Correio Address Validation™
tReal-Time, Cost-Effective, Integrated Address Verification
If you think address validation software is unnecessary because your statement vendor cleanses the addresses before statements are mailed, think again. Your credit union likely sends plenty of mail that doesn’t go through your statement vendor and relies on the accuracy of this important information.
Correio uses the United States Postal Service Address Management System (USPS AMS) database to ensure that all of your member address records remain standardized, corrected and have the correct ZIP codes. With multiple integration points throughout the Episys® platform, Correio can run in batch mode against your entire database as part of your periodic maintenance procedures, or it can be invoked on demand for situations such as new member enrollment and address changes. It can also be integrated with third-party applications that require address correction and standardization, including our Envoy Application Suite and select third-party on-line banking vendors.
Correio includes our custom Enhanced Name and Address Change specfile at no additional charge, which allows you to update name or address changes and propagate those changes to other name records, not only to the current account, but also to other accounts the member may be joint on. This cross-account address change functionality has proven to be a very popular.
Correio Address Validation™ helps you:
Correio in action
CUTEK's Correio Address Validation™ solution works by integrating with the USPS Address Matching Service Application Programming Interface (AMS API) to access the post office's address database, which is updated bi-monthly, and pushes the pertinent member address data back to Symitar's Episys™ system. When the credit union's member service representative (MSR) types in an address, Correio kicks in by validating the address. If the address is bad, a dialog box appears onscreen immediately alerting the MSR. Correio also standardizes the addresses by adding the ZIP+4 to the zip code to allow for more efficient and accurate sorting and routing.
How Correio Address Validation™ Delivers Efficiency
The Data Warehousing Institute estimates that poor-quality customer data costs U.S. businesses a staggering $611 billion a year in postage, printing, and staff overhead.
Data quality: Data Quality is the reliability and effectiveness of data, particularly in a data warehouse. Data quality assurance (DQA) is the process of verifying the reliability and effectiveness of data. Maintaining data quality requires going through the data periodically and scrubbing it. Typically this involves updating it, standardizing it, and de-duplicating records to maximize the effectiveness of the relationship with your members.
Accurate address validation: Correio AVS uses the latest U.S. Postal Service (USPS) address data file. As a result, your Member Service Representatives can look up an address, verify it, and update it to your Symitar core processing system in a standardized format. This enhanced accuracy of your data quality is due to performing address validation at the point of data entry, which improves delivery and response rates of member mailings. In addition, "easy integration" into existing Symitar PowerOn™ specfiles, including text specfiles, HTML specfiles, and SymForms make Correio a valued add-on to your Episys™ system.
3rd Party information and Customer relationship management: Ongoing postal address verification is essential for your credit union's quality Customer Relationship Management (CRM). Address standardization helps to improve member's data integrity, ensuring bills, mail, and shipments reach their destinations. This standardization keeps your members happy and saves your credit union time and money. Correio's robust capabilities allow it to integrate with most CRM systems as well as other 3rd party applications to ensure that all address data coming into your credit union is a clean as possible.
Fraud prevention: Correio mitigates fraud cases caused by bad addresses by correcting or validating an address at the point of entry, which helps reduce potential fraud cases where invalid address are being used. If a member does not know their address or cannot provide you with valid parts (i.e. Apt#, spelling of the street, or P.O. Box), then you may want to consider verifying additional items like credit reports, getting a copy of a tax bill, or other acceptable forms of identification.
Keystroke reduction: On the keystroke reduction, using Corrieo, you can input only the Street and 5-digit zip code. The Correio software will verify and normalize the Street, fill in the City and State, and add the ZIP +4.
Real-Time vs. Batch Verification: On average, databases without address verification will contain 15-22% undeliverable addresses.
Batch Address Verification: Can correct a lot of these bad addresses
Real-Time Address Verification: Corrects and validates addresses at point of entry empowering the data owner to correct their own address. Also notifies the user of a bad address so they can confirm with the customer (member, employee, 3rd party (i.e. In Direct Dealers and Mortgage Companies.) Correio can help reduce the entries of undeliverable addresses by 15-22% . Resulting savings: For such a quick and precise address validation tool, Correio AVS is competitively priced to meet a swift ROI. Due to better data quality, higher operator throughput, and reductions in returned mail and undelivered shipments, Correio can, without a doubt, add tremendous value to your credit union.
1-10-100 Data Quality Rule
It costs 1 unit to fix a bad address at the point of entry when customer is present.
It costs 10 units to fix a bad address that is saved in the database and identified via batch.
Running reports, proactive phone calls, user's time.
It costs 100 units to fix a bad address that was sent mail and the mail was returned.
Processing returned mail, contacting customer via phone/email, updating address, resending mail
In general, dealing with exceptions.
Download a Product Brief
Case Study ROI
CU Mailing Campaign to 5000 members
A few of our Correio clients:
“Correio has been the perfect method of getting a member’s address into the database correctly the first time. If Correio cannot verify the address, then you still have the opportunity to let the member know right there. You don’t have to waste postage to find out you have an undeliverable address.” ~ Tammy Williams, AVP Information Technology Keesler Federal Credit Union."
Contact a CUTEK Sales Rep today for more information about how Correio Address Validation™ can help your credit union.