How Does Field Service Software Builds Your Appliance Repair Business Strong?

Field service managemeent software

How Does Field Service Software Builds Your Appliance Repair Business Strong?

Appliance repair business owners can increase income by up to 95% by increasing client retention by 5%. Therefore, rather than scouring the globe for new clients, business owners would be wise to consider increasing the lifetime value of current clients to increase revenue. When it comes to finding a new client for your newly started repair business, it can cost five times as much. As a result, it is vital to invest in dedicated appliance repair software solutions that can increase the overall appliance repair business solution.

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What Is Field Service Software?

Field repair service management software allows managers to install, maintain, or repair equipment and systems and send employees or contractors to a site outside the company’s facilities. The manager handling the field service software can keep track of the organization’s field resources and smooth functioning.

Activities Involved In Field Service Management

How Can Field Service Management Software Help Businesses?

There are crucial benefits to using field service management for your repair service business. Some of these are:

Helps In Smart Dispatching And Resource Utilization.

It is pretty challenging to assign work for your newly commenced appliance repair business without making the best use of field service management software. Complete dependability in your company is essential for the success of any field service. However, improper scheduling could cost your organization repeat revenue and new client referrals. Thanks to the best cloud-based appliance repair scheduling software, your business will never assign the wrong onsite technician. The best part of using this software is that you will be able to know about the location and have access to all the information you need regarding the whereabouts of your technicians, the upcoming work, etc.

Allows Handling Digital Inventory Management

Your field service company must have the necessary stock to complete appliance repairs quickly. You risk losing a customer’s loyalty if those components aren’t readily available. You can better comprehend items and when to make additional arrangements by keeping an eye on your inventory. With the aid of appliance repair business software, you may digitally save the details of your appliance equipment, allowing you to employ your stocks over an extended period while conserving time and managing costs.

Simplifying Invoices And Automatic Payment

It can be cumbersome for your appliance repair business to keep daily track of invoices and payments. Software for scheduling appliance repairs saves all of your billing information in one place and replaces easily lost paper records.

In addition to making money collection more superficial, it also helps empower you to write invoices quickly and grants you the flexibility to adjust your bills as needed.

Technician Scheduling Visibility

On the job site, technicians will, at last, be able to obtain client signatures and generate invoices. A tablet or a mobile phone lets you view and update customer records—it aids in lowering data entry and disagreements in the back office.

Making The Best Use Of Field Service Resources

The work order management software enhances appliance repair service income by optimizing the overall field service resources with a reliable appliance repair software system. It includes allocating general appliance repair jobs to technicians right through the software and allowing a dispatcher to use a drag-and-drop “Click To Dispatch Console.”

A high-quality solution is delivered in the cloud to guarantee appliance repair specialists get complete access to their work histories, warranties, and other crucial installation data.

Take Your Staff Efficiency Level To The Top Level

A perfect appliance repair solution enables you to quickly find team members who are accessible and can deliver job details, GPS directions, customer information, and specific customer notes to the team members as they operate in the field. Using an effective appliance repair scheduling tool may save time and streamline communication.

Real-Time Tracking Feature And Account Tracking

One of the significant benefits of using an appliance repair software solution is that it allows you to track the overall work completely. It is simpler for the repair team to view task status and create estimates and invoices with job charges. Your appliance repair field technicians must have a proper workflow. It is simple for the repair technicians to access their schedule, keep track of customer histories and service manuals, and do other tasks by giving them mobile access.

Some Of The Key Features Of The Appliance Repair Software Solution

  • Mobile Field Service Competences

    Field technicians with mobile field service capabilities are frequently on the go due to their job roles. Choose a mobile-friendly appliance repair scheduling program to provide your technicians with all the necessary task data. It comprises forms, work orders, equipment details, part inventories, etc. It also includes customer location and history information.

  • Integrated Field Service Management Solution

    Looking for appliance repair scheduling software integrated with a field service management solution is vital. The scheduling software will occasionally need to communicate with other parts of a management solution, so you should ensure that it is prepared for successful integration.

  • The software works with major appliance brands

    To guarantee quick repair times, technicians must be familiar with the particular appliances; the finest appliance scheduling software must cooperate with major appliance brands. You also need to check if the software communicates with other programs offering real-time data on parts inventories, particulars of appliances from popular brands, etc.

According to the customer portal, customers have high standards for the technology they utilize: It is vital to impress your customer with the best scheduling software for appliance repairs. For self-service interaction, look for software that offers a customer portal: Utilizability, in-the-moment task status updates, maintenance tech addresses, and other features. The best is to increase client retention and happiness by giving the customer some measure of visibility and control.

Different Fields To Use Field Service Management Software

Manufacturing

In many industries, including automotive, electronics, industrial products, consumer items, etc., technicians need predictive maintenance and repair tools covered by a warranty.

Transportation

Transportation Service personnel need access to information regarding assets and inventory, including fuel management, spare parts, bay schedules, and other information for maintaining rail, road, and air traffic.

Utilities and Energy

Technicians must accommodate sophisticated crew scheduling for high volume and time-sensitive work orders while taking geographic information from remote assets into account.

What is the Future of Field Service Management Software?

The demand for work order management software is on the rise, thanks to the adoption of automation. The connected technician will get the empowerment experience while working in service management and has a bright future.

Field service technicians will take advantage of solutions that give them important information from IoT devices about the use of service equipment. With the help of automation and AI support, technicians can work on their overall productivity. Customers will also benefit from having access to cloud-based digital services. These technologies will keep revolutionizing field service management in the future.

Bottom Line

Investing in the correct software can be challenging if you want to strengthen your company’s appliance repair field services in today’s competitive industry. The field service management software from MIMOIQ exceeds the critical assessment criteria and enhances the service experience for your appliance customers. The appliance repair software solution will manage all field service jobs, streamline scheduling, correctly track staff hours, and keep everything moving quickly.

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What Does the Future of Last-Mile Delivery Look Like?

Last Mile Delivery

What Does the Future of Last-Mile Delivery Look Like?

According to Redseer, the GDP share of India’s global road logistics is about 8%, and by 2024, market analysts predict earnings to reach $6 billion.

But economical and environmentally friendly options must be developed, since “last mile” delivery – which accounts for 20 percent of the chain’s overall costs – is the most costly.

When you move closer to the final client, the unit transport expenses are frequently the highest, even if the initial few kilometers are properly regulated. Since the unit cost of transportation rises as the product approaches its destination, the last mile is when it reaches its highest level.

The harsh reality is that the last kilometer is the most expensive. It accounts for around 20% of the nation’s traffic, 30% of the road system, and 25% of greenhouse gas emissions.

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Quick and demanding E-commerce

Because delivery and online purchases, which currently account for 80% of the number of goods shipped, are synonymous with e-commerce. And for newcomers to the industry, this is one of the major problems. Particularly now that express (delivery in 24/48 hours) is solidifying its position as a genuine selling factor and is virtually a norm.

