Maintaining an accurate, comprehensive, and updated customer database for companies cannot be overstated. In today’s networked society, companies want to reach out to their customers with information about their products and services regularly. It helps maintain a regular line of communication with customers and enhances business relationships with them.
Moreover, it becomes even more critical when financial institutions are involved, where meeting compliance requirements is another challenge. Hence, to achieve this, designated personnel have to visit the location of customers and clients for physical address verification. This process consumes time and depends on the person’s availability in the geographical area. Incorrect addresses or bad data costs businesses millions each year. In addition, most of the bad data comprise outdated or inaccurate customer information. Therefore, an address verification service is crucial for businesses and provides essential and relevant information about customers, allowing companies to engage with them with their desired communication.
Digital Address Verification (DAV)
It is a technology-driven process through which an address is verified, and the relevant details about the customer are collected in real-time.
Here is the standard procedure:
- The candidate receives a link via SMS to initiate the verification process
- GPS data verifies the location coordinates of his residence.
- Photographs of the residence are captured and submitted
- Period of stay and proof of living there is captured.
To avail of these solutions, businesses have to partner with companies offering digital address verification services. Hence, it is imperative to choose the best service provider for obtaining verified and accurate data.
The following points need careful consideration while looking for the most appropriate digital address verification services for your company.
Efficient Supplier Onboarding
You can check if the agency leverages technology and AI-driven insights to verify the identity and the legal, operational, financial, and reputational aspects of your suppliers and vendors. It will help accelerate your business decisions and reduce operational costs. In addition, the supplier onboarding technique makes it possible to identify any discrepancies before onboarding vendors. It is an important check against entering into partnerships with fraudulent entities.
Sanctity and Security of Data
Reliable digital address verification is done safely and securely based on industry best practices and compliant with ISO 27001, PCI, etc.
Workflow Automation
The agency uses state-of-the-art address verification software that provides instant case updates. Technology automation also makes it easier to order a background screening check.
Remote-Friendly and Contactless Verifications
A competent address verification agency conducts the process electronically. They use a combination of location technology software, like geotagging, including photographic evidence for verifying the candidate’s residential address. It ensures fast turnaround times using technology without conducting physical visits.
Robust Team
The agency should have a team of skilled data entry operators who can work diligently to provide database compilation and various data services to format, verify, validate, and clean data in real-time or batch solutions.
Cost-effective Solutions
An address verification agency should provide the desired services and customized solutions as per client requirements at affordable prices. The pricing should be transparent, and there should not be any hidden cost elements.
Conclusion
An efficient address verification service agency provides a complete range of address-related services. Besides, they should use state-of-the-art technology with proven methods for desired results. The company should prioritize data security and have an expert customer support team ready to resolve queries anytime.
