Using Behavioral Analytics to Improve Customer Experience and Prevent Fraud

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Every interaction customers have with your business colors their customer experience. These positive and negative interactions can influence their decisions to conduct business with your company now and in the future. A good experience drives brand loyalty. Using behavioral intelligence and analytics can help improve your customers’ experiences and help prevent fraud.

What Data Can You Collect From Customer Experience?

Customer experience analytics collects and analyzes data such as reviews, how often they purchase from your company, and customer satisfaction surveys. This important data can help you learn more about your customers' expectations, informing your decisions. With that said, it can be hard to do at scale and is not always accurately representative of your customers. The group that fills out the survey is likely already loyal or customers who want to voice their concerns.

 Using Behavioral Analytics to Understand the Customer Experience

Behavioral analytics can help give a clearer picture your customers’ experience using your website. It isn't just whether a customer hovers their mouse over a product, but you can also understand quantifiable behavior that can be aggregated and summarized, such as how long that customer hovered over the product. These analytics can help you understand what part of your site frustrates customers and where they hesitate. Do they frequently abandon items in their cart? There may be a reason for this.

 How to Measure User Experience

The right company can help collect and interpret customer interaction data. It can determine where the emotional friction points exist on your site, helping you improve your customer experience. This experience might include confusing instructions on a specific page. Customers may be hesitating when required to fill in critical information. Improvements can help make the customer experience more seamless.

 Detecting New Account Fraud

Interestingly, one primary reason customers hesitate to enter information is that they might be trying to create fraudulent accounts. New account fraud prevention is essential, and using many of the same customer analytics can help raise the red flags of risky accounts. Interaction time, automated entry, time to enter responses, and hesitation can be used to identify a potentially fraudulent application in real-time. User intent can even be determined to detect and prevent fraud and improve customer experience. It can also help prevent innocent customers from being falsely flagged as fraudulent—falsely identifying a user as fraudulent can lead to a loss of revenue as the customer decides not to return to the site. They may then share that experience, preventing other customers from visiting and instead going to your competition.

 A/B Testing

Using your customer experience data, you can try A/B testing. Use two different site or app designs and compare the results. Select the one that shows the best performance. By using behavioral analysis, your company can see why one design works better than the other, helping you understand the underlying drivers of performance. This eases friction, increases conversions, and helps prevent fraudulent accounts.

 Real-Time Data and Improving User Experience

Employing the right company or using the right software is essential. More and more business is conducted online, and the need to understand how users experience online applications and adjust that experience is critical. From ID verification in real-time to seeing exactly where the mouse was when a customer decided to stop the transaction, the more data you have to improve customer experience and prevent fraud, the better.

 About NeuroID

 NeuroID wants to help guide the secure growth of your company. It aims to solve the Digital Identity Crisis by evolving how businesses detect and monitor digital fraud. The company's flagship behavioral detection products offer you a new level of visibility into the identity and intent of customers, bots, fraud rings, and prospects. Securing growth means securing the future, and NeuroID recognizes that every opportunity for digital growth starts with human interaction. Their advanced technology leverages nearly a decade of scientific research and real-time behavioral metrics to translate digital body language into actionable intelligence that tell you if an applicant or customer is risky or safe. Are your website’s visitors who they say they are? NeuroID can help you determine the answer to this all-important question.

 Learn how to make behavioral analytics work for you at https://www.neuro-id.com/

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