No single verification provider has been able to solve 100% of verifications. That’s why financial institutions use what’s called waterfall of multiple verification providers. Most consider the same three variables when it comes to constructing a verification waterfall: time, money, and pull-through rate. Yet every institution has reinvented the same wheel.
Building and maintaining the workflows to integrate multiple verification providers are resource-intensive. And most businesses are ill-equipped to implement new providers into their existing waterfall. As newer technologies like consumer-permissioned instant data join traditional instant databases, call centers, and document upload as a faster, more cost-effective verification option, many financial institutions struggle to keep up.
Enter Intelligent Verification Platforms, which aim to solve the challenge. With the goal of lifting the engineering burden from financial institutions, Intelligent Verification Platforms help organizations tackle consumer verifications without writing a single line of code—all while optimizing for time, money, and pull-through rates.
What is an Intelligent Verification Platform?
Intelligent Verification Platforms offer a unified solution for consumer verifications. Financial institutions integrate with a single platform that provides the building blocks to a successful waterfall. An integrations marketplace of components (consumer-permissioned instant data, instant databases, call centers, and document upload) combined with smart routing technology creates an ideal solution for each organization.
The platform enables organizations to add or remove components easily, or input requirements like time, money, and pull-through rate to allow the platform to dynamically tailor an optimized solution.
Traditionally, testing out new providers would have been a time-consuming and expensive process. But Intelligent Verifications Platforms rely on machine-learning and low-code workflows to enable financial institutions to aggregate providers and intelligently route verifications.
By implementing an Intelligent Verification Platform, financial institutions gain more freedom and flexibility around verifications without the need to partner with expensive consultancies or hire dedicated engineering or operations resources.
Benefits of an Intelligent Verification Platform include:
- Increase revenue and pull-through rate while reducing turnaround time
- Eliminate the need for in-house engineering resources
- Tailored user experience for customers based on the use case
Common features of an Intelligent Verification Platform
- Low or no-code integration with a single platform for customizing your waterfall
- Integrations marketplace with multiple verification providers and products
- Smart routing or machine learning to optimize the workflow based on goals
