Address Verification – What Meets the Eye is More than Customer Experience
Technology has certainly impacted how masses interact over online platforms. From booking a flight to your favorite destination to buying daily-use products at the comfort of one’s home has become effortless. The increased adoption of e-commerce services is creating better opportunities for businesses to improve their service delivery. This enables them to create a purposeful customer experience by banking on technology trends, ultimately developing a loyal customer base in the long run.
That being said, some of these intelligent technologies include machine learning, predictive analysis models, and pattern recognition tools. These allow companies to assess market growth and plan their product roll-out and deliveries in an organized manner. For businesses, customer addresses are of prime importance especially when they need to deliver products over courier or posting services. To cater to these requisites, enterprises are now making use of automated address verification software, so they can timely identify incorrect address information resulting in unnecessary chargebacks.
How does Online Address Verification Work?
An Address Verification Service (AVS) is a solution/system that allows businesses to collect and verify address information from their customers before they start using services. The workflow of an AVS is explained below:
Submit Identity Information
The automated address verification solutions ask the user to upload two things: a photo of their face (selfie) and an original ID document that is issued by the government or any certified authority. Along with identity proof, a secondary document can also be submitted based on the business requirements during customer onboarding. It commonly includes a utility bill, bank statement, or a financial receipt with address information.
Verifying the Information
Once the details are submitted to the AVS, it extracts relevant data like the first and last name, date of birth, address information, postal code, etc. This user photo acquired from the ID document is compared with the live facial identity captured using facial recognition technology. The details on the secondary document are also taken into account to authenticate the legitimate address of the customer.
Sharing Results and Service Delivery
After successful confirmation of identity, the results are shared with the customer, and they can start using business services as a legitimate user. The end-user can now simply use their facial identity to perform transaction authorizations or log into their account.
Machine Learning Redefining Address Validation
The advent of digital solutions based on artificial intelligence (AI) is becoming increasingly popular in the market these days. One such example is the use of machine learning in making address verification systems efficient and less prone to errors. An AI-based AVS comes with the ability to get better over time and increase its accuracy rate given its ability to self-learn each time it operates.
Intelligent online address verification takes into account data analysis tools that enable the classification of different document types by document verification. This is especially useful when verifying addresses of customers globally to deliver the products at the right time and place. Given the power of machine learning in AVS, online forms can be designed to accept information in a specified format, thereby significantly reducing the number of incorrect entries at the time of customer onboarding. This allows companies to acquire correct and complete address and identity information to deliver a purposeful experience to customers.
No More Failed Deliveries
According to Magento, 19% of the total failed deliveries are a result of incorrect address information provided during account openings or at the time of checkouts. A real-time AVS solution makes sure that customers have a verified address before they place orders or start using business services. This enables enterprises to takedown failed delivery rates, and increase customer conversion by banking on emerging technology. Since most of the manual data entry tasks are now handled by the automated address validation software, businesses can focus more on revenue-building instead of wasting time on complex and less-priority tasks.
Summing it up, an online address validation solution assists businesses in verifying address-related concerns, so they can ensure product deliveries at the right address and to the intended recipient, ultimately creating a loyal customer base.