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™ 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.
Tuesday, April 9, 2019 9:30 AM
First-Of-Its-Kind Data Provides a New Dimension of Customer Insight Based on Neuroscience and Advanced Behavioral Analytics
SAN FRANCISCO, CA / ACCESSWIRE / April 9, 2019 / Neuro-ID, a leading behavioral analytics provider, today introduced next-generation customer intelligence with the launch of its NOW Data™ suite of services. Through a powerful combination of technology, neuroscience, and prescriptive analytics, Neuro-ID’s NOW Data empowers brands to discover and act on valuable behavioral data in real-time in order to significantly enhance and customize the digital customer journey.
As financial services increasingly move to digital platforms, critical insight derived from direct human interaction can be lost. Neuro-ID brings this human element back by providing visibility into a customer’s digital body language and intelligence from digital cues such as click hesitation, response time, overall speed, etc. Through proprietary technology, Neuro-ID’s NOW Data surfaces powerful insight about a customer’s intent and level of engagement in order to personalize and shape the customer experience as it’s happening.
”The digital experience is broken. Friction-filled processes are causing your best customers to abandon at critical points in the customer journey,” said Jack Alton, CEO, Neuro-ID. ”Neuro-ID’s NOW Data leverages a decade of patented research and discovery to reconnect brands with their customers. This new source of real-time data empowers digital brands to virtually go on the journey with the customer as it occurs. Our enterprise clients have leveraged NOW Data to double conversion rates by eliminating unnecessary friction while simultaneously enhancing their ability to detect sophisticated fraud and risk.”
”For the past decade as CEO of Credit.com and General Manager at Experian, I built teams responsible for leveraging multiple sources of data to create valuable products and to improve the consumer experience,” said Ian Cohen. ”We collected and analyzed many sources of actionable data to best inform our processes and models. Neuro-ID’s NOW Data is truly disruptive as they are providing a new source of real-time data to inform the customer journey while it is occurring. This signals a new era to empower brands to build valuable and lasting digital relationships.”
Neuro-ID helps financial institutions uncover the full potential of their data by surfacing a new layer of intelligence. By gathering thousands of valuable data points, without collecting any personally identifiable information (PII), Neuro-ID translates a customer’s movements and behavior in real-time while they interact with a digital application, form, or survey. This actionable insight is used to predict outcomes such as the propensity that a customer will accept a loan or abandon a process, positioning brands to treat their customers with a new level of personalization. Proven to be effective in informing and improving existing fraud and risk models, NOW Data is also used to predict verification and screening outcomes, empowering companies to apply levels of verification suitable to the individual. As a result, the in-session insight allows companies to reduce unnecessary friction typically experienced in a digital interaction between a company and its customer.
Neuro-ID is the pioneer in actionable real-time behavioral analytics that leverages patented software to monitor, analyze and score human-computer interactions to enhance a users experience as it happens. Neuro-ID’s NOW Data™ is the first-of-its kind to provide brands with unique behavioral data directly from their customers in real-time. By collecting and measuring various behavioral indicators of indecision, state-of-mind, intention, and emotion, Neuro-ID’s NOW Data provides a new source of actionable data and personalization for any digital interaction. Based exclusively on in-session behavioral data, Neuro-ID calculates and delivers Neuro Confidence Scores using proprietary models, which are customized to dramatically improve strategies, decisions, and performance for CX, marketing, fraud and risk. For more information, visit Neuro-ID.com.
Caliber Corporate Advisers
Mr. Montague’s Extensive Experience Fuels Neuro-ID’s Continued Penetration Into the Financial Service’s Risk Market
Whitefish, Montana – August 22, 2017 /PRNewswire/ – Neuro-IDTM, a leading provider of prescriptive analytics for the risk industry, today announced that industry influencer David Montague has joined its Advisory Board. Mr. Montague, who is the founder of The Fraud Practice, brings an impressive track record and vast industry experience to Neuro-ID.
As an advisor to Neuro-ID, Mr. Montague will engage directly with the Neuro-ID executive management team. Mr. Montague’s insight and industry knowledge of Neuro-ID’s unique technology provides a valuable resource for understanding its customers, partners and overall market position. Mr. Montague will have an influence on Neuro-ID’s long-term product vision and will actively exchange best practices for establishing Neuro-ID’s market leadership in the risk industry.
“Neuro-ID provides an exciting and innovative technology for the risk industry,” said Mr. Montague. “Neuro-ID’s solution is the first to effectively bring awareness behind a digital customer’s answers on application questions in real time. Neuro-ID is bridging fraud and credit perspectives to make better and faster decisions. This provides insight into irregularities and risk signals that did not exist before. When customers are presented with Neuro-ID’s offering, there is an “ah-ha” moment as they realize the immediate value that the technology can provide to their business.”
