Trulioo's new service supports Gen Z financial inclusion

Tuesday 7 December 2021 12:53 CET | News

Canada-based identity verification company Trulioo has announced the addition of US Student Records to the Trulioo GlobalGateway marketplace of identity services.

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.

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Keywords: Trulioo, digital identity, KYC, Gen Z, financial inclusion, product upgrade, identity verification
Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime