Recently, I had an opportunity to explain what Neuro-ID does in a way that made so much sense the customer had a huge “aha” moment. I said this, “Fraud detection systems have traditionally relied on what a customer provided as their final answer. Neuro-ID reveals how the customer came to that answer, which, when it comes right down to it, is actually more important.”
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.
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.
Our IFI Thought Leaders and Neuro-ID, our partner in translating digital customer behavior into real-time actionable intelligence, explore how to make sense of a market that has been turned upside down and balance supporting consumers in need of lending, while navigating the changing face of fraud and risk.
Let’s face it, no one likes friction when it comes to completing tasks online. We completely get it. Yesterday, Neuro-ID announced the release of its inaugural FinTech Friction Index(R) Report, based on over 20 million customer journeys from the world’s top fintechs, analyzed through the lens of friction. Leveraging Neuro-ID’s proprietary, neuroscience-driven analytics and its Friction Index™, the report measures the real-time levels of friction experienced during the digital onboarding process, providing a window into the intent and mindset of the applicants. As an industry ‘first,’ the report ushers in a new level of understanding to improve the digital experience.