“David is highly respected for his business knowledge and thought leadership throughout the fintech space,” said Jack Alton, CEO of Neuro-ID. “David brings unique insight into every aspect of our business. David will provide strong feedback and share experiences to help Neuro-ID navigate the evolving risk market while keeping our customers and partners at the forefront of our efforts.”
Mr. Montague is the founder of The Fraud Practice, has spent the last 20 years working in the eCommerce space and is well respected for his business knowledge and thought leadership. His background includes an in-depth application of innovative solutions for preventing business to business and business to consumer e-commerce fraud. Prior to founding The Fraud Practice, Mr. Montague held the position of Director of Risk Solutions at CyberSource Inc. and National Principal at IBM Global Services.
Along with holding a Master’s Degree in Information Management, Mr. Montague is a published author and noted speaker in the fraud and security industry and is an active member of the Association of Certified Fraud Examiners ACFE. Mr. Montague offers extensive knowledge in electronic payments and fraud prevention with over 20 years of consulting and product development experience specifically related to this space.
Neuro-ID is the leading provider of prescriptive analytics for the risk industry. Uniquely leveraging patent-pending neuro science and prescriptive analytics to construct and analyze forward-looking, risk-relevant questions, Neuro-ID is quickly disrupting the FinTech software space. The technology shows that by understanding “how” an individual responds to a set of questions in real time, can reveal insights into a customers intent, creating an exciting new dimension of risk analysis that was previously undetectable. As a complimentary technology solution to a customer’s existing risk engine, Neuro-ID enables large and mid-sized customers to better understand their online applicants, mitigate risk and grow their businesses in real-time.
Partnership Accelerates Customer’s Ability to Understand Applicant’s Future Behaviors, Mitigate Risk and Improve Operations During the Onboarding Process
Whitefish, Montana – June 13, 2017 /PRNewswire/ –- Neuro-IDTM, the leading provider of prescriptive analytics for the risk industry, today announced its partnership with Zoot Enterprises. Zoot, a global provider of advanced origination, acquisition and decision management solutions, accelerates the introduction of the newly released Neuro-ID Confidence ScoreTM (Neuro-CS) across a wide variety of risk-oriented industries.
Neuro-ID analyzes cognitive changes demonstrated by the applicant during the onboarding process that are indicative of future and ‘risk-relevant’ actions. Neuro-ID’s patent-pending neuroscience and prescriptive analytics solution assesses answers to online onboarding forms, questionnaires, and surveys in real-time to generate an applicant confidence score or Neuro-CS. This score provides organizations a valuable new dimension to assess, verify and segment applicants during the first part of the origination process thereby streamlining their operations and identifying applicants that align to the organization’s risk tolerance.
“Neuro-ID’s technology allows our clients to immediately improve their insight for online credit and risk decisions. By monitoring how an applicant responds to risk based questions, our clients can see a new dimension of risk that was previously undetectable.” said Tony Rosanova, COO and CTO at Zoot Enterprises. “As we introduce Neuro-ID’s technology, we are seeing very positive feedback from a variety of our largest enterprise clients. Neuro-ID’s cutting-edge approach has the value proposition that our clients expect Zoot to deliver to make them more efficient and profitable.”
Neuro-ID complements existing risk solutions and delivers an understanding of “how” an individual responds to a question in real-time. For instance, Neuro-ID customers can ask future focused questions, such as “Do you foresee a change in your income in the next 12 months?” When Neuro-ID’s prescriptive analytics are applied to these types of questions, applicants’ behavioral changes are captured in real-time and analyzed for indecision, cognitive conflict, and other indicators of confidence.
“We are thrilled to partner with the incredible team at Zoot Enterprises, and to introduce our Neuro-CS to their growing list of enterprise customers worldwide,” shared Jack Alton, CEO of Neuro-ID. “Zoot immediately recognized the value that Neuro-ID delivers through its use of prescriptive analytics for accurately balancing the risk and opportunity of each online applicant. Neuro-ID’s technology is scalable to provide immediate value and can be efficiently customized to meet the risk tolerance of each individual customer.”
Neuro-ID does not collect any Personal Identifiable Information (PII) and scientifically eliminates any biases during the application process. The Neuro-ID team provides deep expertise and the latest research required to craft the strongest questionnaires and garners the best insight possible for the organization. Neuro-ID is applicable for use across a wide range of industries, including mortgage lending, personal loans, auto loans, credit applications and insurance underwriting.
