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Neuro-ID Introduces FinTech Friction Index® Report, Quantifying Friction, Consumer Intent

Sep 24, 2019 5:36:00 PM / by Jack Alton

WHITEFISH, MT / ACCESSWIRE / September 24, 2019 / Neuro-ID, a pioneer of neuroscience-based analytics, today announced the release of its inaugural FinTech Friction Index Report. The report aggregates real-time behavioral data from over 20 million customer journeys from top fintechs around the globe, providing new visibility into the friction and frustration consumers experience during the digital onboarding process.

As businesses and financial institutions (FIs) continue to move processes online, a digital gap between brands and their customers has emerged. Consequently, friction-filled processes have led to poor customer experience (CX) and low conversion rates. In addition, the inability to decipher the intentions of the digital consumer has led to increasing instances of sophisticated fraud and risk.

"The concept of friction remains fairly vague. Our goal with the FinTech Friction Index Report is to scientifically quantify the level of friction a consumer experiences during each step of the customer journey in real time. This new dimension of actionable insight is based on nearly a decade of patented research and discovery and provides a data-driven approach to inform changes and improvements proven to optimize CX and conversion rates," said Jack Alton, CEO of Neuro-ID.

Neuro-ID unlocks this new source of behavioral data by monitoring fine motor movements such as click hesitation, response time, and overall speed, as customers interact with a website, form, or application. These digital cues allow Neuro-ID to monitor and measure in-session friction, which enables digital brands to better understand any underlying frustration, confusion or malintent.

"Citizens Bank is committed to building the best digital experience possible for our customers," said Andrew Rostami, EVP, Head of Unsecured Lending & Cards at Citizens Bank. "Neuro-ID's Friction Index Report provides visibility into our customers' journey that brings us valuable insights around customer friction."

Key findings of the FinTech Friction Index Report include:

  • Measuring friction for the digital consumer
  • All friction is not created equal
  • Differences in friction between touch vs cursor devices
  • Anomalous behavior indicative of potential fraud
  • Key speedbumps applicants experience on forms

To download the full FinTech Friction Index Report, please click here.

 

Tags: Press Release, fraud, online lending

Jack Alton

Written by Jack Alton