The importance of Address Verification and the Technological trends influencing It

The importance of Address Verification: MIMO

The importance of Address Verification and the Technological trends influencing It

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?

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.

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How Technology Is Revolutionizing Background Screening

How Technology Is Revolutionizing Background Screening

Background Screening used to be a manual, paper-based procedure and as a result, it would be much more expensive and take much longer to complete. It was difficult to perform background checks on prospective customers or clients, particularly when they needed to verify the physical addresses of the parties in question.

However, with the advancement of artificial intelligence (AI) and other emerging technologies, background verification is moving in the right direction. Employee background verification procedures are now automated, making them much more effective. A lot of the candidate’s knowledge is accessible online in public databases, which can save on physical resources when accessed.

Manually going through all the available data, on the other hand, can take a long time. The new background verification and screening technologies being developed relieve a lot of the pressure on an organization. Verifying job records, address proofs, and any other area can be achieved in minutes just with a few algorithms in place.

What role does technology play in background checks?

Data analysis that is smarter

By combining AI and machine learning, background screening can now be taken to a new level by prioritizing data based on relevance. No one has time to go through data that is relevant to a background check and which isn’t. New technology can now evaluate data and offer only valuable information to an organization.

Risk and threat analysis

Another major goal of background check is to ensure that a business is making the best decision possible. Emerging technology, such as artificial intelligence (AI) combined with software algorithms, can collect any data that is important for an organization to understand a customer’s profile. With these kinds of data, it is simple for a company to figure out a customer’s credentials and negate any risk to the company.

How is Technology benefitting Background Screening?

Innovations in technology have transformed the way background checks are performed, making an organization’s decision-making process even easier. Verifying the given information can become a tedious and time-consuming task with the large number of applications received each day. As a result, using technology not only improves the performance of the operation but also saves time.

Additionally, there are many advantages of using technology for background verification during the employee screening process. A few of them are:

Lesser turnaround time

If a screening department in a larger company, particularly one with hundreds of applications to screen, starts the process manually, it can take weeks, if not months, to complete. However, using specialized software or a safe online portal can assist companies in reducing processing time (TAT) for the entire process.

Enhanced data security

If companies have gathered the personal information of customers, the company must protect that information. However, such employee details, such as the Permanent account number or Aadhar number, must be exchanged between the customer and the service provider during background verification.

Though background checks should only be done with the permission of the individual being screened, the details should also be shared responsibly and without jeopardizing security. Companies may safely exchange the details of potential customers with the aid of technology, ensuring that the information does not fall into the wrong hands.

More accurate Background Screening and of better quality

When a company performs customer screening manually, only a cursory review of documents is likely carried out. If this occurs, clarity or conciseness regarding information could be lost. When manually performing a background search or a reference check, for example, certain important information regarding the application can be missed.
You will be able to do a more detailed background check if you use the right technology and have the best support. Furthermore, automatic results are more precise and, without a doubt, of higher quality than manual results.

End-to-end automation

Background checks can be automated with the aid of technology. Prospective candidates will simply fill out an online form on the company’s website with all their information, and the screening platform will automatically populate all the relevant data.

Finally, it can be concluded that cutting-edge technology such as Artificial Intelligence and Machine Learning can help analysts simulate their thought processes by assisting in the discovery of correlations, decoding their context, and raising red flags as required. Data can be gathered from a variety of places online, including media, legal documents, and a variety of other places.

This is the era where technology is significantly affecting the method of employee background checks and how they can be used. So, like any other industry that technology has transformed, background screening will transform, but for the better, thanks to the immense power of technology.

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 Screening services with a focus on protection to provide you with the most reliable and up-to-date details.

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Importance of Background Verification in Financial Industry

Importance of Background Verification in Financial Industry

April 1, 2021
8:49 am
background verification, checks, verification

Background verification are essential in companies when it comes to recruiting, accepting loans, provision of services, among other items. Financial institutions must carefully choose who is eligible to use their services due to increased security requirements and complex financial regulations. For seamless services, it is important to know the identity and background of a potential client or customer. When performing a Background verification as a financial institution, there are many reports you can run and consider before extending credit.

The Following are Seven of the most Widely used Background Verification:

Identity Verification:

Identity theft accounts for a large portion of fraud in India. According to an Experian survey, 85 percent of identity frauds are linked to auto loans, credit cards, and mortgages. Identity fraud has risen by 50% in the mortgage loan portfolio. Confidence and reliability are essential in business alliances, joint ventures, and collaborations, which can only be achieved by thorough background checks. Extensive Background verification can be conducted using tech-enabled platforms, which include identity verification.

The following Background verification are integrated with Identity Verification:

Passport verification
Driving License check
Voter ID check and more

Education Check:

One of the most common forms of fraud in India is misrepresenting information about educational qualifications. Fake documents are created to obtain access to a range of loan items, job opportunities, and enrollment in educational institutions, among other things. Conducting a comprehensive Background verification that involves education checks is one of the best ways to fight false documents.

Multiple databases are used to verify the following facets of education:

Roll or Registration number of the candidate
The course passed or pursued by the candidate
The year of course completion
The genuineness of pass certification
The affiliation and accreditation check of the institute/course

Address Verification:

According to an AuthBridge survey, there was a gap in more than 6% of the candidates’ given addresses in 2017. Physical address checking is an important part of Background verification since it is the first-place employers, businesses, credit card companies, and banks look if there are some discrepancies.

Financial Institutions can effectively monitor the following information about the physical address by using mobile-enabled location tagging which employs cutting-edge technology:

Is the address given correct?
If the resume or document’s address refers to the real physical address
How long has the nominee or individual been residing at the given address?
Whether the person owns the home or has leased it.
Relationship between the nominee and the person who verifies the address information.

Criminal Records Check & Police Verification:

Financial Institutions search a variety of public records, including those kept by various courts, police records, and CBI, SEBI, and RBI lists, to derive actionable, factual information about a person’s criminal background or litigations. As part of the full background search, all civil and criminal litigation records are checked. Hiring people who are responsible for handling sensitive and confidential information and transactions in financial institutions needs a thorough Background verification.

Reference Check:

In 2017, more than 3% of reference checks had more than one difference, according to an AuthBridge report. Many institutions do not have the time or money to perform a comprehensive reference search, which is crucial to verify customer information. One of the common methods to perform reference checks can be in the form of telephonic verification to assess the candidate’s performance, expertise, and abilities.

Checking Employment History:

In the financial services industry, employment verification of the customer is critical. Employment background verification services include a detailed review of the candidate’s employment history, including previous positions held, duration of employment, and reason for departure. This provides institutions with an accurate description of the candidate’s professional life.

Checking Credit History:

When considering whether a candidate is eligible for financial services, it is important to look at their credit background. A credit check can be conducted by looking at bankruptcies, tax liens, derogatory accounts that have been paid or charged off, and active accounts that contain open loans relating to the nominee. Many organizations have started concentrating on an individual’s financial health to measure several personal qualities such as dependability and integrity over the years. The argument goes that bad credit scores indicate a person’s inability to manage his finances, which would inevitably affect his work efficiency.

While all businesses benefit from background verification, banks and financial institutions must receive the most up-to-date records on any prospective customer. It is possible to collect background check information yourself if you are interested. However, not only will it take time and money to collect all the documents you require–which will include carefully reviewing court records, criminal records, and national databases–but certain records are unavailable to the public.

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 verification 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 and complex legislation that the financial sector must adhere to comply with central, state, and local laws. MIMO offers all-inclusive background check services with a focus on protection to provide you with the most reliable and up-to-date details.

For more information and to avail our Background verification services.

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