Address Correlation
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The Address Correlation API is valuable for businesses seeking to verify the connection between an address and a mobile phone number. This is particularly significant for banks and other financial institutions extending loans to a growing number of individuals. It is crucial to ensure that the address and phone number provided by customers are accurate and authentic. This is particularly significant in cases where customers are unable to repay their loans, as it aids companies in locating them and collecting the outstanding debts.
The Address Correlation API utilizes a refined approach to determine the association between an address and a phone number, focusing on three key aspects:
- The occurrence of an address and phone number together within our records
- The presence of an address in our database
- The listing of a phone number in our records
This method effectively measures the likelihood of connecting a specific individual to an address or phone number, ensuring a precise and reliable assessment of their relationship.
- Scenario: The head of a BFSI is presented with a list of borrowers who have defaulted on their financial obligations. A crucial decision lies ahead: determining the cost-effectiveness of deploying a collection agent to recover the funds, especially after phone call attempts have proven fruitless.
- Challenge: Addresses provided during the application phase can vary widely, from permanent addresses in remote villages to current residential addresses in urban rented homes.
- Solution with Address Correlation API: The BFSI sector can leverage the Address Correlation API's features to evaluate the connection between addresses and phone numbers. This approach analyzes the combined occurrences of an address and phone number in our records, alongside the individual presence of each address and phone number within our database. By seamlessly integrating these factors, BFSI institutions can develop a more accurate and contextual understanding of their relationship.
