New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

Enhancing customer journey and security are key priorities for APAC businesses in 2022

Enhancing customer journey and security are key priorities for APAC businesses in 2022

New Experian research in four APAC markets reveals how digitalisation is impacting business priorities and consumer expectations for the year ahead.

 

SINGAPORE, 08 December 2021: Despite the COVID-19 pandemic causing a surge in online activity across Asia Pacific, new research from Experian has found this initial jump has stabilised, as consumers across the region in India, Japan, Singapore and Australia focus more on the overall digital experience, and practice caution around fraud and security risks.

 

Experian interviewed 3,000 consumers and 900 businesses across 10 countries globally including India, Japan, Singapore and Australia in the APAC region to uncover insights related to consumer and business economic outlooks, financial well-being, online behavior and more.

 

Although higher than pre-pandemic levels, the levelling of online activity since Wave 2 of Experian’s Global Insights Report (mid-September 2020) means businesses need to shift their focus to address these changing consumer needs, and establish trust when it comes to communicating how they utilise personal information and data protection.

 

As industries grapple with pandemic recovery, the report uncovered numerous findings to help businesses improve the digital experience for consumers:

 

Rise of digital payments

 

Mobile wallets have become the most popular payment form in the APAC region, with the highest levels of online activity found among consumers in India (80%) and Singapore (69%). In Japan, the use of mobile wallets is also strong, but particularly for 63% of consumers with a higher household income (greater than $100,000 USD) – significantly above the 39% for the general population.

 

Retail apps are the second most used digital payment method across four APAC countries, led by India (64%) and Singapore (60%) consumers.

 

However, concerns around fraud and security remain high as consumers become more reliant on digital payment methods. Globally, top concerns are stolen credit card information (33%), online privacy (32%), identity theft (32%), and fake/phishing scams (31%). Regionally, security is the most important factor when it comes to consumer online experience – this is especially high in Japan (89%), Australia (83%) and Singapore (82%).

 

Importance of safeguarding consumers personal information

 

Consumers care about high levels of security and data protection when transacting online. More than half across APAC would like to be informed about how their personal data is being protected and stored – in fact, consumers in India (79%) and Singapore (70%) have the highest need to know why their data is being requested than prior to COVID-19.

 

As such, consumer trust will be won by businesses that can successfully deliver against consumer privacy protection and get access to a wider range of personal consumer data. As long as they trust the business, 56% of consumers globally will share their contact information and 42% will share their personal information – a rise in comparison from the 52% and 40% for both respectively from the previous study. The need to establish trust is high so that businesses can turn this information into actionable insights, growing their business while meeting changing customer needs.

 

“In the wake of the widespread shift to digital banking and commerce, organisations around the world have seen a sharp increase in cybercrime. As consumers become more worried about their wider digital footprint which comes with greater exposure to security risks, businesses have to instil confidence in how they are protecting customer data and how it is being used. While this is by no means a new concept, the importance of customer data protection is increasingly paramount for businesses across the region as consumers expect this to be the minimum standard. The key remains finding the balance between ensuring the appropriate security measures are inserted into the process, without impacting customer experience.” said Ben Elliott, Chief Executive Officer of Experian Asia Pacific.

 

Best practices adopted by businesses in the digital age

 

APAC businesses recognise the importance of the customer journey, as more turn to technology to generate positive customer outcomes and experience. Today, 70% of global businesses say they’re talking about advanced analytics and customer credit frequently - in fact, investment in advanced analytics to reduce friction during digital customer experience is a top priority for the Singapore market (45%).

 

Additionally, the adoption of AI and machine learning has significantly increased on a global scale. AI is up 74% from 69% in 2020, and machine learning is up 73%, from 68% in the same period. Across the globe, India is currently leading with the most businesses implementing AI (87%) and machine learning solutions (83%).

 

However, businesses may struggle to find the funds for additional investment, as more say they need better access to loans and credit, compared to a year ago. Globally, about two-thirds (64%) of businesses say they have applied for new loans or extended credit of less than 10%.

 

As the consumer landscape continues to evolve, it is clear that digital investment is going to be the key differentiator for businesses, and those that lag behind in doing this today may lose future customers and opportunities to win their trust.

 

Read more about findings from the Global Insights Report – Wave 4 here.

 

 

Read full article

Experian

By Experian 12/08/2021

Related Articles

APAC businesses are ramping up efforts to better protect vulnerable customers
APAC businesses are ramping up efforts to better protect vulnerable customers

Independent study commissioned by Experian shows more than half of banks and lenders in three Asia Pacific markets are mindful of making more accurate credit decisions for customers to help…

Learn more
Experian Named to Fortune’s 2021 ‘Change the World’ List
Experian Named to Fortune’s 2021 ‘Change the World’ List

Experian is committed to closing the financial and digital divide in Asia Pacific through our CSR partnerships, education, and use of alternative data. We're honoured to come in at no.…

Learn more
Experian launches United for Financial Health initiative to help communities most impacted by COVID-19 across Asia Pacific
Experian launches United for Financial Health initiative to help communities most impacted by COVID-19 across Asia Pacific

Partnering with NPO Enrich in Hong Kong, Experian aims to help vulnerable communities gain financial inclusion.

Learn more

Please complete the form below to submit a request. We will ensure a member of our team is in touch shortly.

  • Submit