Benefits of Digital Address Verification System in Banks and Other Sectors
Reaching the mail to its original destination within the defined time frame is no more than a blessing. But do you ever think, who keeps the mailing list in shape? It’s none other than the address verification solution.
Online address verification is a procedure to validate the existence and accuracy of the individual’s address. Ensuring that a particular address exists is critical to validate an individual’s identity. The reasons how address verification is a worthwhile investment in banks and other sectors are as under: Click here vipleague
1- Fraud Prevention
With the advancement in technology, fraudulent activities have become more sophisticated. There is no platform that has not been destroyed by the fraudsters whether it is a bank or any financial sector. Each and every industry is at stake now and they need to take precautions to stay safe. Thus, an address verification system can help the financial sector to verify address and mitigate identity fraud and manage reputational risks efficiently.
2- Reduces Returned Shipments
When the client’s address is not valid, there is a great probability of returned shipments which costs any business huge money. As per the CNBC report, among 123.9 billion dollars online sales, 30% are returned because of the inappropriate address. The increasing number of returned shipments can be reduced and controlled through an address verification service.
3- Increases Delivery Speed
Address verification checks the accurate address of an individual by pinpointing the exact location of a particular entry. This helps the delivery person locate the address of the customer immediately and without any snags.
In certain cases, an unauthenticated address with typing errors is corrected by the company delivering the parcel but the delivery will take more time that could badly impact the client’s impression of the particular company’s services. Verifying address standardizes the address to match what the mailing system is used to working with.
4- Improves Customer Satisfaction
The online purchase is not considered complete till the customer receives the goods. One of the worst things any company faces is shipping mistakes and delayed deliveries due to unvalidated mailing addresses. This frustrates the customer to such an extent that they sometimes start sharing their unfavorable experience with the company on social media platforms. This puts a dent in the organization’s reputation. Thus, verifying an address helps avoid typos to ruin your deliveries and ensure that the product is delivered to the original destination at the right time. This, as a result, improves customer satisfaction which promises customer retention.
5- Saves Valuable Time
With an online address verification system in place, the team does not need to spend extra time searching strategies to validate address, redeliver goods, revisit the lead generation and marketing strategies. All these efforts require much of the time of the logistic and marketing teams. So, verification of address saves time, so that the company could invest time on more important tasks.
Besides reducing the incidence of failure deliveries to save the valuable time of the employees, address verification makes the product deliveries more systematic as well as cost-effective. For example, delivering a parcel to its original destination in a go helps the company save fuel costs.
7- Enhances Brand Reputation
Maintaining correct details such as a validated address help the sales and customer service teams in delivering appropriate services to the customers according to their demands. Good customer service such as providing them deliveries on time, responding to their queries promptly, not only enhances customer satisfaction but also builds the brand’s reputation. Customer satisfaction is critical for any business as it strengths the image of a company by promoting a positive image of your platform.
8- Compliance with FATF Recommendations
The Financial Action Task Force recommends all businesses perform identity authentication including address verification to ensure customer security and maintain the company’s integrity. Introducing address verification not only helps the industries to address, verify and validate an individual but also ensures that the company follows all the KYC/AML regulations effectively and prevents it from hefty fines and penalties.
Address verification helps the banks and other sectors process data more efficiently. Whether required to follow up on customer service, marketing campaigns, or other business operations, a validated address list makes sure that the company and the clients remain connected. Thus, online address verification in place is a good option for all businesses to validate the customer identities and prevent the platform from organized crimes and sophisticated fraudulent activities.