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99% of Businesses in India Implement Digital Online Strategy to Recognise their Customers; Highest in APAC: Experian Report

Mumbai, Maharashtra, India | 27. January 2021 The second wave of Experian’s Global Insights report reveals that 99% of Indian companies have strategies in place to recognize their customers across multiple platforms. According to the report, 31% of Indian companies are focusing on introducing new analytics and creating new artificial intelligence models to improve consumer decisions. While it is clear that online transactions are being abandoned, 65 percent of Indian consumers say they are concerned about online security, the report said.

Experian is a leading global information services company

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Experian, a global leader in information services, conducted a survey of 3,000 consumers and 900 executives in the consumer technology, retail banking, e-commerce and telecommunications sectors. India, Japan, Singapore, Australia, Brazil, France, Germany, Spain, the United Kingdom and the United States were surveyed. The survey was conducted in September and covered the economic outlook for consumers and businesses, financial well-being, online behavior, etc. The survey was carried out by the European Commission’s Directorate-General for Economic and Financial Affairs.

Since the beginning of the pandemic, governments in the region have declared a moratorium on loans to businesses and consumers, which has been observed in several markets, including India, Singapore, Malaysia, Australia, Japan and China.

Key points for India in the second wave of the Experian Global Insights – Business Survey :

  • 42% of Indian companies believe that their economy has fully recovered.
  • 44% of Indian companies indicate that the health and safety of their employees is their biggest concern, followed by the health and safety of their customers.
  • 99% of Indian companies said they had developed strategies to recognize their customers across all platforms, the highest percentage of any region.
  • Know Your Customer (KYC) methodology, as a solution for customer authentication, is considered more by companies in India (39%) than in the other APAC countries surveyed.
  • Customer equipment security measures (39%) and customer identification programs (CIP) (39%) are the most widely adopted solutions for detecting and mitigating fraud in India.
  • 97% of Indian companies believe that they have the right parameters in place for effective fraud management.
  • In India, nearly 6 in 10 companies (57%) say they focus on revenue generation rather than devoting resources to fraud detection.
  • In India, machine learning (40%) and hybrid business rule models (34%) top the list of credit risk solutions deployed with customers.
  • In India, there is a strong intention to introduce automated decision management (18%), machine learning (18%) and business rules (17%) related to customer defaults and solvency.
  • Indian companies (78%) say they will spend more on analytics and customer credit.
  • 94% of companies in India have a plan to support the management of the impact of VIDOC-19.
  • Since the introduction of VIDOC-19, Indian companies (45%) have applied for 10-20% more loans.
  • 82% of Indian companies believe that their current analytical models meet their expectations in terms of consumer debt collection decisions (83%), consumer credit risk (82%) and existing customers (82%).
  • Indian companies report very high adoption rates for both artificial intelligence (93%) and machine learning (91%).
  • Indian companies (50%) are leading APAC and investing more resources in recalibrating existing analytical models.
  • 91% of Indian companies closely monitor the lack of historical data and its impact on analytics performance. To address this potential lack of historical data, companies in the Asia-Pacific region invest the most in customer behavior profiling techniques (61 percent), with Indian companies showing the highest rate (71 percent).

Key points for India in the second wave of Experian Global Insights – Consumer Survey report :

  • 65 percent of Indian consumers say they are increasingly concerned about online activities; the top causes of online concern are privacy (51 percent), credit card data theft (37 percent), phishing emails (43 percent) and identity theft (34 percent).
  • India has the highest usage of mobile wallets (87%) since VIDOC-19, followed by Singapore (73%).
  • Among the APAC markets surveyed, India had the highest number of online food orders (86%).
  • In India, consumers are more willing to share personal information with companies they trust and with whom they have a long-term relationship.
  • Nearly a third (31%) of Indian consumers believe the economy has largely or fully recovered – the most optimistic outlook of any APAC market surveyed.
  • 38% of Indian consumers report that their household income has decreased since COWID 19.
  • About 39% of Indian consumers plan to spend more on goods purchased online in the next 3-6 months and in the longer term.
  • Among all APAC markets included in the study, patience for online transactions is highest in India – overall, more than 4 in 10 Indian consumers are willing to wait more than 60 seconds before making various types of online transactions.
  • Of all the APAC markets included in the survey, consumers in India reported financial anxiety the most, with up to 60 percent worried about their children’s education.
  • In India, consumers are reducing their discretionary spending by 25% and 22% are saving more for emergency funds.
  • Indian consumers report difficulties in paying various bills/payments. Credit card bills (28%), utility bills (26%) and mobile phone bills (21%) are the top three payment methods consumers struggle with.
  • During the impact period of COVID-19, 47% of Indian consumers said they would be loyal to companies that treat them fairly and offer them more business opportunities.
  • Among the Asia-Pacific countries included in the study, payment system providers and e-commerce/mobile commerce market organizations in India enjoy the highest level of trust.
  • In India, government agencies are very reliable in addressing consumer problems related to online activities and transactions (65%).
  • In India, 80% of consumers now stay with their online service providers as they did before COVID-19.
  • Online service providers increasingly expect additional levels of security and greater awareness of how their data is used. This sentiment is strongest in India, with 78% of APAC markets surveyed.
  • Indian consumers (79%) feel that the company they do business with has (mostly or fully) met their expectations.
  • Of the APAC markets surveyed, Indian consumers are the most attentive to what business leaders are doing to improve the customer experience.
  • Of the APAC markets surveyed, Indian consumers (64%) are the most likely to say that since COPID-19, companies have communicated better about how they handle personal data.
  • Protection of physical biometric data is a greater concern for consumers in India (21%) than for the other APAC respondents.
  • Of the APAC markets surveyed, Indian consumers (63%) are the most willing to share their personal data with companies.
  • Safety (50%) is the most important aspect for Indian consumers when it comes to online experiences.
  • Of the APAC markets included in the study, Indian consumers most want control over their personal information (74%).

Click here for more information on the findings of the Global Insights – Wave 2 report.


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