Case Study:
Neo Financial Achieves Frictionless Customer Experience with Fraud.net
Company Profile
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Canadian FinTech start-up
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Technology-first challenger bank
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App-based cashback credit card and savings account
Goals
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Strong fraud protection without sacrificing customer experience
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Lean fraud team, with a focus on pre-authorization fraud prevention
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Minimize false positives
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A partner with the ability to quickly scale as they grow
Results
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10X increase in transaction volume since start-up without degradation in service levels or customer experience
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Average response time under 250ms
The Problem
Strong Fraud Measures at Start-up
Neo Financial had yet to “open the doors” when they decided to engage with Fraud.net. Powerful fraud prevention measures were a high priority for the company. They sought a partner that could:
- Provide leading fraud tools, and support a frictionless banking experience
- Quickly scale as they grow
- Adapt to meet their changing requirements as the portfolio expanded
- Support a pre-authorization model for fraud prevention
Neo Financial’s biggest challenge was also one of their opportunities, developing fraud rules and policies without any history of customer behaviors. Additionally, they recognized the challenge and precision required in placing fraud rules upfront and the potential to negatively impact the customer experience.
The Solution
Designed for Frictionless Banking, Flexibility, and Speed
Fraud.net’s platform provides the foundation to deliver Neo Financial the rules, tools, and frictionless financial experience they require. Starting in the spring of 2020, when they launched, our solution has supported their mobile application and existing products. We also designed it with the flexibility to support planned future products.
Our Transaction AI product provides Neo Financial the agility to utilize pre-authorization standard rules, plus develop custom rules. This includes the development of higher-level velocity-focused rules for card-present transactions.
Additional elements include analytics, reporting, and a case management portal. Lastly, our solution meets Canadian data privacy and other regulatory requirements.
“Fraud.net has been a great partner in delivering a flexible fraud prevention solution that meets our needs for a powerful toolset and a frictionless customer experience.“
Neo Financial
AWS Infrastructure + Fraud.net’s Intelligence Layer =
A Complete, Cloud-born Fraud Management Platform
The more you move mission-critical processes into the cloud, the greater your agility as an organization, and the faster you will pull ahead of your competition. But in doing so, you need new frameworks that offload non-core functions to partner specialists offering highly scalable, highly resilient systems-of-record on which you can rely. Only then can you focus on thrilling your customers by doing what your organization is known for.
Let Fraud.net on AWS help you to:
- Isolate fraud to deliver immediate bottom-line improvements,
- Gain real-time risk intelligence across your applications and services,
- Remove friction from your new customers’ applications and transactions,
- Grow revenues by confidently expanding into new products and geographies.