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Address Verification Service in Banks – The Ultimate Need in the Digital Era

Delivering the products to the wrong place can create many problems for businesses as well as customers. Multiple financial institutions mail important bank statements to the address provided by the user. If the address location is non-existential then it can become vulnerable to becoming a target of several prevalent frauds. Many online businesses have faced the issue of rising chargeback frauds, returned shipments, and account takeovers which affect the company’s reputation and finances. The major triggering force behind this was the emergence of the Covid-19 pandemic. Consumers started to insert fake addresses due to which products were delivered to the wrong doorstep. This further caused a delay in reaching the product to the right customer which badly affected the customer’s experience. To deal with all these prevailing concerns, digital address verification technology has become the need for every organization to fight back against any risks of fraud associated with the onboarded client. 

Demonstrating the Digital Process of Verifying Addresses in Banks

Several changes have occurred in the financial and business industry since the rise of the global Covid-19 pandemic. People were required to visit a bank in order to proceed with their request for account opening in earlier times. Standing in long queues while lingering for their turn to come consumed a lot of time. Moreover, the officer used to manually enter the address information of the client, making it prone to human mistakes. Whereas, the introduction of online address verification systems suppressed this traditional procedure by enabling a secure digital on boarding process. Moreover, banks and other financial institutions utilized this opportunity to validate addresses of their users in a more time-efficient and cost-effective way. Based on the artificial and machine learning technology, the chance of errors is minimized utmost as the system detects any minor alterations made in seconds. This has called companies to invest in these services more often just like Shufti Pro Fundings as they are more effective as compared to the old tactics used for verifying addresses.

Beneficial Elements of Online Adress Verification System

Preventing Fraudulent Activities

With scammers becoming smarter with the usage of advanced technologies, every industry is at stake now and is getting attacked by illicit criminals. Detecting fraudsters have become a crucial task, this problem can be managed by enabling the process to address verify the users which will help in fighting against chargeback frauds more efficiently. Moreover, this can also help to mitigate identity fraud swiftly in financial institutions. 

Diminishing the Rate of Returned Shipments

To reduce the cases of returned deliveries, it is essential to validate addresses of the consumers before dispatching the parcel. The robust service of verifying an address will enable companies to locate the correct address without any errors. Upon assessing these compelling features, many businesses are now investing in these services for verifying addresses of their customers similar to Shufti Pro Fundings.

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Enhancing Customer Experience

Products getting delivered at the wrong places can disturb the customer experience. It increases the chance of exploiting the brand’s image on social media if the consumer gets frustrated during the complex checkout process. Automated address suggestions can help in uplifting the level of satisfaction for a customer since it will avoid any typing mistakes to occur causing the product to be delivered in the proposed time frame.

Increasing the Delivery Speed

Since the technology of address verification has become digital, it saves time for consumers by auto-filling the address information. As no snags are encountered while sending parcels to customers, it eventually increases the delivery speed and improves the brand image of the company. Products are supplied at the original destination at the right time and will impact the customer’s decision in a positive aspect. 

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Cutting Costs

The AI-based technology determines the existence of an address without the requirement of conducting an in-person visit. This not only saves the time of the consumer but helps in reducing the cost for the consumers as every step can be carried out while sitting at home on the digital databases. There is no need to hire workers to manually enter data and check for any errors as the automated system detects any minor mistakes at a fast pace. 

Wrapping it Up

It has become a necessity to verify address of an individual to prevent any risks of chargeback frauds and misplaced deliveries. Online address verification system allows companies to gain benefits by implying its numerous features through which they can generate profitable revenues in less time. Minimizing the error rate, saving time and resources, ensuring greater accuracy, and ensuring a better customer experience is all that a company can avail of by enabling this AI-based address verification service. 

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