Today one of the most important part of a financial institution’s credit approval process is a physical verification. This is done to verify whether the information provided by the customer is authentic. Financial institutions conduct these verifications by hiring trained verifiers / agents who collect all relevant data regarding the customer for the institution. Based on the verification reports, the institution proceeds with a customer’s credit approval process.
Conventional Contact Point Verification (CPV) techniques faced the problem of a CPV agency staff submitting a CPV report without performing the actual CPV. This led to dilution of credit check and put the institution at risk of fraud and default.