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

Experian invests in Vserv to enable friction-free digital onboarding experience of consumers for the BFSI sector

Experian invests in Vserv to enable friction-free digital onboarding experience of consumers for the BFSI sector

Mumbai, India, 5 November 2019 – Experian, one of India’s leading data, analytics and decisioning companies today announced a strategic investment stake in Vserv, a pioneer in smart data platform for mobile marketing. This investment is in line with Experian’s vision to boost financial inclusion by enabling a friction-free digital on-boarding experience to consumers. This is the seventh in Experian’s series of investments in Asia Pacific over the last two years, which demonstrates its ongoing commitment to the region.

 

This partnership creates a new synergy with Experian’s data, analytics and technological prowess coupled with Vserv’s smart targeting solutions backed by a rich repository of mobile internet user base. With over 45% of India’s adult population having no access to credit, one of the biggest challenges faced by the Banking, Financial Services and Insurance (BFSI) sector in tackling financial inclusion is the lack of information in acquiring such customers. The BFSI sector will now be able to effectively reach out to specific consumers, offer access to financial products and services and facilitate last mile reach. These consent-driven solutions will also help in removing friction in the consumers’ on-boarding experience. This adds a whole new dimension for financial institutions since they can now look beyond traditional data to gain more insights about consumers.

 

Sathya Kalyanasundaram, Country Head and Managing Director, Experian India said, “We’re excited to partner with Vserv to drive this next phase of growth for both organisations. Vserv’s mobile marketing platform and access to authentic telco datasets through their unique data management platform ensures immediate synergies to our core product propositions.

 

Experian currently has records of over 940 million unique loans in India. This partnership builds on our initiative to enable financial inclusion by expanding scoring to new-to-credit (NTC) customers by leveraging our in-house analytics capabilities. This is yet another step for Experian in championing alternate data partnerships clubbed with deeper engagement in the BFSI sector, which aligns with our long-term strategy of scaling India to new heights through organic and inorganic growth opportunities.”

 

Dippak Khurana, Co-founder and CEO, Vserv added, “We are delighted to partner with Experian, a global leader in the data and analytics space. This partnership shares our vision of driving effective consumer outreach through innovation in digital marketing technology. We will focus on rolling out smart products for the BFSI sector across the marketing stack as their key business partner. Indian consumers have a huge appetite to adopt friction-free digital sign-ups for financial products. Vserv and Experian will work closely with the BFSI sector to enable it.”

 

Commenting on the tremendous value that this partnership brings, Ravi Santhanam, Chief Marketing Officer, HDFC Bank said “Experian and Vserv platforms coming together creates a unique and compelling value proposition in mobile marketing, particularly for the BFSI sector. We are already working with both companies and look forward to partnering with them to accelerate our digital transformation.”

 

About Vserv

 

Vserv is the leading authentic data platform for mobile marketing in India. With 60+ consumer segments across 400 million+ authentic user profiles, Vserv empowers brands to drive sharper people based marketing. We have a team of 90+ people and headquartered in Mumbai. Founded in 2010, Vserv is backed by Maverick Capital & Epiphany Ventures.

 

 

Read full article

Experian

By Experian 11/05/2019

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