Innovation

How to Find Out Who Your Customers Really Are

Next Big Thing 2016: Trulioo uses consumers' online footprints to help financial institutions gauge risk

Written by As told to Alexandra Bosanac
Stephen_Ufford-Trulio-P_Hubert_Kang-Next_Big_Thing_February_2016-300x450Trulioo’s Stephen Ufford. Photo: Hubert Kang

Stephen Ufford is co-founder and CEO of Vancouver-based Trulioo, an electronic identity verification service. Here, Ufford explains how his company helps the un- and underbanked get access to financial services.

In Canada, banks and lenders figure out relatively early on whether consumers are a good risk or not.

“And that creates a record for borrowers. But in emerging markets, they don’t have those systems in place.

“I thought, Maybe there’s a new way to leverage the online footprints we create everyday. We operate a platform that integrates vast arrays of information on consumers, making it accessible in just a couple of seconds. We source our data—with permission—from taxation files, electoral rolls, telcos and other places.

“Our technology also opens a big opportunity in the first world. Millennials aren’t using banks, which makes it difficult for credit bureaus to get a picture of who they are. As a result, there’s a huge new “underbanked,” group in the U.S. and Canada.”

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Originally appeared on PROFITguide.com