Verification or Field
Investigation (FI), a word ideally we are forbidden to use, but with passage of
time, it has become a colloquial word, acceptable to one and all.
It’s a process undertaken
to contact a prospective client. Hence, it is also known as Contact Point
Verification (CPV).
Fundamentally requirement
of verification is to identify;
1. Existence of
Prospective Client.
2. Intention of
Prospective Client to repay the credit facility that may be extended to him.
3. Ability to repay
the credit facility that may be extended to him.
But, with increased
awareness about the entire process, declining customer profiles, increased defaults,
skips, fraud etc. altered the entire meaning of the process. Sadly, still,
people do not recognize the need for change.
We, however always believe
in providing quality services to our clients, hence do more then what is
required. Few of the additional features are outlined herein below for better
understanding.
1 In-depth Database
Check.
2 Tacking of client
applications, which even CIBIL is unable to do.
3 Profile Checking.
4 Additional
Information generation by specialized formats.
5 Rigorous follow up
to ensure, proper & timely visit.
6 Visit confirmation
through cross checking.
7 Focus on
fundamentals like area, profile, standard of living.
8 Improving
contactibility by reducing untraceable / un contactable applicants.
9 In-depth Third Party
Checking.
10 Daily audits &
internal control of on site work undertaken by executives.
11 Quality Control
& Internal Checks.
Above are few illustrative
points on the nature of verification undertaken by us, then simply meeting applicants?
Salient features of
Process:
In addition to the standard
process prescribed by the various companies, like conducting physical
verification at residence & office, Tele-verification, decisioning on the
basis of negative area & negative profile, below are some of the salient
features of the process being carried out by us.
Reporting
Format :
Across all the companies
for any product, we have devised our own format keeping in mind, nature of
product, risk involved – secured or unsecured, credit process etc. This forms
part of the Reporting Format prescribed by the company. It gives a birds
eye-view of applicants office-residence set-up, personal & financial
details, level of life style, reference check, Route map amongst other points
to take a informed decision about applicants ability to pay.
De-dupe
System :
Over a period of time,
while working with various companies, we have developed software to track the
defaultors, bad market paymaster, fraudulent profiles, person with negative
credit reference etc. We have database of various defaultors of the finance industry,
may it be secured product like Auto,Tw, Consumer Loans or unsecured product
like Credit Cards & Personal Loans. In addition, we have entered into
understanding with all our clients to obtain on regular interval the person
with irregular payment tract record with their company. Since, we are working
with some of the major players of finance industry, it provides us leverage to
keep the person with irregular repayment/credit history at bay. We also update
our database from various sources like Newspapers, data of Debt Recovery
Tribuanl, Negative Reference, Frauds detected/observed by us in our day to day
operation.
In our TECHNOLOGY
department, we have integrated networking system. In addition, we have Eight
trained dedicated de-dupe officer each with latest processors to undertake the
de-dupe process for various types verifications undertake by us with minimum
process time.
By our De-dupe process, we
try and establish the applicants intentions to pay.
Internal
Control System:
To consistently meet
the highest level of efficiency standards within Turn Around Time (TAT), we
have established controls at various stages of process. Our Quality &
Assurance initiatives involves following processes.
Ø Daily Master Control Sheet
Ø Capturing Data in to Software to track
efficiency/productivity of each executive.
Ø Daily activity log/mis of each company to track, TAT,
efficiency etc.
Ø Back Check/Quality Check process – to control on
field activities of executives.
Ø Weekly Audits by independent audit team.
Ø Regular On the Job/Class Room Trainings.
Ø Seeding & Cross Verification Processes.
Ø Supervisor Checks on Field & on Back End
activities.
Ø Tele calling & Data entry operation, Quality
Checks.
MIS
We have created a software
to capture the database of every single verification visit undertaken by us.
Thus, on the basis of uniform data captured by us, we are able to generate
numerous MIS to aid our client analyse sourcing pattern, approval ratio, defaultors
sourcing either in absolute or percentage terms on daily, weekly, monthly
basis.
We have system of assigning
standard code to each verification, thus, for eg. Negative residence
verifications are divided into 10 catagories, say, Lower Standard of Living,
Negative Area, Non-permenant Residence etc.
Graphical presentation of
product vis a vis Sub-product, Approval/Decline vis a vis DMA, Product vis a
Vis Defaultors/DMA etc.
Analysis of trends of
sourcing, emerging negative profiles, new modus of fraud etc.
Miscellaneous:
Apart from normal
verifications, we provide extensive market feedbacks, fraud alerts and share
knowledge acquired in the day to day working, albeit with solitary object of
helping company manage the risk more efficiently, while removing the fraudulent
activities from system. Key features are as under.
Ø Fraud Alerts: When ever, we catch a fraud or potential
fraud from the sourcing received or from market feedback, same is shared
instantly.
Ø Negative Alerts: On regular basis, information about
negative dsa/dst, fraud set-up, fraud schemes etc. are shared via an e-mail
alert.
Ø Best Practice: We adopt all new best practices deployed
by our clients or made part of our process as standard process across our
office.
To know more about verifications, please contact us: