42% businesses thin the Indian economy has recovered
Ninety-nine per cent of Indian businesses have implemented digital online strategies related to recognising their customers across various platforms, according to Experian’s Global Insights Report.
The report said that 31% 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% of Indian consumers have revealed concerns regarding online security, according to the report released on 27 Jan 2021.
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.
Key highlights for India from the second wave of Experian’s Global Insights Report – Business Survey:
• 42% of Indian businesses think that their economy has completely recovered.
• 44% of Indian businesses indicate health & safety of employees as their top challenge followed by the health & safety of their customers.
• 99% 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%) as compared to other APAC countries surveyed.
• Security measures in customers’ devices (39%) and Customer Identification Programmes (CIP) (39%) are the most common fraud detection and protection solutions being used in India.
• 97% 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%) 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%) and a hybrid model of business rules (34%) 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%), machine learning (18%) and business rules (17%) related to customer credit default and credit worthiness.
• Businesses in India (78%) say they will be dedicating more budget towards analytics and customer creditworthiness.
• 94% 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%) have applied for 10-20% more extended credit.
• 82% of businesses in India believe their current analytics models for consumer collections decisions (83%), consumer credit risk (82%) and existing clients (82%) are delivering what they expected.
• Businesses in India report very high adoption of both Artificial Intelligence (93%) and Machine Learning (91%).
• Businesses in India (50%) are leading the way in APAC by putting more resources towards a recalibration of existing analytics models.
• 91% 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%), with businesses in India being the highest at 71%.
Key highlights for India from the second wave of Experian’s Global Insights Report – Consumer Survey:
• 65% of Indian consumers have expressed increased levels of concern about online activities; the biggest sources of online concerns include online privacy (51%), credit card information being stolen (37%), phishing emails (43%) and identity theft (34%).
• India has the highest use of mobile wallets (87%) followed by Singapore (73%) since COVID-19.
• Ordering food/grocery online is highest in India among the APAC markets surveyed at 86%.
• 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%) of consumers in India feel that their economy has either mostly or fully recovered – the most optimistic across the APAC markets surveyed.
• 38% of India consumers say that their household income has declined since COVID 19.
• About 39% 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% expressing challenges related to their children’s education.
• Consumers in India are reducing their discretionary spending by 25% and 22% 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%), utilities (26%) and mobile phone bill (21%) are the top three payments that consumers are struggling to pay.
• During the COVID-19 impacted period, 47% 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%).
• 80% 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%) 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%) 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%) as compared to others surveyed in APAC.
• Out of the APAC markets surveyed, consumers in India (63%) express the highest willingness to share personal data with businesses.
• Security (50%) 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%) amongst the APAC markets included in the survey. #technology #digital #consumers #markets /fiinews.com
