How can data help us solve the problem?
Over the past couple of months, we’ve dived into why the verification process could do with an overhaul. We’ve explored the data, showing that only one-third of all verifications are returned without any errors, discrepancies, or cross-checking required. In this post we’re going to shift our focus; from what isn’t working, to what is possible.
Data is the new currency for everything, and it’s a valuable resource to solve all types of societal problems. From launching satellite internet constellations, to enabling mobile banking across continents, and even reducing air pollution in London, data is the cornerstone of innovation. It’s no surprise then, that the way we will be improving the verification process is by using data. Better yet, the data required to power our platform is already available. We just want to make it accessible, secure, and controlled by its rightful owner. Hint: that’s you, the consumer.
To fulfil its purpose, an employment verification only requires a few key data points: name, employer, role, and employment dates. Of course, more data points could be used to deliver more solutions and insights, but let’s consider this the core for now. Luckily there are about 29 million people in the UK using a system that can provide this data: the Payroll system. Chances are, if you’re employed in the UK, your paycheque will be processed via a Payroll system every month. A few large players dominate the Payroll market, which allows Konfir to integrate and expand our coverage quickly. In turn, the task of providing a employment verification for a UK employee becomes much easier, as we can return these core data points on the vast majority of employees and contractors instantly.
But what happens when Payroll details can’t be found, or the level of insight required is beyond the reach of this core data? Banking is another potential source we can use to deduce employment history. This is done by looking at the employer-linked payments someone has received in their account every month. Banking data also opens inroads into determining someone’s income, their spending patterns, and much more. Beyond Payroll and Banking, we can draw from effectively any institution that offers reliable, secure data and supports consent based integration.This highlights the potential of the network we’re building, and moreover the vision we’re building it for; to enable people to progress seamlessly in life, by allowing them to access, control and share trusted evidence of their employment journey.
More data is good, but secure data is better. Konfir’s solution serves not only to combine disparate data sources, but to do so in a way that benefits the consumer. As a company born into a post-GDPR world, we’ve designed our processes around transparency, integrity, and purpose limitation. Consumers using Konfir’s platform maintain control by dictating when their single-use data can be connected to a verification. When data does flow through Konfir’s system, it’s encrypted and processed in line with ISO27001 standards.
Watch this space in the coming month as we begin to share more details on the data-driven solution we’re bringing to market.Back to blog home