For the first time, financial institutions can integrate their existing KYC and Pii data reliant processes into an easy to use mobile app. Customers using the TruMobile app will manage, provision and update identification documents in real-time directly from their mobile device.

According to IDC Financial Insights, worldwide spending on risk and compliance technology will reach $79.2 billion in 2015. In response, a number of KYC data management solutions are coming to market but these are typically institution-led repositories, which rely on industry participation to ensure their success. Trunomi is in a unique position as the only B2C solution, empowering customers to take control of their identity management. This not only brings operational and accuracy benefits, but also enables banks to offer customers greater peace of mind when it comes to their data privacy.

Trunomi’s consent-based KYC technology enables financial institutions to meet the demands of incoming EU data protection regulation on the Self-Sovereignty of Data, as well as being fully compliant with global privacy and KYC regulatory requirements. Financial institutions can on-board customers up to five times faster at less than 20 percent of the cost of today’s manual process.

TruMobile can be linked to Trunomi’s TruHub, an enterprise class Know Your Customer on-boarding system, or it can be deployed as a stand-alone Trunomi app, a white-labelled app or an API within an existing financial institution’s app.

Stuart Lacey, CEO and founder of Trunomi, says: “A huge convergence is on the horizon. Regulatory change, political will, customer choice, data security risks and technological development will push financial institutions to adopt an “Informed Consent” approach to privacy and Pii data usage.”

Commenting on the launch at Finovate, Lacey continued: “European financial institutions in particular face unprecedented challenges to comply with regulations and satisfy consumer scrutiny around data privacy. I’m delighted to present our solution to alleviate the burden of KYC and customer on-boarding and turn a compliance nightmare into a relationship building opportunity for financial institutions and their customers.”