About Zoot Enterprises
For over 25 years, Zoot Enterprises has been a global provider of advanced origination, acquisition, and decision management solutions. Its customer-centric tools and services enable Zoot’s clients to add value and differentiation, while providing nimble, scalable solutions to specific business objectives. A leader in the fintech industry, Zoot’s cloud based secure processing environment delivers millisecond real time decisions accessing hundreds of cutting edge data sources to help reduce risk and increase conversions. The company’s international client base includes major financial institutions, retailers and payment providers. Zoot can be found on social media on Twitter @ZootEnterprises and on Facebook. For more information, please visit www.zootsolutions.com
Neuro-ID is the leading provider of prescriptive analytics for the risk industry. Uniquely leveraging patent-pending neuro science and prescriptive analytics to construct and analyze forward-looking, risk-relevant questions, Neuro-ID is quickly disrupting the FinTech software space. The technology shows that by understanding “how” an individual responds to a set of questions in real time, can reveal insights into a customers intent, creating an exciting new dimension of risk analysis that was previously undetectable. As a complementary technology solution to a customer’s existing risk engine, Neuro-ID enables large and mid-sized customers to better understand their online applicants, mitigate risk and grow their businesses in real-time.
Neuro-ID’s Confidence Score Enables Organizations to Gain Valuable, Forward-Looking Insight About Online Applicant Behavior and Potential Risks
Whitefish, Montana – June 13, 2017/PRNewswire/ –- Neuro-IDTM, a leading provider of prescriptive analytics for the risk industry, today announced the Neuro Confidence ScoreTM (Neuro-CSTM). While the Neuro-CS has been at the core of the company’s prescriptive analytic solution for years, it is now commercially available. The technology analyzes cognitive changes demonstrated by the applicant during the onboarding process that are indicative of future and ‘risk-relevant’ actions. Neuro-CS provides organizations an out of the box, easy to implement technology toolset and score to access breakthrough insight about online applicant risk. Bringing together a unique combination of behavioral biometrics, advanced analytics and neuro-cognitive research, Neuro-CS provides organizations more assurance in applicant segmentation; ultimately, mitigating overall risk and improving the bottom line.
Neuro Confidence Score (Neuro-CS)
Neuro-ID’s technology monitors “how” a person answers questions using a computer mouse, touch screen, or other input device to detect high- and low-confidence responses in online forms, questionnaires and applications. For instance, Neuro-ID customers can ask future peering questions, such as “Do you anticipate any changes that will affect your ability to pay back this loan?” When prescriptive analytics are applied to these types of questions, applicants’ behavioral changes are captured in real-time and analyzed for indecision, cognitive conflict, and other indicators of confidence. This process results in a Neuro-CS that allows organizations to have enhanced insight into an individual applicant’s potential future state.
- Doesn’t require Personally Identifiable Information (PII) to run
- Works immediately, no need to train the model or baseline an applicant
- First applicant, first question, first time
“Neuro-CS is changing the way that online applications are assessed and how an applicant’s risk is determined by combining prescriptive analytics, behavioral analytics and neuroscience,” shared Jack Alton, CEO of Neuro-ID. “By empowering our customers with this new ‘future-oriented’ analytic score, they are better equipped to quickly identify those applicants that pose a greater risk or opportunity. Neuro-ID’s technology can scale to the size of any organization and can be quickly changed to support the compliance objectives and underwriting goals of any specific organization.”
The Neuro-ID Story
Neuro-ID is a leading provider of prescriptive analytic solutions for the digital risk industry. Uniquely leveraging patent-pending science and prescriptive analytics to construct and analyze forward-looking, risk-relevant questions, Neuro-ID is quickly disrupting the FinTech software space. The technology shows that by understanding “how” an individual responds to a set of questions in real time, can reveal insights into a customers intent, creating an exciting new dimension of risk analysis that was previously undetectable. The demand for Neuro-ID is rising as organizations move toward online applications across a variety of risk-oriented industries.
“Neuro-ID is well positioned to change the way that underwriters and organizations assess risk and opportunity in account onboarding,” says David Montague, Founder of The Fraud Practice. “Neuro-ID applies prescriptive analytics to future-looking and risk-relevant questions to help organizations better know their customers and improve operations. Neuro-ID’s ability to assess, verify and segment applicants during the first part of the origination process allows organizations to streamline their operations and identify applicants that align to the organization’s risk tolerance.”
The Neuro-ID team provides deep expertise and the latest research required to craft the strongest questionnaires and garners the best insight possible for the organization. Neuro-ID technology is versatile, easy to integrate and applicable across a wide range of industries, including mortgage lending, personal loans, auto loans, credit and insurance.
*Neuro-ID technology does not collect any Personal Identifiable Information (PII) and scientifically eliminates any biases during the online process. Neuro-ID is not a decision making tool, but instead sits ahead of an approved third party verification tool and provides actionable insight from the new found application intelligence.*
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