With the addition of this new service, Trulioo customers can now verify the identities of 18.3 million (97%) of American students. This capability levels the playing field for Gen Z to access financial products and participate economically given that many students have little to no credit history.

According to one study cited by the press release, 36% of American college students are food insecure, and 36% are housing insecure. What’s more, with home address being a conventional data point vetted in the identity verification process, it can be challenging for financial services providers to verify students that are in-between residences.

Trulioo states that Gen Z expects quick, seamless transactions where they shop, or they will likely move on to the next website or mobile app. In fact, according to an IBM study, 62% of Gen Zers will not use an app or website that is slow to load and 60% won’t use an app or website that is hard to navigate. These shopping patterns introduce novel pathways for accessing financial services. Together, Gen Z and millennials represent a major demographic force with substantial spending power estimated at USD 44 billion annually, according to Trulioo.