“Joint learning, a wider network and a strong cultural bond.”
Stuart Lacey, Founder, Trunomi.
It’s been about six months since Trunomi and WiderPool first teamed up, and in that time a lot has happened. We caught up with Stuart Lacey of Trunomi about their journey so far, and what they hope to come of the partnership moving forward.
So Stuart, what was your Trunomi elevator pitch when you first started out?
We launched in Oct 2014 at Money2020 Las Vegas as: Powering Me2B for the Financial Industry. It was too early back then for people to understand what Me2B was – albeit now it is a very common and significant thread.
And how, if at all, has that changed?
Over time, a key understanding clearly became one of recognition of who actually owns the data and who therefore has the rights to share it. This evolved into recognition of us needing to build out a platform including personal data stores for the storage of the customer’s personal data, and a digital rights management platform which would overlay that and give the data owner the ability to decide what they shared, with whom, and for what reason.
This fits extremely well with the development of global general data privacy regulations including that of the European Union (EU GDPR) and multiple other jurisdictions including Australia, Singapore, Canada, Mexico. Basically this with the clear evolution of B2B becoming B2C and then ultimately becoming ME2B which is what we launched on.
By streamlining the digital account opening process you can significantly reduce drop-off in sign-ups. What kind of ROI increase do you think this can this have on digital marketing spend – an increasingly important acquisition channel?
Trunomi represents an amazing efficiency gain for financial institutions and other regulated entities. This is evidenced in much lower operating costs and conversion costs for new customers as well as significant improvement in conversion ratios. Equally we power a clearer understanding of the customer data (what we call KYC(B) where the B means BETTER) which allows for significant personalization of customer services through the collection of additional customer data. This has significant repercussions in the ability for a company to cross-sell and upsell additional services and thus generate new revenues.
In addition, it mitigates many risks in the system by removing reliance risk, removing data-at-rest risk, and providing a higher standard for verification and validation of a customer and their device. This meets and exceeds many of the strictest regulatory requirements and results in a user experience which is compellingly simple and easy to use.
“For current digital channels – 35% of users cannot be identified, 35% of users abandon the process, 15% fail the process, 15% covert and open account.”
We increase account conversion by provided enhanced AVV and decreasing abandonment by providing and seamless all-digital process, which is fully compliant with data protection regulations.
Who else do you admire in the world of Fintech? What innovations excite you?
The innovations that excite me most of those in the area of artificial intelligence, machine learning and deep learning. These programmatic systems rely on putting good data in and on large amounts of data in order to be more accurate and more effective. Our system matches perfectly with these requirements by permitting the full attribution of personal information (without anonymization) which enhances the ability of the systems to be even more efficient and predictive.
What’s the best day you remember from your journey so far?
The best day for me in my journey thus far was when I was granted the opportunity to conduct a TEDx talk and then spoke on stage in October 2015 in front of an amazing audience – who were incredibly receptive of the message that I shared about the future of personal data and their and my role in it. The audience was incredibly diverse and the overwhelmingly positive response was incredibly rewarding and enriching to keep me motivated on our journey.
And the worst?
The toughest day so far has been the Black Swan event of Brexit occurring right in the middle of our recent capital raise. We had a very large number of committed and interested venture-capital companies right prior to the day Brexit was announced, and within a week of that the number halved. This was incredibly stressful and frustrating, but we ultimately were very happy that we concluded the round about one month later.
How’s your contact with WiderPool been to date?
Our work with WiderPool has been excellent. They are very focused group committed to apply resources and introductions and a network to assist in our growth. We expect their contributions in the telecommunications vertical to significantly add ROI and to the development of new markets and opportunities.
What do you hope to come of the partnership?
Joint learning, a wider network and a strong cultural bond.
What’s your top ‘growth’ tip to nascent businesses?
Find and exploit your passion – ensure you commit 100% – don’t be afraid to fail.
What are you reading right now?
I just finished Work Rules by Lazlo Bock, and am starting Drive by Daniel Pink.
Thank you Stuart and Louis for this great interview!