A leading Fortune 500 bank used Markaaz's superior small and medium-sized business (SMB) data to achieve 30% verification rates for its SMB business credit card applicants.
A leading Fortune 500 bank was seeking a better solution to verify more SMB credit card candidates from its applicant pool. It receives a large number of applications each year and is unable to successfully verify approximately 20% using its current data provider, denying worthy candidates of necessary financial services and leaving significant revenue on the table.
The bank partnered with Markaaz on a data study to evaluate Markaaz’s business verification and person-to-business matching solutions. The goal was to see how many previously unidentified and rejected small businesses Markaaz could successfully verify compared to its current provider.
The bank found that its existing KYB verification service did not correctly find, match, and verify 20% of its SMB applicants. This limited the bank’s ability to approve and onboard qualified customers.
Their verification data gaps led them to reject a large percentage of qualified candidates. This hurts small businesses that need access to capital to maintain their business’s health.
In addition to denying small businesses essential services, the bank was leaving substantial revenue on the table. Each new small business customer represents $5,000 to $25,000 in lifetime value for the bank depending on their size. Their goal of a 5% match rate could potentially translate to millions of dollars in additional revenue.
Understanding that Markaaz created a new standard of SMB data that enables companies to better verify and monitor small business applicants and customers, the bank hoped the partnership presented a solution.
To test Markaaz’s verification solution, the bank submitted a batch of SMB business applicants that it rejected because of verification issues.
With superior data quality and more than 300 million listed businesses, the Markaaz Directory is the backbone of the verification process. The vast number of listings provides an extensive view of global SMBs, and higher-quality data leads to a higher number of verified matches.
Using machine learning, proprietary matching, and advanced analytics, Markaaz’s algorithms meticulously sort through numerous global data sources, selecting the most accurate data elements and combining them to create a golden record. This ensures Markaaz has the best, most accurate business record available.
Markaaz was specifically designed to cater to small businesses. The algorithms match against common SMB data issues, such as manual data errors, outdated records, and missing information to provide a thorough verification result.
Using machine learning, proprietary matching, and advanced analytics, Markaaz’s algorithms meticulously sort through numerous global data sources, selecting the most accurate data elements and combining them to create a golden record. This ensures Markaaz has the best, most accurate business record available.
Markaaz’s name matching capabilities aggregate multiple different versions of a business officer name, accounting for potential data entry errors and returning a more accurate result. This improves a company’s ability to cross-reference applicants with authorized business officers, reducing risk and potentially increasing approval rates.
The partnership between this Fortune 500 bank and Markaaz led to clear, significant improvements in business verification rates. Not only can Markaaz help lenders create an efficient approval process, but the improvements can lead to substantial revenue gains.
To learn more about how our business verification services can work for you, connect with us today.
Markaaz verifies 30% more businesses than leading providers. See what you’re missing with our free match rate test.
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