Data Verification, an Effective tool for Customer Retention

In a complex business environment, finding accurate information is key to success. It is very important to gather, verify and validate information about individual thoroughly, which is vital in delivering quality customer support solution, improving product and service, and decision making. If gathered information is misleading and consists of errors then, it becomes quite challenging for businesses to uplift their profit motif. Therefore, outsourcing data verification services to call centers can be a potent tool in saving both time and money.

There has been an increase in the number of organization offering this service and therefore competition has escalated amongst them. Every businesses strives to provide ultimate services to the customers. One of the important assets of the enterprises is to give optimum level of satisfaction to customers through effective service provision thereby influencing the growth of an organization. Failing to deploy particular type of services brings bad name to the organization in the long run and instead need to spend more money and time when the collected data is not concrete. Therefore, third party verification services are required to track accuracy and consistency of the provided customer data.

Large enterprises do not wish to hire employees or involve their premium employees in tedious jobs, so they tend to outsource data verification services to a third party. Data verification call centers make use of pragmatic approach in verifying data of individual.
In this competitive market, more than 50% organizations are getting information verified through a third party ensuring smooth functioning of businesses and thereby evading fraud. Third party verification is considered most useful for business developers, recruiters and market researchers.
Third part verification services come in three different types. These are:

• Employment verification services: This type of service collects factual information about candidates work history from human resource department of an organization. Data verification service acts as an extension of HR of your company. They validate and verify the information of the newly hired employee to avoid irregularities to occur.

• Customer data verification: This type of service help in verifying customer data related to the product and services which they are planning to buy. The customer data, in these cases, is checked for accuracy. Information such as names, addresses, email identities etc. are checked to confirm that the transaction has been authorized by the customer. As customer data is susceptible to change (with people either getting married or relocating, or in cases of death), it becomes essential that data is maintained efficiently and updated regularly.

• Insurance verification: This type of service help in assisting insurance companies by verifying the information provided by customers to enable quick and reliable decision making. Operators of third party verification services call each customer to validate the information provided by them to buy or claim insurance. This feature ensures that customer is liable for being paid or not.

Data verification services accelerate business process. As data is an integral part of an organization, it not only should be accurate but also up to date. Some aspects of third party verification services include:

• Improves operational efficiency
• Reduces cost
• Optimizes business process
• Provides auditability and data transparency
• Improves customer experience

The process of data verification is entirely factual. It ensures that the entered data is true to the original source. Three methodologies are involved by the external vendors for verifying data. Some of the methods include:

1. The first method involves checking of the inputted information twice so as to avoid being cheated by any fraud.
2. Data entry check help to check the collected information entered in the computer for second time against the original document. When the information does not match with the first, the system shows an error message.
3. Other processes include phone and email verification

Manually verifying of data might be quite time consuming as well as expensive. This facility ensures smooth flow of business operation thereby enhancing work productivity. Thus efficient employees are available for 24 x 7 thereby immensely enhancing the growth of an organization.