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 Data Quality: Solving data challenges in uncertain times

Experian Data Quality: Solving data challenges in uncertain times

Unprecedented events

The COVID-19 pandemic is firstly a health crisis, and secondly an economic crisis. We outlined some of our predictions for economic impact and the impact on credit in Financial Services in our recent Experian Credit Services: Insight and control in uncertain times blog.

 

Since that blog, the Australian Government has announced further restrictions, but also further stimulus including the JobKeeper programme. It’s also clear that every industry will have some level of impact from the crisis.

 

Data and technology will be key to the speed at which organisations can react during the crisis and during the recovery, and the quality of data an organisation holds will play a key role.

 

Communication

Organisations in Australia and New Zealand should consider the volume/frequency of communication with their customers over the coming weeks and months, as well as the clarity of message and delivery accuracy. A large proportion of households will be reducing their spend, facing financial hardship and re-evaluating the products and services they use. All consumers will be expecting consistent, well-timed and compassionate communication from the organisations that they trust. All consumers will expect organisations to hold accurate contact information in order to achieve this. Organisations who communicate effectively and compassionately will have the opportunity to build strong and trusted relationships with consumers for many years.

 

Contact data and accuracy

Ensuring you hold accurate information for your customers will be key to your communication. From our experience, contact data quality (address, email and telephone data) ranges significantly in completeness, accuracy and currency across different sectors.

 

For example, in financial services, 84% of address data, 73% of emails and 86% of mobiles are found to be valid. In utilities, 84% of address data, 65% of emails and 90% of mobiles are found to be valid. In automotive, 68% of address data, 62% of emails and 88% of mobiles are found to be valid. Most sectors will face challenges communicating with their customers on at least one channel.

 

Ways in which Experian’s services can help:

 

Experian Credit Services: Insight and control in uncertain times

Data profiling
Understand contact data completeness through data profiling.
Experian Credit Services: Insight and control in uncertain times

Clean, validate and enrich contact data attributes
Clean, validate and enrich contact data attributes using sources of truth

  • Address data from Australia Post and PSMA.
  • Inbox level email validation.
  • Number level mobile number validation
Experian Credit Services: Insight and control in uncertain times

Accurate data capture
Capture accurate contact information as it enters systems.

 

Data access and trust

During this challenging period, decisions will need to be made quickly by organisations. This could be rapid identification of consumers facing hardship, planning and executing communications within hours or ad-hoc reporting using data from multiple systems. Organisations may also be called on to provide ad-hoc and agile reporting to federal, state or local government as part of the response to the current crisis.

 

Organisations are likely to struggle with the agility required from traditional systems, data access and data teams when accessing and trusting the data required. Working from home arrangements may also place additional challenges for data professionals and teams to collaborate effectively to access and use data. Modern data management software, such as Experian’s Aperture Data Studio, can help organisations:

 

Experian Credit Services: Insight and control in uncertain times

Simplify access
Simplify the access to data, by allowing data teams to curate and expose data to business users.
Experian Credit Services: Insight and control in uncertain times

Increase access
Put control into the hands of business users, by providing a business user focused user experience, allowing more people in an organisation to work with data.
Experian Credit Services: Insight and control in uncertain times

Trust data
Easily assess data quality and add rules to assign trust to data.

 

Data-driven decision making

Aside from data access and trust, organisations will also need to ensure that they have the agility required to work with data to reach decisions quickly. It is likely that decisions will need to be made using data from multiple systems, of unknown accuracy and potentially from the wrong data domain (for example, product data rather than customer data). It is also likely that, during this crisis, decisions will carry far more weight than usual. Organisations should be evaluating their data capabilities when it comes to challenges such as:

 

Experian Credit Services: Insight and control in uncertain times

Bringing data together
How to bring together data easily and quickly from multiple systems if your customer has multiple touchpoints with you. For example, credit cards and home loans in financial services, or car and home policies in insurance.
Experian Credit Services: Insight and control in uncertain times

Classifying a single customer and evaluating value
Classifying a single customer identity accurately from multiple sources, in order to ensure you identify financial hardship, or to evaluate the value of a customer to identify your key customers for communication.
Experian Credit Services: Insight and control in uncertain times

Extracting from multiple systems
Extracting customer contact information from multiple systems quickly and accurately for consistent communication purposes.
Experian Credit Services: Insight and control in uncertain times

Trusting sources and quality
How to decide which data source to trust and evaluating the quality of data across different dimensions.

 

Expertise

Whilst most organisations will enter a phase of either survival or at least efficiency and spend control, the reality is that many challenges, particularly with data, will require outside expertise or resource. Organisations should consider which of their partners have the expertise, resource and agility to support them with data challenges that may arise with little notice. Experian’s local consulting team is available to assist and importantly has the agility to support our customers through the data unknowns that will arise during this period.

 

Experian is here to help

This is a period of uncertainty for all individuals and businesses. Experian is here to support our customers wherever possible and we are uniquely placed to support data driven outcomes. For further information on any of the above, please contact your Account Manager or Consulting Manager. Alternatively, you can get in touch with us using the form below.

 

Read full article

Experian Data Quality

By Experian Data Quality 04/06/2020

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