Many measures are now being implemented to reduce the detrimental effects of this last mile. Therefore, it is essential to implement efficient and innovative solutions.

Increase in the number of packages to be delivered

It is now a fact that consumer habits and purchasing patterns are evolving. Consumers are placing more low-volume orders due to the growth of online commerce and their desire for immediate gratification. With more and more packages needing to be delivered to end users, this new phenomenon is boosting the flow of commodities.

This is the first challenge of the last mile for logisticians! Food deliveries are no exception. Consumers avoid going to supermarkets on busy days and regularly order their groceries online. Orders are usually processed during the week for home delivery in a few days or even hours.

25% of the CO2 emissions in urban areas

The utilization of carriers’ information systems and the reception capabilities of relay stations resulted in an average delivery of ten tonnes of products and 100 packages per day, serving 80% of the population.

They are unquestionably advantageous economically since this approach restricts the number of stops that deliverers may make (15 stops on average) for pick according to Ifop, relay stations are the primary distribution method for 50% of Internet subscribers. The last mile has probably changed more over the past three years than it has over the preceding three decades put together.

At a time when reducing greenhouse gases is a topic of increasing discussion, freight transport accounts for 25% of CO2 emissions in the city, especially in urban areas will continue, along with the introduction of new models, in the years to come. Consumers are giving more and more weight to the ethical approach of retailers in the context of global warming. This is why retail businesses, who contribute significantly to harmful emissions in cities, are now focusing on improving their environmental footprint.

Freight pooling

In order to meet customer demand, market volatility will continue to be a concern for shippers and carriers. In order to secure speedier delivery of their goods, shippers with less-than-truckload-size cargoes pay for full truckload (FTL) service, which results in inefficient use of space and money. As a result, there are more delivery vehicles, their routes are longer, and more stops are made.

Shipping companies must prepare for lower volumes of orders that fall into the volume LTL range and assess pricing depending on the amount of truck capacity they require. Between these two factors, there is frequently a wide gap, which is where pooling comes into play.

This is especially true given that e-commerce expansion has led to an increase in delivery and a decrease in package size. For carriers with loads that fall between FTL and LTL, consolidating saves unused space in trucks by packing them with freight from other shippers. One of the greatest advantages of all is still unaddressed, and that is cost savings.

A promising development

The number of plots will keep growing at a pace of 20 percent yearly. It will be necessary to find solutions to stop the last mile from becoming a catastrophe for the environment. E-commerce will grow, but so will the fragmented in-store deliveries and hybrid forms of product flow brought about by omnichannel logic.

Flows will keep accelerating. Although currently small, the D-Day segment – order in the morning, delivery in the evening – will likely account for 20 to 25 percent of the market.

As just-in-time deliveries (ship-from-store) grow more common, stores will become the primary urban logistics network locations. Due to the fact that the last mile’s value is primarily commercial, its cost will keep decreasing.

The race only finishes on the road

To reduce air pollution, several programs during the previous years have tended to promote less polluting forms of transportation. However, trains, air, and rivers are manifestly useless for direct delivery to shops or individuals. As a result, home delivery has emerged as an extremely optimistic market for road transportation.

Electric & E-commerce

However, this pooling, which is based on standardized, open, and shared technologies has benefits: the fact that it also makes it conceivable to enhance cohabitation with neighbors by significantly lowering the number of deliveries and the ensuing issues.

These factors are growing urbanization, which will result in half of the world’s population living in cities by the end of the century, and the growth of e-commerce, which fragments deliveries.

And a different business model must prevail in order to minimize the additional cost by sharing its platforms and the usage of trucking services with others in order to reduce expenses.  In all instances, preference should be given to electric cars (or non-polluting vehicles), the pooling of delivery means, and the socio-economic expenses paid by cities (air pollution, noise, and congestion).

India's last-mile and e-commerce growth

India’s delivery environment has undergone a great deal of change during the last few decades. A new delivery industry, the last-mile delivery ecosystem, has emerged in response to the growing demand for local goods and an unanticipated increase in last-mile delivery.

The last-mile delivery industry in India is developing comparably to that in China and the United States, where coverage is now above 10%. By 2024, India is projected to reach a market size of $6-7 billion if its rapid expansion continues.

The difficulties that logistics providers need to stay on top of to prepare for the future of last-mile delivery include understanding industry trends, inefficiencies in your current operations, analyzing expenses, and being aware of what action items need to be handled in the future.

Companies need to plan and scale up how they will decarbonize their delivery fleets in a way that is “socially just” and compatible with environmental and climate responsibility and responsibilities, given that the Indian ecosystem is predicted to vastly expand in terms of business.

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Ways to boost your business with Field Force Automation.

There are many prospects for improving the performance of the mobile workforce field service, thanks to the introduction of field force automation software. As the number of field service organizations is increasing daily, keeping ahead of the competition to survive becomes crucial.

Ways to boost your business with Field Force Automation.

Field Force Automation

Ways to boost your business with Field Force Automation.

There are many prospects for improving the performance of the mobile field service workforce, thanks to the introduction of field force automation software. Many organizations that invest more in advancement concentrate more on the in-house workforce. However, a sizable portion of the workforce directly contributes to the organization’s revenue, like the technicians and inspectors, and remains reliant on phones or laptops.

Even if the world is becoming digitized, many organizations still need people with boots on the ground to interact with suppliers and clients.

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Field Force Automation Software: A Boon to Organizations

Before the advent of field service management software, there was a massive gap between technicians and customers, with technicians having little knowledge of customer problems.

According to the report by Gallup, American businesses spend more than $500 billion due to low employee engagement. Additionally, they face a massive loss due to low employee engagement. Customers may not be aware of the severity of the problem and complain about it as part of routine service.

The mobile workforce’s inconsistency can also harm overall morale and productivity and lower customer satisfaction. This is why more and more businesses are investing more money in retraining and onboarding new hires. With the help of the field service management software, clients may now take a picture of the issue and submit the report as needed. It provides the technicians with a clear understanding of the issue and helps them prepare.

What is Field Force Automation Software?

Designed for an organization with more manpower like field technicians working remotely, field service and mobile workforce management is a system that streamlines the onboarding of customers and vendors and field sales operations, increasing the efficiency of field sales agents and remote workers. Your field force, such as sales representatives, service technicians, or agents, can always travel with the mobile field force management software (app). It enables you to monitor their development in real-time, offer support, and schedule further activities. Consequently, you can accomplish the following goals:

Let us now check how this Field Force Automation Software can boost the field service

Help in providing quick access to the data

With the use of the software, one can do efficient location tracking. The mobile device may automatically recognize and display only the information that the user needs to see to complete his work when he is close to the location of the equipment.

This feature eliminates the need for manual searches or filtering through several pieces of equipment necessary for the oil and gas business, where specialists visit different locations of wellheads and meters each day. This technologically assisted coaching can hasten employee training while reducing human error caused by erroneous data analysis and bad decisions.

