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New Experian research shows that identity and re-recognition are the keys to positive customer engagement
SINGAPORE, Feb. 5, 2020 /PRNewswire/ -- Today's businesses need to deliver more than personalised products and offers, they need to deliver on customer expectations for security and convenience at every moment. Released today, Experian's annual Global Identity and Fraud Report found that the keys to meaningful online customer engagement are identifying and recognising consumers time after time. The report found that while 95 percent of businesses are confident in their ability to identify and re-recognise their customers, 55 percent of consumers across the globe don't feel recognised when doing business online. In addition, while business confidence is high, 57 percent of businesses are experiencing rising year-on-year fraud losses, often the result of an inability to recognise customers.
"Creating the ultimate digital experience is a big focus for businesses, and it all boils down to being able to digitally recognise existing and potential customers accurately, seamlessly and consistently," said Steve Pulley, Experian's executive vice president and general manager of Global Identity & Fraud Solutions. "And while businesses think they're doing a good job, fraud continues to be on the rise and consumers don't feel like businesses know them. Businesses need to do a better job of using the same data and technology that's being used to improve customer experiences to better identify customers and prevent fraud."
Findings from the study reveal that organisations across the globe are committing to advanced technology, with 86 percent considering analytics to be a strategic priority and more than half of businesses across the globe looking to invest in AI. This demonstrates that advanced authentication methods, such as machine learning, device intelligence and biometrics, might be the key to successful re-recognition. In fact, a total of 81 percent of consumers across the globe view physical biometrics as the most secure form of identity verification.
"In Asia Pacific, with more than one in two customers expressing doubts about brands' ability to re-recognise them, establishing mutual trust is an urgent order of business for those looking to build secure digital channels for customer engagement," said Mohan Jayaraman, regional managing director of Decision Analytics and Business Information Services at Experian Asia Pacific. "Emerging technologies have a crucial role to play in bridging the gaps in existing customer authentication methods, and businesses that successfully adopt a more dynamic approach to fraud and identity will see a meaningful impact to the overall consumer experience."
In addition to being able to re-recognise consumers, businesses must also look at security and convenience. For the third year in a row, consumers cited security as the most important element of their online experiences. 74 percent said security was their top priority, with convenience following closely behind.
"While consumers said they notice and like what businesses are doing to improve their digital experiences, such as personalised offers, the likelihood of them continuing a relationship with a business will come down to how secure and meaningful those relationships are," added Pulley.
To develop the study, Experian® interviewed more than 6,500 consumers and more than 650 businesses across 13 countries around the world. Additional findings from the fourth annual fraud report include:
The Global Identity and Fraud Report also shows how different regions across the globe view and manage fraud:
The full Global Identity and Fraud Report can be downloaded here: http://bit.ly/GIDFR20
Experian's identity and fraud business comprises more than 300 fraud experts around the world working to protect people's identities and fight fraud for businesses across multiple sectors, including financial services, telecommunications, retail/e‑commerce, insurance, government and healthcare.
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 17,200 people operating across 44 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 and its affiliates. Other product and company names mentioned herein are the property of their respective owners.
Contacts:
Carolyn Chan
Corporate Communications Director, APAC,
Experian
+65-9783-9392
Carolyn.Chan@experian.com
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