Independent Third party Verification: How it Benefits Various Industries

by | Apr 11, 2024

Every call ringing in a contact center promises a potential customer interaction, driving agents eagerly to present the best possible service to a prospective client. However, this enthusiasm can quickly wane when they answer calls unrelated to customer experience (CX), such as fraudulent calls posing as clients.

This is a common challenge faced by nearly all contact centers. Many incoming calls don’t translate into CX opportunities; some callers simply seek information, and only a small percentage convert into actual customers.

So, how can contact centers filter out these unproductive calls?

The answer lies in independent Third party Verification. By implementing a independent TPV platform, contact centers can efficiently screen out fraudulent calls and those unlikely to lead to customer conversations. This frees up valuable agent time to focus on meaningful interactions with potential customers, thus optimizing efficiency and productivity.

What is Third Party Verification? And Why is it So Important?

Third party verification (TPV) in call centers is assigning an independent entity to authenticate customer information, actions, and transactions. This process not only filters out irrelevant calls but also identifies potential clients, and optimises conversion rates.

TPV is imperative for call centers as it efficiently screens unwanted calls and provides quicker access for genuine clients. It adds a layer of security and trust for both businesses and customers.

Moreover, TPV plays a pivotal role in fraud prevention, regulatory compliance, and maintaining trust between parties by ensuring the validity and integrity of each transaction. By integrating TPV, call centers can refine operational efficiency, mitigate risks, and uphold industry standards, ultimately delivering a seamless and trustworthy customer experience.

Also Read: Why is Third Party Verification Important and How It Works?

What are Some Business Advantages Through Third Party Verification?

Business Advantages of Third party Verification in Call Centers:

1. Credibility: TPV offers credibility to customer interactions by providing an independent confirmation of the information exchanged between agents and the customer. This ensures trust between businesses and customers, further promoting long-term relationships between them.

2. Compliance: TPV helps ensure adherence to regulations regarding data privacy and consumer protection. By validating customer information and actions through an independent entity, businesses mitigate legal risks and avoid penalties associated with non-compliance.

3. Risk Management: TPV helps detect potential fraud by verifying customer identity and order details. This reduces the likelihood of fraudulent activities, protecting businesses from financial losses and reputational damage.

4. Marketing Advantage: Businesses which rely on TPV, showcase their commitment to transparency and customer security. This can be a powerful marketing tool, attracting consumers who prioritize trust and reliability in their interactions with companies.

5. Streamlined Processes: TPV streamlines call center operations by reducing call times and minimizing the occurrence of scam calls. Validating customer information through TPV ensures that only legitimate inquiries reach the main team, freeing up resources to focus on additional sales and enhancing overall productivity.

Ready to implement the benefits of Third party Verification in your call center?

The Benefits of Individual Third Party Verification Across Various Industries

Independent third party verification (TPV) offers a range of advantages for many industries. Here are some specific examples:

1. Energy Industry: Third party verification demonstrates accurate meter readings, billing, and compliance with regulatory standards of energy-saving products and enhances transparency and trust between energy providers and consumers.

2. Solar Industry: In the solar sector, third party verification validates solar panel installation, performance, and energy output. It assures customers of the system’s efficiency and helps solar companies maintain quality standards.

3. Healthcare Sector: Third party verification in healthcare looks after the accuracy of patient information, medical records, and billing processes. It helps prevent fraud, maintain data security, and ensures compliance with regulatory requirements such as HIPAA, for the best patient care.

4. Telecommunications Industry: In telecommunications, third party verification validates customer identity, purchases, and service changes. It minimizes fraudulent activities such as identity theft and unauthorized account modifications, thereby safeguarding both customers and service providers.

5. Finance Sector: Third party verification is crucial in the finance industry for verifying financial transactions, loan applications, and compliance with anti-money laundering (AML) regulations. It reduces the risk of fraud, ensures accurate financial reporting.

6. Human Resources: For the human resources department, third party verification validates employment history, credentials, and background checks. It helps companies make informed hiring decisions, promise workplace safety, and minimizes the risk of hiring unqualified or dishonest employees.

 Also Read: Independent Third party Verification: How it Benefits Various Industries

Key Considerations Before Choosing the Right TPV for Your Business

Now that we’ve explored the advantages of integrating Third party Verification (TPV) into call centers, it’s time to understand what factors to consider before investing in TPV software. With numerous options available, making an informed decision becomes even more dicey. Here are the key considerations to evaluate when selecting the right TPV solution for your business:

1. Accuracy and Reliability: Make sure the TPV software provides accurate and reliable verification results to maintain the integrity of your processes and data.

2. Accreditation: Look for TPV solutions that are accredited by relevant industry standards or regulatory bodies to guarantee compliance and credibility.

3. Reputation: Research the reputation of TPV providers, including reviews, testimonials, and industry recognition, to assess their track record and reliability.

4. Capabilities: Carefully examine the features and functionalities of the TPV software to ensure it meets your specific business requirements and objectives.

5. Compatibility and Integration: It is wise to confirm, whether the TPV solution smoothly integrates with your existing systems or not, to avoid compatibility issues and streamline operations.

6. Scalability: Choose a TPV solution that can scale with your business growth and adapt to evolving needs without compromising performance or efficiency.

7. Cost-effectiveness: Assess the overall cost of ownership, including upfront fees, subscription costs, and any additional expenses, to ensure the TPV software offers value for money.

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Moving Forward

In conclusion, independent Third party Verification (TPV) offers one of the most significant tools for businesses across various industries. It’s because TPV filters out unproductive calls and maintains transaction authenticity, allowing contact center agents to better focus on potential customers. Moreover, this tool guarantees fraud prevention, regulatory compliance, and maintenance of industry standards. Finally, with careful consideration of key factors, businesses can optimize operations, build credibility, and nurture lasting relationships with customers, paving the way for sustainable success.