The field service management tool enhances employee visibility and openness. When the field technician is at the customer’s location, he should not be concerned about the history of the prior client or wait for the task manager to inform him. The cloud contains all of the necessary data.

Meeting Customer Expectations

Businesses run on customer expectation fulfillment

Fulfilling client expectations is essential for business success. However, without the assistance of their employers, mobile workers may find it difficult to meet client needs. Some issues that could arise as officials work on the ground include the following.

Sometimes field representatives would falsely claim that a meeting had ended when they did not attend or organize it.

How can I ensure that each agent or salesperson gets an equal number of meetings? Does an agent have too many tasks and lose out on consumers? Do the field representatives comprehend the clients’ wants and offer suitable remedies?

Organizations can overcome these challenges through field service and mobile workforce management solutions. Companies can provide more significant information on customer behavior, wants, and needs and give up-selling and cross-selling signals when appropriate if they have enough customer information.

The system offers Field Data Instantly

Workers in the field can now enter data directly into a tablet or smartphone. Utility workers using this system can save a lot of time by scanning meters to extract alphanumeric data and reporting any other problems, including maintenance requests. A better option would be to read meter dials that they can convert into text, add location data to this data, and then send the entire thing to the business systems.

This technologically advanced process is quicker and less prone to human input error than looking for and typing in a designated entry space for meter data. Additionally, organizations can now access more real-time information about what is occurring in the field instead of relying on daily summaries with each new entry.

Help with Team Workflow

In industrial jobs, several team members work across several locations, each of which only owns a small fraction of the bigger workflows. The amount of time wasted over excessive phone and email communication to coordinate work execution on such tasks results in nonproductive time.

Digital mobile tool ecosystems may now promote teamwork by keeping everyone updated on the progress of a task and displaying customized to-do lists. 

For instance, if a valve fails and an engine malfunctions, a technician can request the part replacement, which the procurement office will queue up. It will help in finishing up the job quickly

Strong Employee Engagement

Customer loyalty, profitability, and productivity are the three driving essences of the engaged mobile workforce. Better engagement will help with:

  • Boost Satisfaction among Employees

    It’s pretty common among mobile workers to look forward to receiving appreciation for their excellent work. They are happy to assist clients in return. Customers won't receive the best experience from them that day if their employer rejects their request for a raise.

  • Motivate Mobile Workers

    Employees need to get the desired reward for their successes. They will have more motivation to put in hard work and support the company's overall success as a result of this. When employees are motivated, they are more productive, which increases client satisfaction with their services.

  • Gaining Confidence

    Discouraged workers may doubt their capacity to handle pressure-filled circumstances. Mobile workers are confident to work in challenging situations under high confidence.

Things to Consider Before You Invest in Field Force Automation Software

To ensure your investment in a workforce management and field service solution has a good return, you should consider the following factors:

Satisfying Customers

Thanks to the advancement in automation software, customers expect brands to offer faster responses due to the growing volume of information and ease of access to data.

Stay Competent

There is a huge competition out there, and you must stay ahead and active in customer satisfaction. As a result, you will also require technologies to speed up onboarding.

Faster Deployment

Most management teams frequently begin with the premise that implementing mobile solutions will be expensive upfront. Rapid deployment times, low costs, and the ability to scale up or down as the business develops are typical features of custom field service software.

Wrapping it up

The best way to increase business efficiency is to provide the mobile workforce with highly functional and improved digital tools. By investing in technology advancement, companies can work towards improving both employees and customers. Not just field technicians, the use of field automation can benefit in the long run. Since more and more field service companies are investing in automation software, things are becoming accessible for field technicians. As the number of field service organizations is increasing daily, keeping ahead of the competition to survive becomes crucial. MIMOIQ is the leading company that offers field force automation services for all industries to help the diverse workforce.

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Ways to boost your business with Field Force Automation.

There are many prospects for improving the performance of the mobile workforce field service, thanks to the introduction of field force automation software. As the number of field service organizations is increasing daily, keeping ahead of the competition to survive becomes crucial.

Tenant Verification Law in India

Tenant Verification LAW

Tenant Verification Law in India

When legally allowing your home for rent, there are specific procedures to follow. This is because you are handing over your home for rent to new people whom you may or may not know. When renting your home, following the proper tenant verification laws matters the most. As the property owner, you must learn about the tenant’s personal and professional history. It is because renting your property is a hassle-free way to make money. You must assess the tenant’s ability to pay while ensuring that he won’t be a public or legal nuisance. The background check is a step in the rental procedure you take for security. 

There are specific laws for the verification law, which you need to be aware of. However, the primary question is how to apply for tenant verification. To answer this and inform you about other aspects of tenant verification, you can read below. 

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What is Tenant Verification?

Tenant verification is a preventive step. The primary goal of this verification is to avoid renting out criminals and antisocial individuals. The district police are authorized to keep a complete record of individuals who move from their hometowns to other cities, irrespective of the reasons. 

The property owner who legally allows the respective property on a rent basis has no right to inquire about a person’s past. 

However, they can request all the information necessary from their tenant, including identification documentation, their home address, and whether or not they have ever been charged with a crime or been the subject of a civil lawsuit. 

Tenant Background Check

You need to know the tenants. When we talk about the tenant background check, we mean the police verification of the tenant. Therefore, tenant verification differs from a background check in the following ways:  

Legal Measures if Verification is not Done

The Indian Penal Code (IPC) contains a clause that, if the tenant violates the law, could result in the landlord being charged. Suppose a public authority issues a disobedience order. In that case, the guilty party will have to face punishment, according to Section 188 of the IPC, for disobedience proclaimed by a public servant. Moreover, if the rented person ends up being a threat to society, the landlord is also liable to get imprisoned for six months or a fine of Rs 1,000 or both.

The tenant’s photo, name, native address, contact number, and passport number fall under the verification process. The verification process also involves gathering family information. Additionally, it is necessary to get the tenant’s thumbprint. 

Difference Between Tenant Background Check And Police Verification

There is a difference between a tenant background check and police verification. Mentioned below are the differences:

Tenant Background Check

Under this portion, you must find information about the tenant’s personal and professional history. The main reason behind renting out your property is to earn money. You must assess the tenant’s ability to pay while ensuring he won’t be a public nuisance. The background check is a step in the rental procedure you take for security. 

Police Verification

Another step in this process is a tenant police check. In addition to vetting potential tenants, you must include the police in this procedure. 

Process Of Tenant Verification

The process of tenant verification in India depends on the city or state. Whether in Mumbai, Bangalore, or Delhi, the tenant verification process differs, especially in the police. However, the steps for tenant verification are: 

Documents Required For Tenant Verification in India

As a part of tenant verification law, it is important to be handy with documents for verification. While rental websites connect homeowners and tenants, creating a legally binding rental agreement involves several steps. Since the contract specifies the terms and conditions approved by both parties, it is crucial to have it in writing and have both parties sign it. It is also important to note that the contract’s terms are difficult to change without both parties’ agreement. A list of documents that will help bind the contract legally must also be gathered in addition to the contract itself.

