Here’s how you can use address verification to give this personal touch.
No matter how digital the world gets, physical addresses will always be the primary sites to reach people. For this reason, businesses and employers require address verification to reach out to individuals.
There are a lot of issues with the traditional process through which we validate addresses. For example, a person can report a wrong address, and the traditional collection process will have no way to know if the address is authentic until they ship something out. This makes it very important to verify addresses in authentic ways where errors or false reports are unlikely.
Resolving solutions with Online Address Verification – Lost time and money
A corporate entity may want to send its employees annual gift packages. Similarly, a business might have to engage in the routine delivery of products to its customers. Addresses are essential to be collected for a range of reasons.
Unfortunately, however, addresses are highly prone to human errors, and individuals can often enter wrong addresses. Furthermore, even if the correct address is typed in the first time, it can still get lost in transmission from when the individual enters it on paper or online to transference to the company’s database. Another concern related to verification of address is that many times individuals can change their addresses.
These issues can lead to a waste of time and money for the entity collecting the address. For example, a parcel sent to the wrong address is undeniably a financial burden on the one that sent it.
Problems like these make address verification through proper channels essential. It is important that the addresses shared are free from errors and, in certain cases, are regularly updated. This makes online address verification a necessity.
Top two industries that can validate addresses smartly and build business
The process and services that verify addresses can help almost all businesses improve their customer, client, and employee data management processes. Through these processes, they can further improve their entire business working. However, certain businesses can benefit more by verifying addresses.
Verifying an address within the digital retail industry
The retail industry involves dealings with hundreds and thousands of customers on a regular basis. However, for the digital retail industry, capturing the details of these customers is very important. A store can only serve its customers if and when the address of the customer is correct. Address verification is important for retail stores for shipping out parcels. Moreover, it is also crucial to issue details regarding correction fees, paying for refunds, or shipping out replacement packages.
Moreover, in physical retail stores, customer service is based on the different physical aspects of the store as well as the sales attitude of the store employees. When online, customer service is based on the efficiency of the store website, virtual assistants, and, most importantly, the speed through which the customer can navigate the website. For address verification, particularly online address verification, neither manual inputting of addresses suffices nor do extensive processes to validate addresses.
By implementing smart processes to verify addresses, e-commerce retail stores can offer good customer service while saving on unnecessary costs.
Benefits of Address Verification Systems for financial institutions
Financial businesses have to be extra particular about Know Your Customer, Customer Due Diligence, and Enhanced Due Diligence processes. For these businesses, errors in the information of a customer are massive potential financial losses. Additionally, these can also have serious financial criminal consequences. It is very important for these businesses to set up systems for the address verification process.
Additionally, the financial management industry also requires address verification systems for routine business processes. For example, a bank may have to ship out checkbooks or credit or debit cards to its customers.
Moreover, knowing the identity of your clients when you are dealing with their financial data and finances is very important for the bank’s security as well. For example, an incomplete CDD before issuing a loan to a scam client can lead to financial loss for the bank or lending institution.
Through smart systems to validate addresses, these institutions can make their customer dealings and interactions seamless while also building personal security and being in compliance with the law.
Address verification as an edge over competitors
Businesses today send complimentary gifts or cards to employees or customers to seem more genuine in their interactions. In the future, this need to validate addresses is going to increase even more. As all businesses interact with other people in different capacities, this becomes essential in all industries.
For financial institutions and the retail industry, the need to verify addresses is crucial as it is tied strictly to financial safety and security. For businesses within these industries, smart online address verification is vital for safety as well as a competitive edge.
