Behavioral Data and Analytics

Understanding Your Customers' Digital Behavior

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What is Behavioral Data?

Often called “digital body language” behavioral data is information derived through the digital interactions of an online user. Anytime a customer or prospect taps, types, or swipes information into an online application they are creating data through their behavior. 

This behavioral data carries with it indicators of the intentions and experience that the user leaves behind with every interaction. Behavioral data can provide deep insights into what users’ true intentions are (legitimate or nefarious) and the experience they have during their customer journey (confusion, frustration, confidence…). This behavioral data goes unmonitored and therefore unused by most organizations.

Where does Behavioral Data come from?

man-smartphone-swiping

Behavioral data has always existed, however until recent technology was developed behavioral information was not monitored or analyzed. Based on more than a decade of research and discovery in neuroscience, behavioral data can now be gathered and analyzed to show the users’ current state of mind while they interact (tap, type, swipe, click, etc.) with an online application. A person’s intent and state of mind can be derived from their digital body language, or the way they interact online.

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Why is gathering and analyzing Behavioral Data important?

Over the past couple of decades most companies moved online. During this digital transformation many of the human elements of everyday communication were lost. This has been called a “digital gap,” making understanding customers across digital channels very challenging.

For example:

It used to be very normal for a prospective customer to walk into a bank and work with a bank officer to fill out an application for a loan. If that customer had trouble filling in sections like name, address, employer, social security number, annual income and began pulling out documents to help fill those in, and changed their name or address, or income several times during the process, the bank officer would be more than a little suspicious. The application would probably be thrown away or at least never processed.

However, once those same companies moved online, the human connection was lost in the digitalization of the process. Now, companies don’t see how the application is filled in, they only see the final information on the application and rate it based on the merits of that information. Yet, the applicant could have, if they are fraudulent, gathered the personal and financial data of another person and filled in the application by copying, pasting, editing, and changing answers until they felt the application looked good, thus gaming the system.

Neuro-ID - Closing the Digital Gap

 

This is just one example of why behavioral data can be critical in reducing risk, fraud and enhancing the user experience. Because, how the user interacts with a website is just as important as the final answers they submit.

What is Behavioral Data used for?

By determining the current state of mind of the user, through the interpretation of their “digital body language,” behavioral data can be analyzed to show many different things such as:

  • Intent to commit fraud
  • Genuine vs fraudulent customers
  • Friction experienced by users throughout the customer journey
  • Customer experience (CX) enhancements
  • Conversion/drop off issues
  • False declines

This deep insight into the intent and experience of the user can provide the data to check the performance of fraud systems, customer experience testing, and friction points.

Even after more than two decades of digital transformation, conversion rates are still lingering in the single digits on average. With all the software advancements, A/B testing, NPS scores, fraud detection systems, artificial intelligence and more, conversion from visitor to buyer has not grown proportionally. The lack of true insight into a customer’s intent and experience while visiting a website has not been captured leaving companies to “best guess” issues and customers looking for better answers.

This level of insight enables online application owners to:

  • Locate and resolve friction in the customer journey
  • Identify and reduce fraud
  • Accelerate conversions for genuine customers
  • Reduce false declines
  • Enhance the customer experience

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What is Behavior-as-as-Service?

Behavior-as-a-Service, or BaaS, is simply a method of software delivery that specializes in behavioral data and analytics. Similar to other software-as-a-service products, BaaS has several benefits for companies:

  • Allows data to be accessed from any device with an internet connection and a web browser
  • Simple, low IT effort installation
  • Neuro-ID hosts and maintains the servers, databases, and the code that makes up our proprietary insights of behavioral data for experience (CX) and fraud and intent
  • Instant access to updated or new features

What about privacy concerns with behavioral data??

Behavioral data requires no Personally Identifiable Information or PII. Even when reviewing data at the session level, the identity of the user is not necessary to analyze their intent and experience.

Unlike other forms of data used to track users, fight fraud, improve conversion rates, etc., behavioral data is not tied to the user and can be analyzed either in aggregate, looking across a large user base, or at the session level itself without the need for PII. 

Which industries can benefit from behavioral data?

Any digital company can likely benefit from better understanding their customers' intent and experience online. Behavioral data has been successfully used to help reduce fraud, reduce friction, enhance the customer experience and increase conversion in almost every industry. Behavioral data has been documented to be effective in many industries, here are a few:

  • Lending
  • Banking
  • Payments
  • Ecommerce
  • Insurance
  • Others...

What is a BaaS platform?

Behavior-as-a-Service is a platform that helps organizations unlock the value of their behavioral data and turn behavioral activity into genuine user profiles and fraudulent intent. The best BaaS platforms have:

  1. Simple installation
  2. Behavioral insights dashboards
  3. Session snapshots
  4. Fraud and conversion attributes

What behavioral data is not:

Behavioral data often gets confused with biometrics.

Biometrics – generally defined as physical attributes or characteristics that represent some form of human interaction with a device. Often used to authenticate a user, biometrics can come in the form of fingerprints, iris recognition, hand geometry, DNA, facial recognition, and even voice profiles can be considered biometric information.

Pros

Biometrics can be an effective additional security method. Since the biometric patterns are unique to a user, they can help validate a user’s identity  by matching their physical attributes to previous interactions.

Cons

Like other static or historical data, biometric data does not change. This set of fixed physical attributes must be stored and is attributed to a single user. Therefore, it can be compromised, stolen and copied. Privacy is also a concern. 

Behavioral data is based on a user's intent and interactions with a device.

Biometrics is based on the user’s physical characteristics used with a device.

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