The list of documents both parties need to carry is: 

Homeownership Proof:

Ask the landowner to provide you with confirmation that they are the property’s owner if you are renting a space. They can produce any paperwork proving their property’s ownership and legal right to rent it out.

Electricity Bills:

Before renting a place, ensure there are no outstanding bills so that you don’t end up responsible for any overdue fees or payments. Ensure that the overall load on your electricity meter supports the weighty burden of numerous gadgets.

No-objection Certificate:

If you reside in a colony or society, ascertain whether there are any specific guidelines and restrictions on inviting guests and pets over. It is best to check if there are any do’s and don’ts while living in society. Obtaining a no-objection certificate from society is advisable to prevent any problems.

Address Confirmation:

It’s imperative to have a valid ID while renting. Ensure you have the name, contact information, and address of the minor’s guardian if you rent to a minor. Always obtain a copy of the above information and their workplace address.

Avoid paying extra money to brokers who take a percentage of the rent and charge for paperwork, whether you’re a tenant or a landlord. Moreover, it is essential to understand legal processes, and carefully adhering to rules is crucial for DIY tenants and owners. 

Using Tenant Verification App

Landlords can use a tenant verification app that helps to eliminate paperwork and other related pain. In Delhi, there is the Suraksha app. The Nashik police have introduced an online system for tenant verification that allows landlords to get tenant information without visiting the police station. This has made it much simpler for the landlord and the police to complete the police verification form. Users can quickly assemble this rental verification process and locate information about possible tenants using online tenant verification services.

By using this app, the landlord can have a breath of fresh air to cover the information needed for the smooth function of the process. These apps also have a tenant verification FAQ section to answer all your questions. 

Online Tenant Verification Service from MIMOIQ

Following the tenant verification law, MIMOIQ helps in bringing crucial details using agile technology and real-time information. From employment verification to address verification, everything is done under one roof. If you are looking for a tenant verification service that can handle all the aspects of the same, MIMOIQ offers a background verification service. Using MIMOIQ’s DIY portal for tenant verification, you can get the comprehensive details required from anywhere in India by just signing up. 

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Ways to boost your business with Field Force Automation.

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Start Digital Merchant Onboarding with MIMOIQ in Minutes and Beat Your Competition

Merchant Onboarding 22

Start Digital Merchant Onboarding with MIMOIQ in Minutes and Beat Your Competition

Merchant onboarding refers to the stage of the first encounter between a sales organization’s payment processing partners and new merchants. The stage is crucial to launching the underwriting process, which eventually defines the risk profile of a merchant. Avoiding this risk is essential to protect a business from financial losses. Moreover, it also helps the independent sales organization find trustworthy merchants. Therefore, merchant onboarding is crucial, though the traditional onboarding process can be time-consuming. A business can adopt digital merchant onboarding to reduce time and hassles in the process. 

MIMOIQ is one of the leading platforms that offer fast merchant onboarding. Faster onboarding through this digital platform prevents various hassles. Nevertheless, the onboarding process happens quickly, enabling businesses to run multiple merchant onboarding without difficulties. 

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The Drawbacks of Traditional Merchant Onboarding

Traditional merchant onboarding comes with many hassles, and most companies have taken measures to adapt to digital onboarding. In the following section, some of the drawbacks of traditional onboarding have been listed. 

Omit the Errors:

Traditional merchant onboarding is error-prone. Since the process is handled through human interactions, mistakes can occur at various stages. Therefore, most businesses nowadays move toward digital merchant onboarding.

Expensive Process:

Human intervention in a process makes it expensive due to the wages that should be paid to the executives. On the other hand, an automated process does not involve employee wages. As a result, the process becomes cost-effective.

Time-Consuming:

The merchant onboarding is time-consuming if a business follows the traditional human-based onboarding. While humans may take 30-40 minutes or even more in traditional onboarding, MIMOIQ’s digital onboarding takes only a few minutes.

Lesser Application Denial:

The application denial rate is significantly high in traditional merchant onboarding. You can reduce the application denial rate through digital onboarding. The traditional process can be erroneous, which increases the rejection rate.

How Can MIMOIQ Offer Seamless Merchant Onboarding?

Through digital onboarding, an independent sales organization can enhance speed and accuracy in merchant acquiring services. MIMOIQ offers a cutting-edge Merchant Onboarding platform, which omits manual intervention in the merchant onboarding process. Besides automating the overall process, MIMOIQ ensures a safe, error-free, and hassle-free process. 

 

In the following section, you can find more information on the digital onboarding services offered by MIMOIQ. 

A Fully Digitized Merchant Onboarding

MIMOIQ offers a completely digitized merchant onboarding system that does not involve human interactions. In the past, companies had to deal with paperwork for merchant onboarding. The executives had to create new files and check the past files for the merchant’s risk profile development. MIMOIQ’s digital onboarding system will eliminate human engagement in the process. Risk profile judgment and new merchant profile creation will happen automatically. 

A digitized system also gives easy access to the merchant’s onboarding information. The companies can check the merchants’ onboarding status and related documents. As a result, the decision-making process of an organization improves drastically. 

Lightning-Fast Onboarding Process

Faster merchant onboarding brings excellent convenience to business management. Adding new merchants quickly will help your business develop good relationships with the merchants. The conventional onboarding process becomes slow for two significant reasons. Firstly, the process is handled manually, which is time-consuming. Secondly, manual processes can get erroneous, and it takes a long time to address the errors and rectify them to continue with the merchant onboarding. 

Using the MIMOIQ digital onboarding solution is time-saving for businesses. You can obtain a lightningfast onboarding process without worrying about errors during the process. The digital merchant onboarding is error-free and hassle-free. Therefore, most businesses have gradually started adopting digitized merchant onboarding to reduce the time involved in the process. 

Reduce the Business Overhead Expenses

Paying wages to employees is the most significant business overhead expense for a business. In traditional onboarding, an independent sales organization must hire multiple employees to handle multiple merchant onboarding management tasks. The process often becomes lengthy due to risk profile analysis, and document verification which needs to be done depending on many factors. A machine can calibrate the risk profile with a higher conviction. Moreover, the chance of error is also low when you use a tool for digital onboarding. 

Therefore, businesses can save their expenses in two ways by adopting digital onboarding. Firstly, it can reduce the number of employees dealing with the onboarding process, as the tool is capable of handling multiple tasks. Secondly, the tool eliminates errors from the process and eventually saves the business money. You can notice a significant cost reduction by integrating the MIMOIQ with the merchant onboarding process. 

A Transparent Preboarding Process

Transparent and systematic pre-boarding is essential for fast merchant onboarding. Manual pre-boarding is also possible, though it increases the burden of employing a few more people. However, pre-boarding comes with many rewards too. Businesses that adopt this strategy can improve their onboarding speed. Nevertheless, risk profile analysis during onboarding will become easier due to the availability of necessary documentation that was procured during pre-boarding. 

