Johnny Ayers’ Post

My favorite quote from Atomic Habits: If you improve 1% every day, and you compound that for one full year, you will improve >37x on an annualized basis. Flip side, if you get 1% worse every day, you will effectively go to zero. Just be a little bit better than you were yesterday. Never stop learning. Small gains add up.

Do you know how many hyper-growth public software companies are growing by over 40% this year? According to the latest June Guggenheim report… Zero. Not a single public SaaS company is growing over 40%. Do you know how many are growing their next twelve months (NTM) revenue over 30%? Also, zero! With that context, I was strategizing with my team on the most impactful ways companies can change their growth trajectory, and one thing we landed on solving immediately was time to integrate. If a company growing at 30% can pull in all net new integrations and thus revenue by just 1 month over the course of the year, it can increase its growth rate by almost 5%. For simplicity, assuming a $100M annual revenue, a 10% discount rate, and a 5-year valuation period, using a DCF, the company’s present value would not be 5% more valuable, but closer to 20% more valuable for all shareholders. The power of compounded growth rates. Game changer, and with just the smallest adjustments. That’s why smart companies are investing heavily in new customer onboarding and no-code, low-code technologies, like lightweight agents, hosted or embedded UIs, and more. The Socure team is ahead of the curve—ask our people about what we’re building and how we can help you accelerate your revenue growth.

I was asked an interesting question: “If your target customer knew the answer to one question, and if they knew the answer to that question it would change your business, what would it be?” I pondered this for a while. It’s an exercise every CEO should consider. Here’s my answer: “If people just knew all the problems we solve, and how much better we solve them, we would win every deal and have the chance to solve many more problems for our partners.” For example, in a recent POC, a client was using automated name and email to cell phone matching to verify new consumers signing up for accounts on their two-sided marketplace. The incumbent provider promised an 80% match rate but delivered only 58% in production, and thus the call to us. Using the same data set, we matched over 82% of the phones. Clients might not always care about the specifics of our methods, but they definitely care about our superior results. This was my aha moment this week. Moving forward, I will regularly post the results of real tests to show the market what great looks like. We will respect client privacy by excluding names, but provide full context on the use case and the problems we’re solving. Oh, and how do we do it? Socure leverages AI and machine learning algorithms to process multidimensional data sets, integrating device fingerprinting, behavioral biometrics, and the industry’s largest identity graph for precise, real-time verification with minimal false positives and negatives. Problem, meet solution.

I’m not sure if this fooled anyone, but that…is not me. In fact, it looks like my Uncle Stan. This is a deep fake that took my non-technical marketing staff about an hour to make with open source software. It’s a very quick and dirty example of what’s possible and what every identity leader is up against.

This is a graph from Q1 2020 - when fraud ran rampant during the Covid-19 shut down.  What you see here is a 200% increase in new DDA attacks among challenger banks. These aligned perfectly to the stimulus and unemployment rollouts.  Meanwhile, that line you see at the bottom are traditional FI DDAs, which saw their own spikes, but were relatively consistent in comparison. Our data showed us that attackers were creating synthetic and stolen identity mule accounts en masse to capture the stimulus and unemployment funds they were pilfering from a number of different state and federal agencies. All of this unfortunately occurred before we were engaged in working within the public sector, and we didn’t have a framework in place to communicate that the agencies were under attack. So instead, we supported many of our banking customers in analyzing the data they would need to communicate with these agencies both within the payor and law enforcement. The problem? Many public sector agencies didn’t have a response plan having been instantly thrust into providing full digital services and dispersing more than $800 billion dollars across nearly 500 million payments. This chart is the reason we went head first into government service, now supporting 26 states, every civil federal agency, and the DOD in solving trusted identity online.  A business now led by the amazing Matthew Thompson, Head of our Public Sector Businesses, former founder of ID.me, and 11 year Army veteran - Someone who I encourage you all to follow as he shares his journey.

