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Address verification is continually evolving and adapting to the needs of various markets all around the world. Let's look at the importance of address verification for businesses and the technological advancements that are shaping this service.
Address verification is one of the most critical components of a thorough background check, and it should not be overlooked.
Proper address verification does the following:
- Steer clear from identity theft and fraud.
- Affirms that the candidate has no ties to illegal communities.
- Ensures that actual correspondence, such as documents, letters, and forms, are received.
- A confirmed address allows law enforcement to investigate whether the candidate performs a criminal act while working for your company.
It is no secret that increasing customer power is pressuring businesses to provide excellent customer service in addition to high-quality products. Customers are accustomed to receiving “perfect” service, so even the smallest hiccup in their purchasing journey can cause them to abandon their purchase.
Even if your products and services are satisfactory in this customer-centric environment, you must ensure that every component of your sales cycle is flawless, manageable, and scalable. Having accurate and up-to-date information about your clients is one of the prerequisites for providing excellent customer support. One of the most important aspects of a customer’s identity is their physical address.
Let's look at some of the benefits of having up-to-date and accurate customer address details.
As previously stated, an address is an important aspect of a customer’s identity. Incorrect address data can lead to shipment delivery to the wrong address or erroneously post-coded correspondence, resulting in customer dissatisfaction, missed sales opportunities, decreased client loyalty, and a tarnished company image.
The importance of precise customer address data in business:
- The importance of precise customer address data in business:
- Improves data analytics effectiveness: precise data can be used in location analytics to determine where your consumers are located.
- Enhances customer service and brand awareness.
- Enhances the efficiency of direct marketing efforts.
- Address auto-completion with real-time verification improves the consumer journey on your website and leads to a better online purchase and registration experience. Furthermore, it assures that the data entered into your database is correct at the time of entry.
- Accurate Geo-tagging helps to improve customer satisfaction by allowing for faster deliveries and improved route optimisation for your delivery fleet.
How is technology shaping current trends in address and identity verification?
How is technology shaping current trends in address and identity verification?
Companies and their customers are getting more concerned about privacy and security. More people are becoming aware of their data privacy rights and monitoring sites that reveal personal data leaks. According to recent research, 50 percent of online service consumers are concerned about identity theft and banking fraud.
As a result, businesses are scrambling to create and integrate comprehensive security systems based on cutting-edge technology in order to deter fraudsters and meet client demand. The new reality necessitates the implementation of new methods for client identity verification systems, transaction monitoring, and anti-money laundering procedures.
Artificial Intelligence is becoming the main driver of online identity verification industry?
Another development we’re seeing this year is the advancement of artificial intelligence (AI) and machine learning processes in the field of online identity and address verification.
AI has already made a significant impact in a variety of industries throughout the world, ranging from tourism and gaming to finance and the shared economy. It has been commercialized and widely regarded as the technology that will propel those industries forward.
However, as identity theft becomes more sophisticated, AI technology can be used to implement stronger security measures and mitigate fraud in the early phases of the verification process.
How can MIMO help?
With MIMO’s address validation solutions, you can focus on your core business while we improve the quality of your address data. Our transparent and invisible cloud and on-premise address verification service enables you to easily gain the benefits outlined above.
With the latest technology in operation, MIMO’s background screening services can be used to perform verification quickly and easily by organizations. Companies need to send a request to MIMO for a background check and they can receive all relevant records without delay. This will help you save a lot of time, which you can then utilize for more productive tasks.
By partnering with a third-party background screening company, you will be able to receive all the information you need quickly. Working with a reputable background check firm will save you time and money while also ensuring that you remain compliant in the customer screening process.
Here at MIMO, we are aware of the high levels of transparency, complex legislation, and laws that the financial sector and other industries must adhere to and comply with. MIMO offers all-inclusive background check services with a focus on protection to provide you with the most reliable and up-to-date details.