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

Better audience profiling will drive better business outcomes

Better audience profiling will drive better business outcomes

Throughout 2021 we are going to talk about the importance of data enrichment. Why it’s vital, how to do it effectively and the improved outcomes your business could see as a result.

 

Experian research identified that better customer insight is a critical priority for 8 in 10 organisations*, so it seems highly appropriate that in a far more challenging year than many expected, we help guide you through a topic that could prove a game-changer for your company in the future.

 

It was all change in 2020

 

The pandemic has rocked economies, sadly forcing many businesses to completely rethink their operating models. Although there are many businesses that have fallen on hard times, on the flip side, some areas of industry have seen momentous growth (think video conferencing, laptop manufacturers and food delivery services to name a few). In reality, not all businesses are seeing double- or triple-digit growth just yet, but they do have an opportunity to tap into a world in which consumer habits and expectations have shifted significantly to digital.

 

The power of audience profiling

 

At a basic level, audience profiling, will help you be far more targeted with your communications, be they sales, marketing or support-led. Pre-empting audience behaviour and understanding key demographics helps you deliver a better service and grow revenues.

 

The first step is undoubtedly understanding your target audience, what makes them similar and what makes them unique in the context of your business.

 

> Where to begin - When looking at growing revenue for any B2C business there are typically only three categories of focus when it comes to customers -  who do we invest in, who do we nurture and who do we ignore. The real challenge comes when we do not know as much about these consumers as we would like, or alternatively, the information we do collect is limited to their interactions with your business only.

 

> Enriching profiles with the right data - In some instances, their income will be a large determinant of whether they will purchase a product, in others age acts a leading factor, in yet another proximity to a store network will determine success. By enhancing a company’s insight into their own customers these questions can start to become easier to answer.

 

> Achieving speed to value - Data held dormant in a CRM  will not help grow revenues, neither will long, complicated research projects designed to bolster existing customer information through invasive and expensive questionnaires.

 

The strategic use of third-party data sets can help enhance the information  already held on  customers and prospects. From here, more accurate decisions can be made and investments into first party data can be operationalised and transformed into a number of actionable tactics and strategies.

 

> Speak directly and appropriately to your customers - Recently we’ve seen a large increase in companies wishing to identify which of their customers and prospective customers are more environmentally focused or ‘green’. Relying solely on collected first party data it becomes a difficult question to answer. By attaching third party data to a company’s existing customer database questions like these can be modelled. This can guide the creation of new products, where a company invests or even influence the positioning of existing communications.

 

Targeted communications will help grow your business

 

Experian is expertly positioned to help guide you through the complicated world of audience profiling. With our data enrichment services, we can instantly provide an actionable file including behavioural, financial, and demographic information. With over 1,000 attributes from our Experian databases, we can help you connect with the right customers in the most effective way.

 

Enriching your data will provide insights that help you offer more personalised customer support, more appropriate messages and more timely offers to help your business succeed and grow.

 

*Experian Global Business Review, 2018

Read full article

Experian

By Experian 12/23/2020

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