MIMOIQ’s digitized merchant acquiring services come with a pre-boarding feature. The system allows merchants to pre-board and conduct the onboarding after the agreement between the parties. You can introduce such a flexible and standard merchant onboarding model to your business using the MIMOIQ platform. 

A Seamless and Accurate Compliance

Compliance is a concern for every organization during merchant onboarding. A mistake in maintaining compliance can lead to many troubles. Firstly, compliance leads to penalties for organizations, and the penalty amount is hefty in most cases. Secondly, compliance enhances the risks of operating a business with multiple merchants. Business transactions with a potentially risky merchant lead to financial losses. 

MIMOIQ’s digital onboarding platform helps businesses achieve compliance in digital onboarding. Accurate compliance eliminates the risks discussed above. The platform can access merchant data like credit scores, company structures, company information, director details, company turnovers, merchant reputation, and many more. 

Improve engagement with the Merchants

A digital onboarding process gives excellent satisfaction to the merchants. Every merchant expects minimal onboarding hassles to develop a long-term business relationship. Finding annoyances in onboarding also creates a wrong impression of your business among the merchants. The merchants want to collaborate with the businesses that readily embrace technologies to improve multiple business processes. 

A digitized process also helps businesses to find merchants from various locations. Physical distance will not be a big issue in digital merchant onboarding. As a result, independent sales organizations can find multiple merchants from various locations. It eventually helps the organizations grow their business quickly. 

Conclusion

Besides offering fast merchant onboarding, the MIMOIQ platform also ensures a personalized, seamless, and adaptable merchant onboarding experience through the digitized platform. As a result, it develops a flourishing partnership between the sales organizations and their merchants. Onboarding is the first interaction between an organization and a merchant. The first interaction should be effortless and hassle-free to build a flourishing relationship in the long run. MIMOIQ is one of the most trusted platforms for advanced digital merchant onboarding. 

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How Do Criminal Record Checks Work in India?

Criminal background check

How Do Criminal Record Checks Work in India?

Not everyone carries a criminal record. However, for an organization, it is vital to have a complete background check, especially for criminal record checks. Before hiring an application, a thorough background check is done, including a search of the applicant’s public criminal record. The criminal background check process involves looking through numerous publicly accessible documents to learn about the applicant’s criminal history. Examining court documents from civil and criminal cases is part of criminal record checks in India. Data that has been made available to the public by the courts are used for this. It all comes down to checking the person to see if they have ever been in trouble with the law. This background check is a crucial component of the pre-employment process. As a result, it guarantees a secure system within the administrative structure.

In India, there are different places where a criminal background check is done. Some of these are:

The District Court and the Supreme Court of India are publicly accessible with web databases to check criminal charges of an employee. A complete public criminal record check is unavoidably required to guarantee a safe workplace devoid of criminal intent. By performing a criminal background check, you can be confident that you are recruiting applicants with a clean record. It also entails looking through the Litigate database. A search of the Litigate database will reveal whether a candidate’s name is included in a private or public database, such as a criminal or law enforcement database.

Table of Contents

Why is it necessary?

It is vital to conduct a thorough criminal background check to keep the workplace secure. In other words, anyone hired for any position must have a spotless past. To be sure, the employer does a background investigation. The organization searches pertinent databases involving the candidate’s name in civil action, regulatory compliance, and criminal activity.

In addition to conducting a background check in India, it is vital to scan the global database to see whether the candidate has any connections to any crimes or offenses.

It is crucial for an employee to send verified documents to the hiring department for the smooth functioning of the process.

The Law About Criminal Background Check

There is no specific law in India that mainly addresses criminal record checks or inquiries into criminal histories. However, while checking criminal histories, the Indian Contract Act and Information Technology Acts of 2000 and 2005 were cited as standard laws. The Credit Information Companies (Regulation) Act of 2005 imposes sanctions on businesses that fail to maintain the confidentiality of the personal information they acquire about their personnel.

How do government agencies conduct a criminal background check?

The public records of the State and Supreme Courts and district magistrates are the ideal resources government entities use to access databases they need before hiring employees. Most private and public organizations also confirm litigation-related information. They go to the National Crime Research Bureau and the CBI to check the candidate’s name on the most wanted list. Search the SEBI database, the Central Vigilance Committee’s roster, and the RBI database.

However, the verification process doesn’t start until the candidate has given their written authorization. As required by law, the government agency needs to question the nominee.

Deciding the Type of Background Check Needed

An applicant’s credit history, criminal history, and employment history are all checked as part of the background investigation. The profile and nature of the job will determine this check.

Other than that, many organizations prefer to check social media activities too. Another significant source of background checks in India is social media scanning. Prospective employers can map potential job applicants’ affiliations, tastes, and actions. In layman’s terms, the process allows talent scouts and recruitment firms to indirectly investigate criminal history and better understand their nature without spending time directly with them. In a large nation like India, the precautions mentioned above help ensure a thorough background check. However, authorization from the candidate is still required for screening medical, financial, and other essential data.

How to Get the Police Clearance Certificate (PCC)?

An individual may obtain a Police Clearance Certificate (PCC) from the Indian Police or another duly appointed Indian government representative. The certificate helps to check any criminal records associated with a person’s name and issues a clearance certificate if they are clear. Like other criminal background checks, PCC is also a part of it. Indian or international nationals who reside in India or have previously done so may need a PCC. There are numerous reasons why PCC would be necessary, including:

A period of validity is not endorsable on an Indian PCC’s certificate. However, it is valid for six months, depending on the application’s authority.

What happens if there is a criminal background?

If the hiring agency finds that an applicant has spent 48 hours in jail, the authorities have the right to suspend the hiring. The agency also has the right to give serious consideration.

Later, the issue will be considered, and the agency’s answer will be reflected in its activity. It can terminate the profile or give it new life.

Hiring a Professional Criminal Record Checks Organization

No matter how big or small the organization is, it is vital to have a criminal record check. It is a crucial step to excluding those with criminal histories who pose a danger to the organization.

The expert team at MIMOIQ is dedicated to offering all types of criminal background checks per your company’s requirements. The company recognizes the value of criminal background checks and ensures they are accurate, reliable, and comprehensive. For any organization, the background check of an applicant matters the most. Depending on the position and business, various services may be part of a background check. A potent combination of services, including geo-tagging, quality management, and real-time data transmission, assures the validity of the data. It gives you a thorough overview of the subject’s background.

Various parameters are considered, and more than one kind of criminal history check ensures accurate results. Services are included under background checks:

Financial Verification

The financial background check services offered by MIMO can assist you in reducing the risk of fraud. MIMOIQ helps you with checks to determine customers’ credit and financial viability by providing tailored solutions.

