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Neuro-ID's formative partnership with Tech Launch Arizona

In 2020, Neuro-ID received the I-Squared ‘Startup of the Year’ award through University of Arizona’s Tech Launch Arizona program.

It’s impossible to talk about the history of Neuro-ID without sharing the close and formative partnership between our founders, Drs. Joe Valacich and Jeff Jenkins, and the Tech Launch Arizona program at The University of Arizona. From the inception of an idea, to protecting IP and the commercialization of industry-changing technology that has propelled Neuro-ID forward, learn about this important piece of how we pioneered our Behavior-as-a-Service platform.

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Neuro-ID's 2020 Year in Review

We can all agree that 2020 has been 'one for the books,' especially as the world as we knew it changed with the rapid spread of Covid-19. Despite the new challenges, we at Neuro-ID stayed the course, progressing our technology and really had fun along way. To meet the needs of an accelerated digital transformation, we increased our pace and bolstered efforts to continue improving our Behavior-as-a-Service platform to help companies fight both fraud and friction. Here are some of the highlights from a year to remember, or for some, to forget.

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Lessons Learned From a Tough Year

I think we all can agree that 2020 has been a tough year all the way around. Plans have changed in the last 8 months (some dramatically so), businesses had to make adjustments faster than ever to meet the demand of an ever-increasing number of prospects forced online, and a new level of fraud complicates everything. So, what did we learn that we can take into 2021 and not just survive, but thrive? Here are my thoughts.

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For Fraud, Take the Path of Smart Resistance, AKA, Smart Friction

Friction is a terrible, horrible, no good, very bad word (apologies to Judith Viorst) when it comes to customer experience, but for personalized verification paths – catching fraud while reducing false positives – smart friction can be your digital ally.

So, what is ‘smart friction’ exactly? Smart friction is a technique that leverages visibility into an online user’s intent, revealed through their real-time behaviors, to drive a ‘friction-right’ customer experience, based on perceived fraud potential. That predictive lens into fraud is exactly what Neuro-ID provides, which is critical to applying smart friction.

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Digital Customer Experience More Than Ever: And It Better Be Good

In 2020, one thing is for sure, the global pandemic has forced every online merchant to speed up its efforts to create a better customer experience or be left behind.

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It's All About the Data

Digital transformation has brought many things into the 21st century. We can order pizza through our watch, transfer money with a few swipes on our phone, book a flight and rent a weekend chalet simply by asking “Alexa” to handle the details. But what’s at the heart of all this futuristic capability? Data.

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Face to Face with Fraud

There’s an interesting phenomenon happening every day, on almost every FI website looking to onboard new customers, whether it be a loan or line of credit application or an insurance quote. It’s taking place right in front of us, digitally, often going undetected and costing companies billions of dollars in losses and therefore costing customers billions in increased prices and increased regulation. I’m talking about fraud, but not just criminal fraud or 3rd party fraud, fraud in the sense that actual customers are “padding” their salary or assets in an attempt to reduce their risk profile.

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The Shell Game

You remember the shell game? Three shells with a ball under one, spin them around with some sleight of hand and see if your mark can find the ball. Simple enough, right? Several $20 bets later and you realize that even something as simple as finding the ball, a one-out-of-three chance, is next to impossible.

This is what’s been happening to lenders over the last few months as a result of the government’s stimulus package designed to provide relief for affected consumers. While it may have provided temporary relief to consumers, it has made the job of online lenders more difficult than ever when it comes to determining risk factors of applicants.

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Solving the Puzzle in Your Customer Data

If you’re like most FIs, insurance, ecommerce, or other online businesses, you probably have a load of customer data. But it is what’s hidden in that data that can make all the difference in detecting fraud, friction, customer satisfaction and creating a customer journey that makes purchasing from you a great experience.

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FI's Digital Transformation More Real Than Ever

I don’t usually talk in absolutes, but there are two things that are absolutely clear about the effects of the Covid-19 pandemic. First, there will be more demand for online financial services, from a broader spectrum of consumers (by a large margin) than earlier projected growth rates led us to believe. Second, this mass migration to online services is uncovering several weaknesses in the FI space which will require the industry to step back and consider new ways to meet the demand of their customers.

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