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

2019 Global Data Management Benchmark Report: Taking control in the digital age

2019 Global Data Management Benchmark Report: Taking control in the digital age

Seven in 10 businesses struggle to unlock data’s true potential because of a lack of control, leaving many businesses with untrusted data that undermines business innovation and customer interactions, new research from Experian has revealed.

 

The Global Data Management report, which surveyed 1,000 data practitioners from organisations around the world, found that although three-quarters (75%) think responsibility for data should ultimately lie across multiple departments, with the occasional help from IT, only 13% are currently doing it.

 

Incorrect ownership (69%), lack of trust in data (49%) and information overload (65%) are the three key factors preventing businesses from leveraging data to achieve their strategic objectives. 95% also admit seeing detrimental effects from poor data quality, which could be negatively affecting customer experience, business efficiency and organisational reputation.

 

The report also found that:

  • Although nearly all (98%) of companies use data to improve their customer experience, 89% admit managing their data is a challenge.
  • Businesses also struggle due to incomplete data (38%), a lack of skills to manipulate and gain insights around data (33%) and a lack of trust in data (33%).

Mike Kilander, Global Managing Director, Data Quality at Experian, said: “From the research, we are seeing a broad range of business stakeholders looking for more control over their data, as many struggle to access valuable information and develop trust in it. We see year after year that despite ambitions, many businesses fail to take full advantage of the opportunity that data can provide because current infrastructure and management practices are not set-up to handle today’s digital consumer.

 

“However, we are seeing more organisations establishing stronger data leadership steered by a Chief Data Officer (CDO). New leadership, empowered by business-user focused technology, can deliver the strategic direction to ensure the right people have access to trusted data and deliver the best outcomes for the business.”

Changing Data Ownership

A lack of control over information impedes the ability of 70% of businesses to meet strategic objectives. The problem lies with who is responsible for managing data - 84% say information is processed by IT who have many other priorities than just data quality or analytics. As a result, more than half (56%) of companies say these teams don’t have an understanding of the organisation’s data management needs.

 

Putting a Chief Data Officer in place is now a well-established practice for many organisations. However, it is key to implement the right strategies to reinforce both data compliance and security, along with allowing quick access to data for immediate business use.

 

Current processes conflict with how organisations want to see data managed. Three in four (75%) think responsibility for data quality should lie within the business, meaning those who use information are responsible for its upkeep. Adopting a delegated approach means teams which use data and its insights for their day-to-day jobs, are also in charge of how it is created and processed.

Creating data confidence

One in three (33%) organisations view trust as a major challenge when extracting value from data. On average, companies believe 29% of their customer and prospect data is inaccurate in some way. A further one in three report data being difficult to leverage because it is incomplete (38%) or not accessible through a single customer view (36%).

 

Human error is the main reason for mistrust in data. 50% think poor quality is down to it being inputted incorrectly, with other reasons for mistrust being information spread out across multiple sources (39%) and having an inadequate data strategy (30%). This means firms do not have confidence in insights or conclusions, because they might not represent the whole picture of a customer or situation.

Realising opportunities

Despite these issues, almost all (99%) businesses acknowledge being data-driven provides a competitive advantage. From improving customer experience (54%) and better insight for decision-making (51%), to more efficient business practices (52%), firms acknowledge the benefit of using data on their bottom line.

 

As a result, organisations are shifting their mind-set, with 89% seeing it as essential for succeeding in the digital market place. The biggest driver for improving data processes is improving customer experience. At present, 69% think inaccurate data is undermining their ability to do this. Yet companies are seeking to change this, with 53% of organisations focusing on it.

 

Download your copy today to read our expert analysis and learn how you can gain control over your data.

Read full article

Experian

By Experian 04/08/2019

Read now

Related Articles

Responding to COVID-19: The impacts and outlook for consumers and lending markets
Responding to COVID-19: The impacts and outlook for consumers and lending markets

We believe that by working together, and bringing you powerful data and tools, we can help you and your customers come back from this crisis strong, secure and ready for…

Learn more
CGTN BOSS TALK | Experian bets on China’s further opening up
CGTN BOSS TALK | Experian bets on China’s further opening up

During the Two Sessions, Experian was exclusively interviewed by CGTN BOSS TALK and shared our views on hot topics such as the new Foreign Investment Law and China's economic outlook…

Learn more
2020 Global Identity and Fraud Report
2020 Global Identity and Fraud Report

Businesses in Mainland China might feel confident in identifying customers and engaging with them digitally, but consumers don’t feel the same way.

Learn more
  • Download Now