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Best of 2021: Innovations in Transportation

When it comes to the transportation sector, it’s quite clear that it’s been a banner year. Dozens of innovative transportation companies have invested heavily towards these efforts. Aided with robotics, artificial intelligence, and other advanced technologies, new transportation offerings appeared while others are in the works. Not only is there an ever-increasing number of light electric vehicles available to the public. But likewise, autonomous vehicles of all sorts have gained ground in the last several months. All of this suggests that the immediate future of transportation will reflect one of the most dynamic periods that we’ve ever witnessed.

Understandably, supply chain nightmares related to the pandemic have highlighted some of the issues in transportation logistics. But these pale in comparison to many of the other new developments in the industry. Understanding this, it’s worth taking a look back at 2021 to explore some of these profound accomplishments involving transportation. These achievements involve advances related to ground, sea and air transit as well as systems designed to help coordinate them. And a variety of different innovative transportation companies can take credit for these advances. If this past year indicates anything, it tells us that the future of transportation is a bright one.

  • The Light Electric Vehicle (LEV) Explosion

This past year piggybacked off the tails of 2020 when it came to LEVs. The pandemic fueled the rise of e-bikes, e-mopeds, e-scooters and e-skateboards overnight. Closed or restricted public transportation and ride-sharing encouraged consumers to try new options. Many innovative transportation companies were also happy to oblige. For example, Lime revamped their e-bikes and made their batteries interchangeable with their scooters. Revel expanded from e-mopeds to e-bikes. And dozens of new companies entered into the e-bike and e-skateboard market. Plus, these transportation solutions have many benefits related to noise, the environment, and parking. It’s pretty clear the future of transportation will certainly include these types of options moving forward.

  • Electric Cars Make a Breakthrough

The year 2021 was also quite impressive for the electric vehicle. (Dive deeper into the reasoning behind buying an electric vehicle with this Bold story.) Without question, global adoption of EVs have risen in the last 12 months. But the U.S. has also seen a steady increase in EV adoption. Overall, electric cars represent 2.5 percent of the American automobile market, reflecting an increase of over 118 percent. Tesla has enjoyed the bulk of these sales in 2021, as it owns two-thirds of the market. But Chevy and Ford as well as several other innovative transportation companies also made big strides. Now that the infrastructure bill has passed and includes electric school buses, expect more of the same. The future of transportation will continue to see double digit growth of EV sales for some time to come.

  • Robo-Taxis Made Their Debut

As many experts predicted, the appearance of robot-taxis emerged for public use in 2021 as well. In this regard, this prediction for the future of transportation has now been realized. While these autonomous vehicles are far from ubiquitous, many cities began trying these out in select areas. Likewise, the market for robo-taxis grew significantly as more innovative transportation companies entered the market. Zook and Amazon combined to introduce their bidirectional model that can seat up to 8 people. Motional, a collaborative between Hyundai and Aptiv, debuted a robo-taxi that looks more traditional. And other startups, including ones like Beep in Orlando, also began limited operations. Expect these transportation options to expand even more in the coming years.

  • Autonomous Vehicles Take to the Air

Taxi service on the ground is great, but how about taxi service from the air? (Bold has covered the air taxi revolution extensively–read up on them here!) Unfortunately, this past year has yet to see air taxis zipping about, but there’s no question that this is around the corner. A number of innovative transportation companies have developed quiet, autonomous, electric aircraft for this purpose. And startups like REEF Technologies have already partnered with several to help plan infrastructures. This includes the use of existing parking garages for vertiports. Major cities, having learned their lessons with e-bikes and e-scooters, have begun the planning stage early for air taxis. They appreciate the future of transportation will include air taxis. Therefore, they are already having discussions concerning zoning, air traffic control, and even noise control. In this regard, metro areas would be well-served to invest in these efforts sooner rather than later.

  • Transportation Innovations Take to the Sea

Advances in transportation have not only occurred in ground and air transport this past year. Innovative transportation companies have also emerged in regards to transit in the waterways. Most notably, several of these startups have introduced autonomous ships and sea vessels to serve a variety of needs. (Interested in learning more about autonomous ships? Bold has you covered.) For example, some have introduced autonomous ships designed to map the ocean’s floor without disrupting aquatic life. Bedrock is such a company that plans to eventually map out the entire topography of the oceans. Other companies like Salidrone have provided autonomous ships that aid in hurricane research. And Sea Machine Robotics has demonstrated success with its autonomous tug boat. As the future of transportation unfolds, these innovations will continue to advance. And the possible uses of these vessels look to be quite broad based on recent developments.

Some sort of hover car zooming along
From autonomous ships to air taxis and more, the future of transportation is here!

A Technologically-Driven Future of Transportation

The notable advances in transportation this past year have technology to thank. Machine learning, AI, battery technology, and robust sensors have powered these developments. But these aren’t the only aspects of transportation that are rapidly changing. In addition to Mobility-as-a-Service (MaaS), cloud-based transportation logistics management is rapidly evolving. Likewise, innovative transportation companies are hoping to improve autonomous delivery fleets as well. Without question, 2021 was quite the year for progress in the transportation sector. But don’t be surprised if 2022 doesn’t surpass it in its accomplishments given the current momentum in the industry.