Verification of Address

It is now easy to verify the address of your candidate with MIMO’s address verification services. The team confirms the information provided by the candidate by physically demonstrating the address using the extensive network and modern verification tools.

Using social media to confirm

72% of companies use social media to screen applicants throughout the hiring process. Employers can quickly map a prospect’s interests and affiliations on social media with the aid of MIMO. The company has a team of specialists who know what to look for.

The appropriate level searches public records. The applicant’s address, nationality, or designated jurisdictions determine which countries are searched. We also check the police records in the candidate’s new area if they move to another state or region. MIMOIQ also uses a technique for conducting criminal background checks where they look up information from different sources of databases and look at news articles.

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How Does Cash Collection Work for Microfinance Institutions (MFI)?

cash collection 2

How Does Cash Collection Work for Microfinance Institutions (MFI)?

Post-pandemic banks and non-bank lenders active in microfinance have begun implementing hybrid collection strategies from borrowers. To minimize process disturbances, they are attempting to combine physical and digital collection modalities. As a result, cash collections work differently for MFIs depending on the type of loan undertaken.

Due to the comfort level of the primary borrower base in making cash payments, repayments in the microfinance sector have historically been made in group meetings.

Microfinance has played a significant role in India’s financial status. By offering microcredit, MFIs (Microfinance Institutions) significantly contribute to promoting inclusive growth for low-and middle-income populations without access to formal finance.

Loan collection needs to be considered for any financial institution. They must work per the guidelines, ensuring the debtor faces no problems.

Table of Contents

What are microfinance and the types of institutions?

Financial firms, and microfinance institutions (MFIs), offer small loans to those without access to banking services. The term “small loans” has different meanings in different nations. All loans in India that are less than Rs. 1 lakh can be categorized as microloans. There are three different types of microfinance institutions offering microfinance:

What are the goals of microfinance institutions?

In recent years, microfinance institutions have grown in popularity and are increasingly viewed as useful tools for reducing poverty. Most MFIs have excellent track records and are profitable since they have effective loan repayment methods, while others are pretty self-sufficient. The following are the main objectives of microfinance institutions:

Let us check the different ways of improving cash collections in microfinance institutions:

Microcredit

One of the most effective methods for reducing poverty is microfinance, which offers tiny financial products. It also includes helping the impoverished in rural, semi-urban, and metropolitan areas to aid in their upliftment and improve their standard of living. Microcredit has been characterized as the provision of thrift, credit, and other financial services and goods in a minimal quantity. The RBI’s NBFC-MFI license is what allows MFIs to operate in India.

Collections

Individual and group loans with set repayment terms are frequently available from microfinance institutions. Depending on the plan and the institutions, the loan repayments could be weekly, monthly, or biweekly. A compelling collection strategy keeps MFIs’ goodwill with the borrowers while enabling them to convert receivables into liquid assets as rapidly as possible. In addition, microfinance institutions put down different cash collection options, helping debtors to repay easily

Digital Penetration

Market experts believe that the best way to help MFIs with collections is by teaching borrowers about making on-time payments and giving them the option to do it digitally. Thanks to the widespread use of smartphones and the reach of the mobile internet in India, every user can easily access digital apps. There are multiple apps available for loan repayment and receiving.

One could compare the repayment of the loan to paying any utility bill (such as an electricity bill or a mobile recharge bill), most of which have already gone digital thanks to India’s interoperable bill payment network. In addition, MFIs can help users know and learn which app is the best.

Loan Collection Using Apps

Using apps for loan collection is the best way. Some schemes are run by NPCI, following the guidelines set by the financial authorities. It connects all payment service providers to utility providers for easy payment options. Service Providers like MIMOIQ also provide the best platform that helps microfinance institutes with cash collection. For instance, MIMOIQ includes all the utility bill payment services available through online “agents” like Google Pay, BHIM UPI, and Amazon Pay.

Loan repayments by these microfinance institutions can be simplified using UPI payment apps such as PhonePe and Google Pay. The client pays the outstanding loan balance by displaying their customer identification number. The process acts as a self-serve model, and to complete the transaction, the borrower would need to be provided with contextual knowledge via SMS and WhatsApp.

Using Trusted Cash Collection Service

Along with UPI, companies can also use reliable cash collection services. As mentioned, MIMOIQ is the leading cash collection service. You may increase your cash flow by using MIMO Cash Collection Service to handle your cash management requirements and protect your cash deposits. MIMO provides a user-friendly solution that meets all your cash-related needs, from cash deposition to e-money transfer. In addition, the risk of improper cash handling and stealing is reduced because qualified specialists manage the whole collection and deposit procedure.

Financial Literacy on Repayments

Regarding cash collections or repayments, it is essential to have literacy on repayments. It is the responsibility of MFIs to inform borrowers of the risks of postponing payments through a variety of channels and to encourage them to make on-time payments whenever possible.

Along with this information, it is essential to provide simple DIY payment instructions for using UPI apps to make loan payments. Most households utilize the three most popular communication channels: SMS, WhatsApp, and IVR.

Different Groups by Microfinance Institutions for Loan Collections

The Joint Liability Group (JLG)

This informal club, typically of 4–10 people, looks for loans with mutual guarantees. Usually, the loans are used for farming or closely related activities. This group of borrowers includes tenants, farmers, and rural employees. In this JLG, everyone shares equal responsibility for prompt debt payback.

Self-Help Centers (SHG)

This self-help group consists of people from comparable socioeconomic backgrounds. These small business owners band together for a brief time and establish a shared fund for their operational requirements. These organizations fall under the category of non-profits. In addition, the group handles the collection of debt. In this type of cooperative loan, collateral is not necessary.

Bank Grameen Model

Prof. Muhammad Yunus, a Nobel Prize winner, developed the Grameen Model in Bangladesh during the 1970s. In India, Regional Rural Banks (RRBs) were founded. The complete growth of the rural economy is the main goal of this system.

Rural Cooperatives

In India, rural cooperatives were created after the country gained freedom. Poor people’s resources were combined, and this fund was used to provide financial services. Although this system had intricate monitoring protocols, it exclusively benefited creditworthy customers in rural India.

Being Digitized with Professional Service

A lot of MFIs still maintain records on paper. Digitizing all data is the best way to overcome the problem of cash collections. MFIs should prioritize investing in data management systems so they can begin collecting data in the future rather than getting bogged down with digitizing outdated data. One should prioritize figuring out how to organize data to be valuable, effectively, and reliably collected online. The old data being digitized is a plus. MIMOIQ is the ideal platform MFIs can use for loan repayment.

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Digital Identity Verification and Document Verification to Know Your Customer

Customer Profile Validation

Digital Identity Verification and Document Verification to Know Your Customer

Document verification is important when onboarding new customers, depending on the type of bank you are running. KYC checks are now the norm in every industry, online and offline, no matter your business. Every business wants a long-lasting relationship with its clients, and every relationship begins with trust.

