Helping lenders make faster credit decisions, enhance the customer experience, reduce credit losses and minimise fraud

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 Risk Radar Report: Examining Australia’s lending risk climate

Experian Risk Radar Report: Examining Australia’s lending risk climate

Read full article

Experian

By Experian 10/28/2021

Experian-Risk-Radar-Report

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Experian’s inaugural Risk Radar report is now available

 

The inaugural Experian Risk Radar report features insights on the current lending risk climate from six of Australia’s most senior risk leaders. The report also collected responses from 150 banking fintech, and non-bank lender decision makers across Asia Pacific, including 54 from Australia (Forrester and Experian “Drive Speed and Accuracy with Emerging Technology and Alternative Data” report – October 2021).

 

The report shows lenders are feeling the pinch of managing a complex regulatory environment, balancing the need to meet responsible lending obligations with remaining competitive.

 

The solution could lie in lenders adopting new technologies to help make faster lending decisions, improve customer management, reduce credit losses and minimise fraud.

 

Key findings

  • 2 in 3 Australian lenders

    say they are turning away creditworthy customers due to lack of data

  • 61% Australian credit risk leaders

    acknowledge poor lending decisions can put customers into financial hardship – the highest of the APAC nations surveyed

  • Less than half of Australian credit providers

    are maximising the wealth of data available to them

  • 70% of lenders

    Identify modernising legacy systems as a top credit risk priority

The Risk Radar report will be released annually, with ongoing pulse checks released every quarter.

 

To download the full report, please complete the form below.

  • Download Now
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