An $18 billion market to be developed by 2027 called identity verification is projected to grow in the United States and you know what address verification is a part of it and I know you don’t want to miss out on this.
Verifying the address online and keeping it up-to-date is not an easy thing but this helps you identify. That the data you are collecting is verified. There are so many tools and apps available on the market today that could help you do it all online (no physical) interaction required. Today we will be talking about why address verification is important, how it works. What are key benefits of address capture and much more. Keep up reading with me you will know the importance.
Why is Address Verification Important?
There are so many tools/ apps that collect your information including the address as well. But most of the time you will find that the address mentioned is not accurate or outdated. As of the impact of Covid the world is now more relying on digitalization . So for that reason accurate and verified address is a must thing to be collected by companies.
It sounds very hard to go to the location, verify it, and update the company website/ checklist. Around 20% of the addresses mentioned online are inaccurate and contain errors. This practice creates mistrust in the identity of the brand or company.
But this doesn’t mean you stop finding addresses digital and make decisions accordingly. I think you must be aware of the address verification system here. These systems help you validate the information using the collected data by various means and make more informed decisions and this practice helps both the customer and the company get a better user experience.
Address Verification Service Benefit
Everyone loves traveling and moving and while traveling you find an address that doesn’t exist and shows up on the brand/ company website something that irritates here comes the verification address. The major effect of this activity creates a bad impact and increases the cost. With the help of online address verification, validate and verify the addresses globally and stay away from fraud activities.
Around 90% of the companies use data to verify and lessen the amount of risk and cost being spent. Ensuring that the data collected is authentic can help you make more informed decisions.
This type of online verification is not just limited to the travel industry it applies to almost every address where address is being taken or shared.
How Address Verification Service
AVS popularly known as an address verification service is one of the most used tools. It helps brand and companies validate their customer information and lesser the number of fraudsters around. Here we will discuss how this thing actually works.
Let’s learn via example on this. Whenever you go to enter your card it verified the address first mentioned on the card with the address added on the information you submitted at the time of new account opening registration. If the system detects a miss-match the person won’t get access to the bank account and if it’s a true match the customer will get the access to transactional activities. This is how it lesser the amount of risk and avoids fake people. That’s how an address validator works.
Pros and Cons of Address Verification
- Online validation addresses are flexible to use if you have little knowledge and experience you can start with a small, manage the business.
- Starting an AVS Address Verification Service Business could be fruitful as you are solving a major trending problem.
- It’s a scalable industry business as its demand is just arising up and it will be until the digital world end.
- It is time-saving, scans millions of queries in seconds, and gives you accurate information.
- Improves customer experience and grows more users.
- Maintenance is complex.
- Security issues and cost management is not that easy.
What is Data Parsing?
Data Parsing is a technique of analyzing and understanding the data and breaking it down into segments like (Name, Address Street No, Postal Code, Town/ City or Global Address, etc). At this stage, unstructured data is organized using contextual rules. After this process address can be verified.
What type of Businesses Uses Address Verification?
There is a wide range of industries/ Businesses that uses address verification. Here is the list of a few;
- Education Institutes
- Travel Agents/ Businesses
- Business Directories
- Food Delivery Businesses
- Banking Industry
- Technology Companies
Today or tomorrow digital verifications have to come and no one can regret this one. Like if you don’t have data you are missing out on this world. Seeing all this if your data isn’t verified it’s no more than a waste.
Address verification is something that validates a small piece of that big data so you make sure the information you have is accurate and safe. This technology can help everyone around in finding the right person (KYC Know your Customer), Business, and Services.