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 works with mobile network operators globally to help billions create credit profiles and improve financial well-being

Experian works with mobile network operators globally to help billions create credit profiles and improve financial well-being

June 17, 2018  In emerging markets around the world, people have limited access to financial products, especially credit. Experian has developed a sustainable solution to provide billions of people with easy access to financial products, unlocking the power of alternative data. Since 2010, Experian’s MicroAnalytics solution has extended more than 5 billion credit offers in countries across Asia, Latin America, Africa and beyond.

 

“2017 was our fastest-growing year, with our systems issuing more than 2 billion credit offers,” said Elio Vitucci, CEO of Experian MicroAnalytics. “Our goal is to help people in emerging markets build a strong financial identity. We build financial identities using mobile phone behavioral data, one of the richest sources of customer insights, and unlock an initial set of financial products. As customers use these products, they strengthen their financial identities and obtain access to an increasingly wider set of financial services.”

 

While only a minority of people in emerging markets have access to banking services and even fewer have access to credit services, the vast majority have a mobile phone, most on a prepaid plan. Experian partners with mobile network operators around the world, using mobile behavioral data to start creating initial financial identities for people. With these financial identities, customers can start to gain access to simple but useful financial products, such as airtime credit.

 

As customers continue to take and repay their borrowed airtime credits successfully, they strengthen their financial identities and progressively unlock a wider, more complete set of financial services. This creates a virtuous circle, where in time customers graduate to a full set of financial products.

 

“Our MicroAnalytics solution has a powerful role to play in impacting the lives of consumers in emerging markets, especially within Southeast Asia. With nearly 70 percent of these credit offers through our solution being generated within Asia, we have extended more than 3 billion credit offers across the region.” said Dev Dhiman, Managing Director for Southeast Asia and Emerging Markets, Experian. “For the unbanked population, a financial identity unlocks access to financial products such as loans, credit cards, insurance and ultimately giving consumers a better quality of life and drive economic progress.”

 

About Experian

Experian 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 16,500 people operating across 39 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 at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

 

Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.

Read full article

Experian

By Experian 06/17/2018

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