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

The Data Trifecta – Convenience, Privacy and Security. Where do you stand?

The Data Trifecta –  Convenience, Privacy and Security. Where do you stand?

At the recent Innvofest Unbound Singapore conference, I had the opportunity to moderate a panel on Data and Cybersecurity which had panellists from leading organisations, like Optus and SATS Ltd, as well as emerging technology companies like Bitglass and Indonesia’s first unicorn Go-Jek.

 

The discussion revolved around the long-standing issue of cyber security as organisations increase their digital presence in their journey to get closer to today’s consumer – a trend that was explored in Experian’s recently released Digital Consumer Insights 2018 report, which provided insights into consumer behavior, attitudes and preferences across Asia Pacific when it came to their digital interaction with organisations today.

 

Three key takeaway messages emerged from the panel discussion that any digitally-engaged organisation should keep at top of mind.

 

#1: There is tension between convenience and privacy for consumers

There has now been an unprecedented ask for greater convenience from consumers and an equal pressure from organisations to deliver it – whilst taking privacy rights and regulations into consideration, in addition to providing a secure platform to consumers. While not the sole responsibility of either party, it is important for businesses to operate responsibly when delivering new services so end users are clear on the benefits (and risks) involved in the path to greater convenience. Likewise, consumers need to be effectively educated to empower them to make accurate decisions when it comes interactions and transactions involving data.

 

#2: Collaborate and innovate to stay ahead of fraudsters, who share information all the time

This stood out for me especially so coming from an organisation that is constantly focused on innovation and collaboration. Amongst the panelists, the recurring rhetoric was that each of them relied on both attributes to stay ahead of the curve. Collaboration, whether with external parties or within internal teams, is essential to help build a clearer and accurate view of where the organisation stands. Internal regulation is key to combatting fraud and cybercrime. Innovation, on the other hand, is something that organisations should embrace. Whether on a fraud detection or consumer front, organisations that stay nimble and adapt to technology changes will be well positioned to navigate the digital landscape.

 

#3: There is a lot more that organisations can do to combat the risk of cybersecurity. How should we strike the balance?

This is perhaps one of the hardest issues for organisations to find the answer to. The hard truth is that fraud and cybersecurity are constantly evolving and it just impossible for any organisation to completely and absolutely manage risk. The key? Managing risk to an acceptable level and identifying the most important segments of data (to both businesses and their end consumer) to build the necessary measures in place. The additional point here is that, beyond direct-to-consumer businesses and consumers themselves, third-party organisations also should start getting closer to, and understanding the nuances of their customers to better position themselves and remain relevant.

 

Dev Dhiman
Managing Director, South East Asia & Emerging Markets

Read full article

Dev Dhiman

By Dev Dhiman 06/14/2018

Related Articles

Frost & Sullivan Report
Frost & Sullivan Report

In this report with Frost & Sullivan, we take a deep dive at the corporate innovation agenda and the role that innovation labs have in the development of the facets…

Learn more
Financial inclusion in 2019 – Are we there yet?
Financial inclusion in 2019 – Are we there yet?

I recently had the fantastic opportunity to participate in a panel discussion at Money 20/20 Asia in Singapore. We discussed what financial inclusion means today and how organisations can better address the…

Learn more
Driving a culture of innovation – Insights from Ingenuity19
Driving a culture of innovation – Insights from Ingenuity19

Collaboration sparks innovation that help foster sustainable economic growth and drive positive outcomes for civil society. Just last week, I was part of Ingenuity19’s first ‘Tech for Good’ Summit in…

Learn more
  • Download Now

By providing your personal information you agree that we may collect and process it in accordance with our Privacy Statement.