Tue, 02 Mar 2021

Mumbai (Maharashtra) [India[, January 27 (ANI/NewsVoir): The second wave of Experian's Global Insights Report highlights that 99 per cent of Indian businesses have implemented strategies related to recognising their customers across various platforms.

According to the report, 31 per cent businesses in India are focused on implementing new analytics methods and building new AI models to improve customer decisions. While the shift in online transactions is evident, 65 per cent of Indian consumers have revealed concerns regarding online security, according to the report.

Experian- a leading global information services company - surveyed 3,000 consumers and 900 executives working in consumer technology, retail banks, E-commerce, and telecommunications. Respondents spanned India, Japan, Singapore, Australia, Brazil, France, Germany, Spain, the United Kingdom and the United States. The survey was conducted in September and covered consumer and business economic outlooks, financial well-being, online behaviour and more.

Since the beginning of the pandemic, governments across the region have instituted loan moratoriums for businesses and consumers, observed in several markets including India, Singapore, Malaysia, Australia, Japan and China.

42 per cent of Indian businesses think that their economy has completely recovered.

44 per cent of Indian businesses indicate health and safety of employees as their top challenge followed by the healthsafety of their customers.

99 per cent businesses in India report to have implemented strategies related to recognising their customers across their various platforms - the highest among all regions.

Know Your Customer (KYC) as a form of customer authentication solutions receives more emphasis among businesses in India (39 per cent) as compared to other APAC countries surveyed Security measures in customers' devices (39 per cent) and Customer Identification Programmes (CIP) (39 per cent) are the most common fraud detection and protection solutions being used in India.

97 per cent of businesses in India believe that they have the right metrics in place to effectively manage fraud.

Nearly 6 in 10 businesses in India (57 per cent) say that they are much more likely to place a focus on revenue generation than putting resources on fraud detection.

In India, machine learning (40 per cent) and a hybrid model of business rules (34 per cent) are high on the list of customer credit risk solutions being used.

In India, there is a high intention to implement automated decision management (18 per cent), machine learning (18 per cent) and business rules (17 per cent) related to customer credit default and credit worthiness Businesses in India (78 per cent) say they will be dedicating more budget towards analytics and customer creditworthiness 94 per cent of businesses in the India have a plan in place to support customers manage the impact of COVID-19.

Since the onset of COVID-19, businesses in India (45 per cent) have applied for 10-20 per cent more extended credit.

82 per cent of businesses in India believe their current analytics models for consumer collections decisions (83 per cent), consumer credit risk (82 per cent) and existing clients (82 per cent) are delivering what they expected.

Businesses in India report very high adoption of both Artificial Intelligence (93 per cent) and Machine Learning (91 per cent).

Businesses in India (50 per cent) are leading the way in APAC by putting more resources towards a recalibration of existing analytics models.

91 per cent of Indian businesses are taking a closer look at the lack of historical data and its impact on analytics performance. To solve for this potential lack of historical data, top approaches taken by APAC businesses include investing in customer behavioral profiling techniques (61 per cent), with businesses in India being the highest at 71 per cent.

65 per cent of Indian consumers have expressed increased levels of concern about online activities; the biggest sources of online concerns include online privacy (51 per cent), credit card information being stolen (37 per cent), phishing emails (43 per cent) and identity theft (34 per cent).

India has the highest use of mobile wallets (87 per cent) followed by Singapore (73 per cent) since COVID-19.

Ordering food/grocery online is highest in India among the APAC markets surveyed at 86 per cent.

Consumers in India are most willing to share personal data with businesses that they trust and are in long-term relationships.

Almost one-third (31 per cent) of consumers in India feel that their economy has either mostly or fully recovered - the most optimistic across the APAC markets surveyed.

38 per cent of India consumers say that their household income has declined since COVID 19.

About 39 per cent of Indian consumers anticipate increased spending on items purchased online in the next 3-6 months, and longer-term.

Across the APAC markets included in the survey, the most patience during online transactions is seen in India - typically over 4-in-10 consumers in India are willing to wait more than 60 seconds before abandoning different types of online transactions.

Across the APAC markets included in the survey, consumers in India report the highest level of financial concern, with as high as 60 per cent expressing challenges related to their children's education.

Consumers in India are reducing their discretionary spending by 25 per cent and 22 per cent are saving more in an emergency fund.

Indian consumers report difficulties in making payments on a variety of bill/payment types. Credit card bills (28 per cent), utilities (26 per cent) and mobile phone bill (21 per cent) are the top three payments that consumers are struggling to pay.

During the COVID-19 impacted period, 47 per cent of Indian consumers indicated they would be loyal towards organisations that treat them fairly and give them more business.

Payment system providers and e/mobile-commerce marketplace organisations receive the highest level of trust in India amongst the APAC markets included in the survey.

Government agencies receive high trust in addressing consumer concerns related to online activities and transactions in India (65 per cent).

80 per cent of consumers in India are currently remaining with their same online service providers as before COVID-19.

There is an increased expectation from online service providers for added level of security and increase knowledge of what they are using their data and this sentiment is highest in India at 78% amongst the APAC markets surveyed.

Consumers in India (79 per cent) believe that the businesses they deal with have met their expectations (either mostly or completely).

Consumers in India are taking the most notice amongst the APAC markets surveyed in what businesses are doing to improve the customer experience.

Out of the APAC markets surveyed, consumers in India (64 per cent) most strongly indicate businesses are doing a better job at communicating about the use of their personal data since COVID-19.

Protection of physical biometrics is more of a concern among consumers in India (21 per cent) as compared to others surveyed in APAC.

Out of the APAC markets surveyed, consumers in India (63 per cent) express the highest willingness to share personal data with businesses.

Security (50 per cent) is the most important dimension for consumers in India when it comes to an online experience.

Consumers in India express the strongest desire to have control over their personal data (74 per cent) amongst the APAC markets included in the survey.

To read more about the findings from the Global Insights Report - Wave 2, clickExperian is the world's leading global information services company. During life's big moments - from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers - we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 17,800 people operating across 45 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more atThis story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

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