Address verification solution provides services that are used to identify and check the accuracy of the client’s address. As it is evident from Shufti Pro funding, an address verification system that works effectively proves to be beneficial for both companies and the general public.
Nowadays, it is crucial to verify the identity of an individual due to safety and security reasons. The industrial sectors should adopt these advanced technologies to make sure that their products and services are secure. There are several reasons that banks and other institutions should make an investment in address verification listed below:
Customer Retention
Address verification system is important because the online purchasing and selling process runs smoothly due to the effectiveness of the system. If the company has problems in verifying the address, the shipment of orders can be delayed and the lead time will increase resulting in loss of customers. Customer retention increases due to late deliveries and the unpleasant experience that puts the company’s image at risk. They sometimes get angry and give feedback on social media platforms that adversely affect the company in many ways. That’s why verifying an address is significant to prevent the company from being damaged and to make sure that the orders and delivery process is working efficiently. This as a result improves customer retention in a promising way.
Fraud
Technology is moving towards advancements day by day, the illegal activities and scams are rising to the surface. Fraudsters have adopted innovative measures to scam people. Every sector is facing the consequences of fraudulent activities that put the company’s image whether it’s a bank or any other institution at risk. Every sector has to adopt preventive measures so they can provide their customers and employees with the surety that their information is safe and secure. Address verification helps industrial sectors to verify the addresses of clients and prevent identity fraud from increasing.
Shipments
Online address verification is to verify and validate the client’s address so the shipments of products don’t go wrong. If the products are shipped to the wrong or invalid address, this will cost a huge amount of money to companies. According to Shufti Pro News, The CNBC report shows that sales happening on the digital platform, 30% returned due to invalid addresses of customers. The ratio of returned shipments can be decreased and controlled after the verification of the address.
Time frame
If address verification is working at a proper pace, the team doesn’t have to build any strategies regarding the timeframe. They can identify, validate the addresses, deliver goods and services, and generate lead strategies. The hard work that the logistics and marketing team is putting in to verify the address in the proper manner of time so that company would invest its resources elsewhere.
Cost-effective
Verification of an address reduces the possibility of delayed deliveries and saves time for their employees. The system has become so advanced that it makes sure that all the deliveries are on time and cost-effective. For instance, when a company delivers its order following a specific timeline, it will help save the company’s resources.
For example, delivering a parcel to its original destination in a go helps the company saves fuel costs.
Brand Image
Every company’s utmost importance is its brand image. The validation of addresses is important so that customer and employee’s needs and wants would be fulfilled adequately. Delivering good customer services like on-time deliveries, and responding to clients with their teams, increases customer loyalty. This will also help the brand image make it to the top. Customer satisfaction and brands image work side by side to provide an affirmative platform.
FATF Compliance
Digital on-boarding address verification helps industries to verify and identify the addresses of an individual that will make sure that the following company is following the KYC/AML regulations. As a result, it secures companies from paying heavy fines and penalties. The Financial Action Task Force recommends it to every business so that they can validate and authenticate the address of the customers.
Wrapping It Up
The validating address helps the banking and other sectors to process data in an advanced way. A validated address ensures that customers retention is sustained. Thus, it’s the best option for every sector to identify and validate customers and prevent them from criminal and fraudulent activities.