Document verification is the first step to creating that trust. Verification is crucial for businesses to guarantee that legitimate client accounts aren’t compromised and that they aren’t placing themselves at risk of fraudulent transactions. Customers also need to have equal trust in the company or bank. The initial stage in developing this trust is digital identity verification. Customers are more likely to return for additional purchases if they believe the procedure is fast, accurate, and secure. Additionally, businesses may concentrate on other tasks, like offering the most excellent experience possible, if they are convinced that clients are who they claim to be.

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Why is Digital Verification important?

Customers may lose control of their accounts if the documentation is submitted without notice and have money spent without their knowledge if their credentials are stolen. As victims learn the full depth of the problem, the effects of ID compromise can endure for months or even years. For instance, there are cases where victims receive calls from creditors from banks stating that they owe money and will have to face strict legal action. Deplorable document verification systems can help lower this risk by streamlining businesses to identify and thwart fraud before it gets out of control

Meanwhile, fraud and identity theft can cost businesses money because consumers may switch to more secure rivals or find the company’s inadequate data protection. Some of the reasons why electronic identity verification matters include:

Help to Prevent Fraud

Digital identity verification reduces discount abuse and increases the ROI of customized offers. Discount fraud is observed by businesses using identity marketing initiatives more than before.

Numerous businesses that provide students with personalized offers often compromise email addresses to confirm eligibility, which is quite a serious act. After a few years, many of the graduates still carry these email addresses. Utilizing faulty email address verification also restricts your audience because more than 40% of college students never received the wrong email address. Creating false email addresses is also simple, and many businesses lose money to fraudsters who do that. But digital validation is effective.

Help to carry out long-term relationships

Thanks to digital verification, customers are more likely to return when a procedure is quick, trustworthy, and secure. Contrarily, ID procedures that take too long are erroneous; keeping users in the dark about their status in the procedure or what will happen next will thwart efforts to forge reciprocal connections.

Respect Customer Privacy

Customers are concerned about the security of their personal information, and cases are growing in huge amounts. 4 out of 5 customers prefer not to do business with a company that doesn’t follow the right verification method and has faulty privacy practices. By requesting only the most basic personal information, digital verification protects their privacy. More than two-thirds of consumers are willing to share their name, birthdate, email address, and physical and mailing addresses for a personalized offer.

Privacy must be respected when implementing an identity marketing program that targets college students.

Helps in Boosting Operational Efficiency

Through automation, reliable digital identity verification tools help to increase overall productivity. The correct tools can decrease the need for manual review of PII and boost overall decision-making speed without compromising security by utilizing complex data analysis and comparison algorithms.

Increase the Confidence of Consumers

Customers are frequently eager to give businesses access to their personal and financial information to ease friction and speed up transactions. To avoid having to enter their credit card information each time they wish to make a purchase, users can, for instance, allow a website to remember it. Customers who find it comfortable can feel more at ease with the process thanks to secure and open digital verification services that reduce the overall time and energy spent reviewing documents and details manually.

Different Types of Digital Identity Verification :

Knowledge-Based Authentication

Knowledge-based authentication (KBA), which asks for an answer to security questions, confirms a person’s identification and general information sent. These questions are generally made straight for the person answering them but challenging for everyone else. Like “Who was your favorite teacher?” or “Which pets do you love?” A further precaution for KBA is the necessity to respond to the questions at a specific time. The fact that KBA is the most user-friendly verification method has the most advantage. However, the drawback of this method is how simple it is to find solutions through social networking

Education Verification (590 × 400 px)11

Two-Factor Authentication

In this type, the customer enters a code given to their email or mobile phone as part of two-factor or multi-factor authentication. Today, many online services use the verification technique; consumers may easily recognize and comprehend how to utilize it. You may quickly confirm a customer’s email address and phone number with 2FA or MFA. The process is critical; you need to be sure your consumer did not enter their info improperly.

Users need to provide their identification, commonly referred to as a token, along with the regular username and password when using the two-factor authentication.

Credit Bureau-Based Authentication

In the credit Bureau- based authentication, data from one or more of the credit bureaus are collected. The data involves name, address, and social security numbers. These are an important part of customer verification.

Credit-based authentication establishes a certain match of customers without jeopardizing the data for business benefit. However, for young people and new immigrants with thin credit files, it might not match.

Database Methods

Database ID techniques help check an individual’s identity card using information from many sources. Since the method helps assess the overall risk for the user, there is no need for manual reviews. Due to the prevalence of fictitious online identities, this method’s biggest drawback is that it doesn’t guarantee that the person supplying the information is also the one carrying out the transaction.

Online Verification

Artificial intelligence, machine learning, and human assessment are a few methods used in online verification to establish whether a government-issued ID belongs to the users. This verification technique often asks users to upload a photo of themselves holding an ID to confirm that the person on the ID is the same. Online verification is highly secured and is now followed by every other website. Still, some users find having to provide a photo of their face and ID to be a hassle or an invasion of privacy.

Biometric Verification

Based on bodily traits, biometrics helps in identifying and authenticating people. Facial recognition, iris, voice recognition, retina scanning, and fingerprinting are all examples of biometric technology. Customers who use these techniques will find them quite convenient because there are no passwords to remember or questions to respond to.

Using the Best Digital Identity Verification Service

It is best to connect with professionals to make the best use of electronic verification identification through modern tools. MIMOIQ is the leading company that deals with background checks and identity verification for NDFC, banks, and e-commerce companies. With the nationwide coverage, the company uses professional and agile technology, including geo-tagging, online data verification, and others

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How is Customer Profile Validation/Field Verification done in the Banking and Finance Industry?

Customer Profile Validation 2

How is Customer Profile Validation/Field Verification done in the Banking and Finance Industry?

There has been a massive change in customer onboarding and field verification processes in the past few years. Customer profile validation is an important part of easy onboarding and ensures the customer has a clean profile. Also called Customer Due Diligence, it is the procedure for gathering and confirming customer information. It includes the client’s name, address, and other private information.

When creating a business partnership, companies must perform CDD or field verification. For instance, a bank or trading platform might need to look up the person’s passport before allowing a consumer to open an account and make a deposit. In this article, we will check how profile validation/field verification is performed in the banking industry. But before that, let us check on customer profile validation. 

Table of Contents

What is Customer Profile Validation?

The bank performs credit card, KYC, and retail asset product validation. It is the critical stage of the product development process.  

The process helps to examine customer problems, the target market, and the banking product. After the validation process, the product can be iterated upon to discover the ideal market fit. Additionally, validation links the product with potential customers and paves the way for developing useful items consumers desire and need. These products include personal loans, auto loans, business loans, education loans, commercial vehicle loans, loans secured by real estate or mortgages, and home loans. 

What is Field Verification?

A vital step in a financial institution’s risk and credit approval procedure is field verification, also referred as contact point verification (CPV), background verification (BV), or field verification (FV). It enables the independent verification of important details about current or potential customers through in-person visits and other necessary due diligence procedures before establishing a banking or lending relationship.

