly know your customers.”
Traditional verification of loan applicants’ income and employment can be time-consuming and expensive for mortgage lenders. Truv can instantly verify income and employment for more than 90% of the U.S. workforce and solve this problem, enabling faster and more cost-effective underwriting decisions.
Specifically, Truv is a consumer-permissioned data platform that enables financial organizations with access to every financial data source available. Use cases supported by Truv include income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access. The idea is to ensure total data quality.
Truv also cleanses and attributes data to create predictive models. With over 114 data categories and over 2200 attributes, Truv puts data in the correct category at a rate of 95% and then helps underwriters build a predictive model to determine the eligibility of an applicant. Truv supports 99% of banking users with its financial accounts verification product. The 98% is composed of over 14k different banks, credit unions, and financial technology companies.
“Right now, we have over 13,000 data integrations,” added Shetty. “The consumer can even upload documents directly into the system so we can accept both data and docs. Real estate professionals are looking for a solution to make the verification process easier, so we have built that highway to all the relevant sources to make that happen. Our goal is to give the real estate professional the total truth about all their customers upfront.”
This is just another example of how technology can help improve business as we all know it.