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

New Experian credit score may improve access to credit for more than 40 million credit invisibles

New Experian credit score may improve access to credit for more than 40 million credit invisibles

Experian Lift™ enhances predictive performance by 23 percent when compared to other scores used for identifying and underwriting credit invisibles

 

Costa Mesa, CA., 7 November 2019 — In a move designed to help credit invisible and thin-file consumers gain access to fair and affordable credit, Experian today announced Experian Lift™ - a new suite of credit score products that combines exclusive traditional credit, alternative credit and trended data assets to create a more holistic picture of consumer creditworthiness. Experian Lift, available for lenders in early 2020, is another step in Experian’s commitment to helping improve the financial health of consumers everywhere.

 

Earlier this year, Experian launched Experian Boost – a free and first-of-its-kind financial tool that empowers consumers to add positive telecom and utility payment history directly into their Experian credit file for an opportunity to instantly increase their FICO Score.

 

“There are more than 100 million consumers who are restricted by the traditional scoring methods used today,” said Greg Wright, executive vice president and chief product officer for Experian Consumer Information Services. “We’re committed to improving financial access while helping lenders make more informed decisions. Experian Lift is our latest example of this commitment brought to life. Through Experian Boost, we’re empowering consumers to play an active role in building their credit histories. And, with Experian Lift, we’re empowering lenders to identify consumers who may otherwise be excluded from the traditional credit ecosystem.”

 

Developed in collaboration with Experian DataLabs, the company’s advanced analytics research and development group, Experian Lift uses the most advanced analytics available today and combines traditional credit data and trended data, providing a view of consumer credit behavior over a 24-month period. Lenders can seamlessly integrate Experian’s new score into their current models for better risk management and more agile decisions. In addition, lenders can use Experian Lift independently to help score a consumer with no traditional credit file.

 

“Knowing how a consumer is managing credit at a single point in time only tells part of the story. By looking at historical payment information through our trended data attributes, we can see how a consumer uses credit, or pays back debt over time, to create a more accurate risk profile,” added Wright.

 

To help evaluate the creditworthiness of consumers who lack a traditional credit history, Experian Lift also integrates Experian’s exclusive alternative data assets, including alternative financing information, rental data and full file public records information including professional licensures. Incorporating these assets into score models improves access for consumers excluded from the traditional credit ecosystem by looking at their financial stability, willingness to repay and ability to pay. All data analysed through Experian Lift is Fair Credit Report Act (FCRA) regulated.

 

Experian Lift uses exclusively developed technology and machine learning methods for model development and explainability. Combining this with Experian’s exclusive data assets empowers lenders to score previously unscoreable consumers while improving predictive performance across the credit spectrum.

 

“Experian is at the forefront of helping consumers and businesses make the right decisions and turn insights into action. As we head into a new decade, the trend of utilising alternative data is only going to continue growing and will be critical to improving financial access,” added Wright.

 

Read full article

Experian

By Experian 11/07/2019

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