When does the Customer Profile Validation take place?

The process of field verification should happen as early as possible in the banking system before a product team spends a lot of time and money developing a new product, of course. Your theory doesn’t need to be accurate. It only needs to be specific enough for you to know who you might want to talk to, what difficulties they could be having, and how your product might be able to help. 

Steps for Customer Profile Validation/Field Verification

Since we have covered what customer profile validation means and why it is important, let us check the steps involved in doing the job perfectly. 

Verifying the Customer

The first step in customer due diligence is gathering basic details about the client. Whether this customer is an individual or a business will determine the necessary list of data.

Confirming a person

Depending on the jurisdiction, you may need other details, but the following provides a standard starting point for identifying people:

Verifying the company

Field verification isn’t limited to customers only; banks also need to do company verification. Businesses must ask for and confirm specific information before partnering with other organizations. While the detailed list can vary between jurisdictions, the following is a common starting point:

The objective of taking these steps is to learn about the company’s beneficial owners. These people control over 25% of the corporation, directly or indirectly, or through other means. It is important to verify beneficial owners after being found.

Banks usually demand certified copies of the paperwork confirming the company’s legal foundation and the records showing all shareholders before lending over the loan or opening an account.

Choosing the right Customer Profile Validation Track

Banks can select between regular, enhanced, and simplified due diligence depending on the customer. For instance, a bank can still onboard a customer if it knows they are a public official (a PEP), but an extra check is required.

Ensuring Security when Having Profile Validation

Fraudsters have been known to send legitimate documents and even dark net selfies. Since there hasn’t been any document tampering in this instance, even the most trustworthy verification systems won’t find anything odd. Businesses can add a second facial biometric check-called liveness to prevent thieves from onboarding clients remotely. This check guarantees that the identity of the genuine document holder is verified.

Things to Remember in the Customer Profile Validation Process Conducted

Let us check some things the individual should know while conducting customer profile validation:

Mandatory

Mark the field under “Mandatory,” preventing it from being left empty. A star (*) symbol will appear next to the field name and any required fields. Incomplete “mandatory” fields prevent managers of content from saving entries.

Uniqueness

Unique marking helps in preventing the duplication of the content in the document. The validator will ask the user to alter the duplicate value each time they enter a previously entered value into a field that is meant to be unique.

Number of characters

Setting up the character restriction will ensure that users only enter the text that fits inside the field’s maximum or minimum character limit. For instance, if you wish to add a “Password” field to your website, you should specify the limit for the cell. The number of characters validation criterion is useful in this situation.

Types of Customer Profile Validation

Also known as data validation, different procedures ensure all the data included is accurate. Some of the types of data validation are:

Data Type Check

In this type, it is checked if the right data type is included in the document. If so, the system should reject any data that includes additional characters, such as letters or special symbols. A field, for instance, might only accept numerical information.

Code Check 2

A code check verifies that a field is chosen from an acceptable list of values or that it adheres to specific formatting guidelines. For instance, comparing a postal code to a list of legitimate codes makes it simpler to confirm if it is valid. Another element is the country code.

Format Check

Numerous data kinds adhere to a predetermined format. Date columns with a set format, such as “YYYY-MM-DD” or “DD-MM-YYYY,” are frequent use cases. Maintaining consistency over time and across data is made easier by a data validation process that ensures dates are formatted correctly.

Check for Consistency

A logical check verifies that the data entered is logically consistent. An illustration is determining whether the delivery date for a package is later than the shipment date.

How MIMOIQ is providing profile validation services all over India to NBFC and banks

MIMOIQ is the leading on-demand customer validation and last-mile delivery service in India. We undertake a complete tech-enabled customer validation service, concentrating on different cities from Tier 1 to Tier 4.


To ensure data validity, we employ skilled task associates and real-time monitoring technology, including geo-tagging, quality management, and real-time data transfer. Our service is not limited to customer profile verification but we offer document collection and verification services to NDFC and top banks in India.

Conclusion

The banking industry keeps updating its data on customers to ensure there is no fraudulent activity in the process. KYC, or customer profile validation, is now part of the customer onboarding process by banks. If you are entering the banking industry or financial services, then learning about field verification is a part of your job.

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TraQPayments Receives Payment Processing Software Recognition from Leading B2B Review Platform

TraQPayments Receives Payment Processing Software Recognition from Leading B2B Review Platform

TraQPayments Receives Payment Processing Software Recognition from Leading B2B Review Platform

Recently, a leading B2B software marketplace presented TraQPayments with a prestigious industry award in recognition of its exceptional performance in the payment processing software category.

CompareCamp, one of the most trusted and widely-known sources for comprehensive B2B and B2C SaaS reviews, recently lauded TraQPayments as one of the best payment processing platforms this year. The software review platform granted TraQPayments with a Rising Star Award, a type of recognition usually presented to payment processing platforms that have accumulated a growing number of followers and positive mentions from satisfied users on social media.

Following a strict criteria, CompareCamp came up with an authoritative ranking of the best payment processing and invoicing platforms and considered TraQPayments as a strong contender among the software products included on the list. CompareCamp’s team of expert software reviewers evaluated the features and functionalities offered by TraQPayments, considering it as one of the finest payment processing software products in the marketplace.

CompareCamp performed a thorough assessment of TraQPayments’ overall performance in terms of accepting payments, generating invoices, and offering subscriptions. In its detailed TraQPayments review, CompareCamp examined each of the key features that the platform offers. The review especially highlighted TraQPayments’ ability to support automated payments, increasing customer satisfaction and convenience, and improving the efficiency of payment collection processes.

TraQPayments was also commended for its invoicing features, which make it easier for businesses of all scales to generate and send invoices. The platform is built with a QR code function that allows customers to complete transactions and settle payments more easily. TraQPayments also supports a variety of payment options, such as digital wallets like GPay and BHIM UPI. Integrations with the platform make it possible for customers to settle their balances through credit, debit cards, and net banking.

According to a recent report, 82% of Americans today use online payments, which include in-store checkout via a phone or QR code, in-app digital purchases, and person-to-person (P2P) payments. With COVID-19 accelerating digitization in banking, payment processing software products like TraQPayments offer the most essential features for businesses to set up and manage online payments and provide a seamless experience for their customers.

CompareCamp carefully evaluated all of the features and functionalities offered by TraQPayments and included it in their list of best invoicing platforms. As an all-in-one electronic payment solution, TraQPayments equips businesses with all the right tools to accept payments online, streamline the billing process, and provide the best customer experience.

All things considered, our team at TraQPayment would like to express our gratitude to CompareCamp for presenting us with such a prestigious award. The honor of receiving this award from such a reputable organization inspires us to continue providing top-quality payment processing solutions to all kinds of businesses.

We would also like to thank our customers and users for trusting us with their payment processing requirements. Rest assured that we will continue to develop and provide you with newer and better services in the years to come.

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