How Data Validation By Third Party Will Help your Business

Apr 3, 2018

How Data Validation By Third Party Will Help your Business

The advent of online banking and digital wallets have made customer
compliance a serious business, particularly so with the recent RBI directive
which states that payment banks will need to get customer data validation
by an independent third party. It also states that the company engaged in
data validation should have the exact blueprint as to how it will go about
customer due diligence and record maintenance. These steps by the RBI are
for fraud prevention and in accordance with the Prevention of Money
Laundering Act.

With the RBI move requiring recruitment of third party for data validation,
most companies fear that they will need to shell out $1 to $2 per customer,
just to get through the verification process. However, the fact is data
validation by a professional company can actually help enhance recovery,
prevent fraud and even open new doors of opportunity.
Until recently, banks and financial institutions were simply not aware about
their risks owing to lack of current data. Spocto’s data validation can actually
help in designing risk strategy and risk mitigation. This in turn will help
boost confidence of the businesses and take them towards the path of
growth.

Spocto Validation

spocto is a Big Data company with a difference. With an eye on individual
consumer, we offer data driven insights on mass scale. We have developed
multiple data touch points of over 100 million individual personas procured
from more than 47 data sources which are continually curated to keep them
live.
With our patented algorithm, we use advanced data validation techniques
that will not only verify contactability, but also help in credit assessment,
risk detection, improved recovery and consumer analytics to help you with
upsells and cross sells.

How we do it

spocto blends traditional and alternative sources of customer verification and uses
proprietary algorithm that automates the fraud detection process and validates,
vets data for a faster fraud detection mechanism. Our clients will be able to
leverage standardized, real time data from multiple sources integrated into a single
point for verification. Simply put, we will handle the data verification process, while
you take care of your core business.

Features of spocto Data Validation

  •  Data validation results in under 30 seconds
  •  Fully automated process, no customer intervention needed
  •  Higher data accuracy
  •  Reduced Cost with quick processing

How this benefits our clients

With our fast paced data validation process, one of our clients registered
an 18% improvement in fraud response.
With our huge data base, multiple data touch points and blending alternative data
for advanced data validation, banks and financial institutions will be able to:

  •  Extend loan approvals to thin filed customers without unnecessary risks
  •  Faster credit approvals as the data validation is automated
  •  Detection and prevention of fraud
  •  Improved Recovery
  •  Possibility to cross sell and upsell through intelligent data insights

Thus with our advanced data validation techniques, our clients get value for money,
save time and resources and are able to focus their energy to core business.