When a business is unable to verify the identity of a consumer online, it is often because they can’t match the consumer’s static identity information, i.e., name, SSN, and birth date, with a more dynamic identifier, like a mailing address.
For financial institutions, up to 30% of identity verification attempts can result in a failed address match. If the institution doesn’t have an automated data-driven approach to resolving the address discrepancy, the consumer is denied access to an account until the issue is resolved. When this happens, institutions can alienate prospective customers and lose business opportunities.
There isn’t a 100% fix for the address failures that occur within identity verification processes; addresses are too dynamic. However, with our approach and proprietary data sources, Kevari can verify up to 50% of would-be address failures in real time, allowing the institution to welcome more new customers.
Learn about resolving address discrepancies within the identity verification process by listening to this six-minute podcast featuring Adam Elliott, Kevari President.
