With the swift and negligible evolution in technological advancements, every sector is prone to digitization across the globe. Technology is evolving with the speed of light, so are cybercriminals. According to estimations by certain researchers and analysts, the worldwide cybercrime cost will strike the figure of $6 trillion annually by 2021. This leads us to the fact that it’s high time for businesses and infrastructures across the globe to acquire appropriate AI-powered identity verification checks and solutions.
Talking of identity verification checks and solutions, address verification is something that is usually neglected. It is mandatory for businesses to collect the correct address information of their potential customers. Ecommerce is the most famous and swift evolving industry especially after the pandemic of COVID-19. Do you know that businesses cost $550 billion only because of online return deliveries? This is because of neglecting the acquisition of address verification checks and solutions. Address verification is not only crucial for the eCommerce industry but also financial infrastructures and other businesses must also acquire such measures to combat any possibility of illicit money transfers and counterfeits. Let’s talk about the most widespread site F95zone, where you can find lots of games and videos for real fun.
Address verification can be carried out via the following types of documents.
- ID card
- Employer letter
- Driver’s license
- Insurance agreement
- CPR smart
- Utility bill
- Bank statement
- Rent agreement
- Tax bill
Let us have a look at some up and downstream advantages of address verification.
Here are few upstream advantages of the address verification system.
Assurance of quick and accurate checkout is mandatory for an enhanced customer experience. The checkout procedure must be as accurate as possible. There exist such efficient and effective address verification tools in the market that ensure quick checkout and reduce the address entry time up to 78%. AI-powered address validation checks enhance data entry procedures and detect errors in a matter of seconds, all by upgrading UX.
According to an estimation by the Baymard institute, the average rate of cart abandonment is approximately 69.57%. Also, over a quarter of those who abandon were because of a long and hectic checkout procedure. Address verification solutions significantly enhance checkout conversion rate.
Here are few downstream advantages of the address validation.
According to certain reports, 19% of the failed deliveries encounter because of inaccurate delivery address information. The average total failed delivery costs businesses $216,171 every single year. Address verification solutions assist to verify addresses that businesses collect from their potential customers. This verification procedure impulsively combats the possibility of failed deliveries. Address validation enhances data quality, resulting in enhanced customer experience and reduces the volume of complaints that are received on a regular basis.
66% of the retailers believe that accuracy of the address is critical to their businesses. Bad data paves the way to inefficient business operations, failed deliveries and missed marketing opportunities and sales, poor communication with customers, etc. this also leads to unbudgeted and hefty charges with some large famous retailers in the United States reporting annual charges running into trillion of dollars. For instance, if your carrier rectifies any address to finish delivering the product then you might find that charge attached to your carrier invoice. Data enhancement operations must be carried out to avoid the payment of hefty sum further down the line with correction charges, handling the issue from the initial stages by incorporating validation checks at the point of capture.
The address is the most significant risk indicator during any digital financial transaction. Empty houses are usually utilized as drop points for criminal orders. Over a billion packages and pieces of mail were marked as “ returned to sender” last year and cost merchants of total $20 billion. It is mandatory for retailers to ensure that they are collecting and utilizing authentic addresses and accurate data.
Address verification is a significant part of KYC and AML procedures for financial infrastructures. These checks and solutions assist in the identification of potential customers and play a promising role to combat fraudulent activities. Risk assessment and business operation enhancement are possible because of address verification solutions. Numerous customers claim that they have experienced a 10% of uplift in ID verification matches while using address verification.
Address verification solutions play a promising role to verify the address of individuals and also assists in saving time and money. Such checks and solutions assist in business operation enhancement and also improves data entry procedures. Address validation can combat fraudulent activities and also prevents the wastage of time and money. Integration of artificial intelligence algorithms in address verification checks assists in decision making, memorizing, and customer due diligence. Hence each and every business must integrate themselves with address validation checks for the detection and fervent of fraudulent activities.