Here’s a simple, impactful idea: Let your agreements verify your customers' addresses for you.
The business value of address verification
Address verification is important for businesses for three primary reasons: preventing fraud, reducing costs, and improving customer onboarding and experience overall.
Using automation to prevent fraud has clear business benefits and, for organizations subject to KYC regulations, like financial services firms, it reduces compliance costs. Transactions without fully validated addresses are more likely to be fraudulent (according to one source, 8x more likely to be fraudulent if a full address is entered but only the city, postal code, and country are valid).
Faulty address data routinely adds to operational costs: order reprocessing, customer care call time, slower transaction speeds, and labor to conduct audits or corrections.
By reducing NIGO rates and increasing the completion rates of customer transactions, address verification helps make onboarding flows more frictionless. Increased transaction efficiency, in turn, has a direct, positive impact on customer experiences and customer retention.
The limitations of address verification outside of the agreement
Address verification services have been around for years. Yet these options are not without limitations: They can be costly to set up or maintain, may involve manual steps to use (e.g. re-keying customer-provided data into a portal), and are often inserted too late in the process (e.g. after a customer has signed up). For businesses that are contract-intensive, there is tremendous value in turning the contractual documents used to capture information from customers, employees, suppliers, and other stakeholders into objects that can perform actions with, and on, such information. Waiting to verify data until agreements are signed can mean slower turnaround times and disruption in the revenue flow.
The novelty of self-verifying smart agreements
While it is possible to use address verification services in any number of stages within a customer journey, for many businesses the ability to verify address in real time while the customer is engaged with the agreement is at once a unique customer experience and cost-saving opportunity. The major source of value of smart agreements lies in enhancing your existing processes and software investments with minimal effort. If you’re using an e-signature platform to send out application forms or onboarding documents for electronic signature, you can add a Clause Verify Smart Clause® template that automatically checks your customers’ manual entries against external sources of truth in real time.
- Pre-built templates and integrations make it easy to insert address verification inside your agreements
- Prevent bad data from entering your system at a critical point of engagement: e-signature
- Prioritize a smooth customer experience with auto-complete, typo detection, and auto-correction of address information entered by your signers
Address verification with Clause Verify is a simple way to get started with smart agreements while ensuring you get value fast.
You can try this address validation template right now as part of a free trial for Clause Verify.