Everything You Need To Know About Contact Point Verification in India
Physical verification or contact point verification is the most vital part of verifying an individual’s information physically. There are banks, government offices, and companies that undertake contact point verification before offering any service or hiring a candidate for the job. Banks, NBFCs, and companies that provide post-paid services must invariably take preventive measures limiting all risk factors before finally delivering the product/service to the consumer. Field verification/ Customer Profile Verification is the most effective tool allowing enterprises’ technology to physically inspect the customer’s location. It further helps to determine the customer’s eligibility to reduce risk and improve the chances of recovering dues.
Financial organizations conduct these verifications by employing skilled agents with the tools to gather essential data about the customer before hiring or giving out the service. The institution continues with the credit approval process for a customer based on the verification reports.
Traditional Contact Point Verification (CPV) procedures encountered the issue of a CPV agency staff submitting a CPV report without executing the verification. As a result, the credit check was diluted, putting the institution in danger of fraud and default.
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How does CPV make things faster?
Record verification/ information provided by potential clients is essential in various businesses such as banking, employment, and telecommunications.
What makes this manual and labour-intensive field work avoidable is the numerous problems attached to it. CPVMS (Contact Point Verification Management System) by professional companies comes with various innovations to make processes easier and faster, and it boosts your business efficiency by offering complete tracking information.
This mechanism would ensure complete openness between banks/NBFCs and government entities.
To offer the best Background and On-field Verification Services, agencies have several tools, including an Android-based application allowing clients to monitor the activity of field executives, where you may get live information directly from the customer premises using our application. It is often seen that businesses use tools that are accessible easily on the market. These tools need to be more trustworthy and may even offer incorrect verification details.
Using specially built apps for contact point verification can offer accurate results. The program is fully customizable, and agencies will offer the same if a customer adds new fields or information required during the CPV process.
How does CPV Improve overall Field Investigation?
There are diverse ways in which CPV can improve the overall field investigation. Some of them are –
• Eliminate Errors
CPVMS is designed so users can pre-program options for an answer, its standards, relevant photos and documents, and obligatory answer areas, ensuring no vital details are overlooked.
• Reports Are Available
Completing the WEB Audit module allows you to save complete reports to an online database that your clients or internal team can view. Investing in custom reports and an online database enables you to take your company to the next level.
• Complete Offline
No proper network? No problem. CPV also has a mobile application so the field investigator can work on a site without network connectivity. When he enters the network area, it will synchronize the data.
• TAT Reduced
TAT is the most crucial aspect of the verification process, especially in field verification, and plays a critical role in determining the legitimacy of the verification process.
CPVMS is designed so that the process proceeds quickly and without interruption. Agencies using tools will be able to gather information like background information without much delay.
• GPS-based location identification
Even offline, the tool easily captures the verification site’s Latitude and Longitude. GPS coordinates are embedded in images captured during the visit for point verification.
• Previous Database
Using historical data, you can make better judgments faster. CPVMS allows you to judge cases fed into the system more quickly. By matching up the previous database, agencies can produce the complete report.
Choosing Professional Agency for Contact Point Verification
Background checks online or through CPV reveal the most valuable information about the person in question. A background check might comprise a range of services depending on the function and firm. For the verification of data authenticity, MIMOIQ, the leading background verification service, uses expert task associates and agile technology, which includes adverse monitoring, geotagging, quality management, and real-time data delivery. It helps companies, especially government agencies, conduct further hiring processes.
Contact point verification services by MIMOIQ help collect data or documents under quick TAT. You will get a complete audit trail, digitization of documents, and physical receiving of documents.
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