True Industry Overview
The Middesk True Industry product is an enterprise-grade, scalable solution for discovering what every business makes and sells. With a single request or API call, True Industry retrieves the web presence of a business entity, extracts and analyzes its content, and leverages a proprietary machine learning model to determine the industry of a given business. The True Industry product also offers a user-friendly industry selection front-end tool for a streamlined onboarding experience.
True Industry provides a powerful industry classification solution for companies that require verification of business industry during onboarding, when underwriting a financial product, while conducting a compliance screening, or any number of other use cases.
The True Industry product takes as input the website of a business and generates a set of labels and prediction values that a customer can use to identify the main industries in which an entity operates. Some industries will be flagged as high risk, indicating the business may operate in a high risk or regulated industry.
True Industry reports can be created in one of two ways:
- Manually via the dashboard for one-off classifications
- Programmatically and automatically via the API
Running a True Industry report
True Industry enables customers to retrieve a set of label classifications and predictions about the industry of a business just by providing the website of the business.
|Website||required||The website for a given business. Must be passed in order to classify industry.|
Middesk can return any of the following responses
|Success||This business likely does not operate in a high risk industry||No Hits|
|Failure||This business may operate in the “X” industry||Hits|
Results of a True Industry report
The True Industry product is a scalable, straightforward resource through which to classify the nature of an entity's business. Beginning with high risk and regulated industries and expanding to other non-regulated industries, the True Industry product allows customers to quickly and automatically flag entities that require additional review or consideration before engaging with the business more formally.
Today the output of a True Industry report is a set of prediction values for each industry in which the business may operate. Below are some examples of the industries that Middesk classifies today.
|Drug Paraphernalia||Drug Manufacturing|
Items for Drug Use
|Money and Legal||Bail Bonds|
|Virtual Currency||Initial Coin Offerings|
Video Game Credits
|Investment and Credit||Securities Brokers|
|Regulated Products||Weapons / Firearms|
Tobacco and E-Cig
|Gift Cards||Gift Cards||True|
|Counterfeit Goods||Companies with Fake Brand Name Goods|
|Multi-level Marketing||Multi-level Marketing|
|Get Rich Quick||Companies Promoting High Yield Investment Opportunities or Services||True|
|Social Media Activity||Sale of Twitter Followers|
Sale of Online Traffic
Sale of YouTube Views
Products making health claims not approved by the FDA
|Drug of Concern||Legal substance that provides the same effect as an illegal drug (e.g., salvia, kratom)||True|
|Construction||Construction of Buildings|
Construction of Engineering Projects
|Manufacturing||Mechanical, Physical, or Chemical Transformation of Materials, Substances, or Components into New Products||False|
|Car Dealers||Used and New Car Dealers||False|
|Clothing Stores||Stores Selling Clothing||False|
|Electronics and Appliances||Stores Selling Electronics|
Stores Selling Appliances
|Jewelry Stores||Stores Selling Jewelry||False|
|Used Merchandise||Consignment Stores|
|Real Estate, Rental, and Leasing||Equipment Rentals|
Property Management Companies
|Health and Social Services||Hospitals|
|Other Services||Car Repair|
Personal Care Services
If you have questions or requests about the next industries Middesk should support in its next product launch, don't hesitate to reach out to [email protected]!
Updated 14 days ago