Address Verification Service in Banks and E-Commerce

Address Verification Service in Banks and E-Commerce

 


The fundamental goal of any sector whether it is banks or e-commerce enterprises is to deliver the relevant goods to the particular client in less than the given period. It is only possible if the client's address is precise and accurate. However, in a world with more than seven billion individuals, the majority of whom have various addresses, address validation is a huge issue. This is where the address verification solution came as hope. It helps businesses verify an address before dispatching any deliveries to avoid returned shipments and other losses that could cost the company a huge. 

Fake or False Addresses

It costs 1 billion euros per year, as per a report. Fake or bogus addresses have resulted in massive losses for financial and e-commerce businesses due to failed or returned parcels. The parcel is delivered to the incorrect door, resulting in a loss of time and money as well as dissatisfied consumers. Delayed delivery is yet another issue that comes with it. The address is so complicated or non-standard that it all takes a while to figure out, lengthening the time required to deliver.


Customers are generally unconcerned about the address entering the process and provide ambiguous information. This is due to the lack of a seamless and efficient check-out procedure by the company. According to statistics, the difficult check-out process is responsible for 26% of cart abandonment.


For instance, a customer spent an hour seeking the goods they wanted. They are frustrated and won't put up with any more difficult tasks. When it comes to providing address and payment details, the check-out process is tedious.


An effective address verification system is the way to solve this issue.

Address Verify Solution

Verification of address relates to the procedure of verifying and validating a customer's address. It is assumed that the address provided to the company is exact, correct, standardized, current, and formatted properly.


The difficulty of address formatting is especially prevalent in global corporations, as each nation has its own address format. Despite the fact that the need to adapt to foreign address formats is increasing, there is still a slew of issues. Businesses require a technology that captures precise addresses without causing customer annoyance.


In today's world, firms use a variety of methods to validate addresses. However, digital address verification complies with all of today's corporate standards.

Online Address Verification

The end-user does not have to write stuff manually in this way. The address is obtained from their documents. As address evidence, any document issued by a legal power with the most recent address is sufficient. The only constraint is that it must be given within three months.


The mandatory documents to verify address are as under:


  • Employee Letter

  • Utility Bills

  • Bank Statement

  • Utility Bills

  • Tax Bill


The rationale for this is that documents are the most reliable and up-to-date. A bank statement, for instance, is given after careful observation as well as examination. When providing the bank the address, an individual will be extremely cautious. They will also alter it if necessary.


Let's look more closely at the online address verification process validate address:


  • Upload the Snapshot of the Identity Document - To begin, the customer must click to take a pic of a government-issued photo ID. It could be a national identification card, a passport, or a driver's license. The customer's identification is established with the help of this document.


  • Proof of Address -  The user is asked to provide supporting documents as proof. They are also called secondary documents. 


  • Data Verification - Character recognition software is used to extract data from both of the above documents. Now that the data has been digitized, it can be easily validated. It's double-checked that the client's name and ID number are identical on both documents. If the addresses on the two documents are determined to be comparable, the address on the secondary document is assumed to be the customer's address. If the client wants to change their address, they must redo the process.

Final Thoughts

Address verification helps businesses whether it is banks or e-commerce or any other sector in verifying addresses before shipping any products. When the customers get their deliveries on time, they positively talk about the company. Besides proving a fruitful verification solution for companies and clients, it also provides consumers with a frictionless payment experience. All such adds to client satisfaction which builds a great brand image in the market and takes the business to greater heights. 


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