 

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Leveraging Behavior Analytics to Reduce Customer Friction and Fraud

When customers experience a digital encounter with a company, there can be a variety of obstacles. This is especially the case when dealing with bots and algorithmic sequences provides by artificial intelligence and machine learning. At the same time, companies also have their own issues to deal with during these encounters. Specifically, many must invest significant effort into detecting fraud in order to ensure authenticity. Unfortunately, most companies rely on question scripts and customer answers for these purposes. But not only does this fail to adequately detect fraud in many instances. But it also results in a fragmented consumer experience that fails to cultivate a quality customer relationship.

Understanding these issues, one company is trying to tackle this problem using behavior analytics. Rather than relying on predetermined questions and answer content, Neuro-ID takes a deeper look into the situation. Specifically, its behavior analytics platform attempts to define the intentions of the customer and sources of friction. In the process, Neuro-ID not only creates a more seamless experience throughout the digital journey for the customer. But it also significantly improves fraud detection and prevents cyber-attacks. And all of this helps the bottom line for the company in both the short-term and long-term. (Read more about the growing threat of cyber-attacks in this Bold story.)

“By flagging anomalous behavior in real time – as opposed to relying on historical data that is easier to steal or fake – Neuro-ID users can sort customers, reject bots, increase friction to resist suspicious activity, and smooth the way for genuine customers.” – Jack Alton, CEO of Neuro-ID

The Advantages of Behavior Analytics

Behavior analytics does more than simply evaluate a person’s responses and answers. Instead, behavior analytics strives to determine the reasons and rational behind them. These underlying processes are what drives human behavior, and therefore, they offer much greater value. If a specific customer’s behaviors can be better understood, then every process of a digital encounter can be enhanced. At the same time, incongruence with typical behaviors can trigger red flags that might allow real-time fraud detection. In essence, this analytics approach represents a deeper layer of assessment. And for companies who are predominantly involved in digital interactions, this information is quite attractive.

In terms of Neuro-ID, the company has been described as providing Behavior-as a Service. Its analytics platform is able to monitor actual human behavior in real time and assess problems. In the case of routine customer interactions, the platform can identify why a customer might fail to complete a digital journey online. It may also find ways that can overcome these barriers and result in a higher-value experience. Similarly, aberrant behaviors that are atypical in nature can trigger alerts. This is the means by which it provides real-time fraud detection to its clients. These features alone have resulted in tremendous growth for the company. For clients now using Neuro-ID, conversion rates have increased by 200% on average while fraud rates dropped by 35%. It’s therefore not surprising the company is gaining a great deal of attention and support.

“This new view of customer behavior at scale opens up the ability to improve conversion to drive more revenue by fast-tracking good customers, become more sophisticated at measuring intent, and improve the design quality of their digital products, all while reducing fraud.” –  Walker Forehand, Partner at Canapi Ventures

Scaling Up to Meet Demand

Neuro-ID was founded in 2014, and since that time, the company has raised nearly $50 million in funding. This includes its most recent round of Series B funding of $35 million this year. While such investments might seem out of proportion to a startup behavior analytics platform, results suggest otherwise. In 2021 alone, Neuro-ID has seen a 500% increase in monitored customer journeys online for its clients. It is also on pace to see more than triple the number of clients and revenues this year in comparison to last. In fact, the company has had to triple its number of employees this year, which now totals 60.

Some dude using data while shopping
Leveraging behavior analytics can help fight fraud, as well as making customer interface a snap.

In terms of Neuro-ID’s clientele, it boasts some pretty major players. Among some of the more recognizable ones include Intuit, Square, Affirm, and OppFi. As may be evident, banking and finance companies are among some of Neuro-ID’s best clients. Customers in these industries have an extremely poor history in terms of digital experiences. In fact, fewer than 10% finish a digital journey online once initiated in this sector. Plus, banks and fintech companies must deal with major bank fraud risks, making Neuro-ID’s real-time fraud detection attractive. By using Neuro-ID’s behavior analytics and real-time fraud detection, these firms have much to gain.

“Our mutual clients will now be able to use real-time behavior insights to create a safe and seamless digital experience, increasing new account openings without sacrificing the customer experience or the organization’s exposure to risk.” – Tommy Nicholas, CEO of Alloy

Future Plans for Neuro-ID

With the additional infusion of fund, Neuro-ID plans to hire new engineering talent to assist with its scaled expansions. At the same time, the company is planning to accelerate growth in both revenues and in clientele for its behavior analytics platform. Because Neuro-ID is unique in its ability to analyze new as well as return customers, successful growth is expected. This is not only in the banking and finance sectors but in any industry with predominantly online digital customer interactions. Likewise, with the rise in ransomware and similar threats, the company’s real-time fraud detection is getting a lot of attention. By all accounts, it looks like the next few years will be notable ones for Neuro-ID and the behavior analytics market.

 

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