Scary thought: our most valuable assets – our homes, plots of land, wills, and estates – are still transacted through the transfer of paper documents with weak or no digital identity verification processes. Sophisticated scams surrounding these critical assets are mounting nationwide, and result in hundreds of thousands of dollars lost per incident. We know that criminals actively seek out weak identity controls that lack clarity in the lines of liability, immutable historical proof and straightforward victim recourse. That's why we’ve partnered with Proof (formerly Notarize), the market leader in remote online notarization and identity verification for agreements and transactions. Together, we can ensure identity-assured transactions for contracts, authorizations, forms, and high-risk financial events across various sectors. Our strategic visions are perfectly aligned, and together, we're poised to redefine the standards of what's possible. Proof CEO Pat Kinsel and I will continue the conversation in a fireside discussion at next week’s Identivation Summit. During this session, we’ll discuss the intersecting roles of digital identity verification, digital notarization, and innovative strategies to combat scam operations in our most critical transactions via paper-based documents and forms. Read more about the partnership here: https://lnkd.in/gfaDKSFu

In the world of identity verification and fraud prevention, promises don’t mean much — it's all about real-world, measurable results. The difference between good, better and the best can mean 10s to 100s of millions of $s in lost revenue and fraud. That's why at Socure we're committed to transparency in what we’re actually delivering in production. So we’re going to start sharing our performance publicly and challenge the rest of the industry to do the same — while also asking our customers to tell us where we can continue to improve or if they’d like to see results measured in a different way. In a new blog series called Outperform, we'll showcase how our latest innovations are driving tangible, measurable and market-leading performance for our partners. Our first entry focuses on our DocV Identity Verification solution. Accurate and seamless document verification is crucial, but the industry has been plagued with suboptimal solutions and is in need of a serious upgrade. Socure's DocV delivers unparalleled performance across many of the largest Banks, Fintechs, Sportsbook operators, eCommerce Marketplaces, State/Federal Agencies and more. In Q1 2024, we saw: ⚡True Accept Rates of 98.2% (up from 95.2% in 2023 and 76.7% in 2022) ⚡DocV Approval Rates of 90.4% (up from 86.6% in 2023 and 79.5% in 2022) ⚡Resubmit Rates of just 4.3% (down from 6.5% in 2023 and 10.7% in 2022) Driven by our core mission over the past decade of building AI to empower customers to make smarter identity and risk decisions, we are constantly pushing the boundaries of what’s possible with machine learning. Pablo Y. Abreu Eric Levine Deepanker Saxena Feng Xiao #AI #Fraud #IdentityVerification Read more here: https://lnkd.in/dTc9GgHJ

Jeff Shultz is the preeminent leader and teammate. He embodies so many of Socure’s core leadership principles from Never Stop Learning to Act Like the Owner You Are to Collaborate Selflessly and we’re incredibly fortunate he’s on our team! Congratulations sir, a well deserved win.

🚀 More Big News from Socure! Today, I'm excited to unveil our groundbreaking AI-powered global watchlist screening and monitoring solution. We're setting new industry standards by resolving long-standing issues with traditional AML sanction screening systems. What's Changing? Traditionally, watchlist screening has been inefficient with high false positives with unnecessarily lengthy manual reviews - The Socure WL Screening solution changes the game with: ⚡ 20% Increase in Accuracy ⚡ 30% Reduction in False Positives ⚡ 75% Decrease in Manual Review Times 💼 Cost Efficiency: Achieves up to 60% savings in staffing costs Innovative Approach: Socure is taking the lead in AI technology for watchlist screening. Our advanced natural language processing and deep learning for adverse media screening revolutionizes risk identification by performing contextual assessments rather than simple keyword matching. Our two-stage scoring system and sophisticated machine learning algorithms improve match accuracy by creating enriched entity profiles and scoring them based on relevance. We're proud to lead with technology that not only improves operational efficiency but also revolutionizes AML and fraud risk management capabilities for our customers. 🔗 Discover more about our innovative solution - https://lnkd.in/g4U9ukXF