Forrester Study – Drive speed and accuracy with emerging technology and alternative data

Jan 17 2022 /

Experian

Forrester Study – Drive speed and accuracy with emerging technology and alternative data

With consumers’ growing financial woes amidst the Covid-19 pandemic, it’s apparent that poor credit decisions are negatively impacting customers’ financial situations.

Our study with Forrester, which surveyed 164 banking, fintech, and non-banking lending decision makers managing credit risk in Australia, Indonesia and India, showed that banks and lenders in the Asia Pacific (APAC) are increasingly aware of the critical need to better protect their customers from falling into financial hardship.

Key insights

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By Experian 01/17/2022

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1

54% of APAC banks and lenders surveyed across the three markets agree that putting customers in a hard situation is one of the top implications of a poor credit decision.
2

80% of organisations surveyed are focusing on developing monitoring and early-warning systems as a top risk management priority.
3

One third of businesses surveyed still face challenges in increasing the automation of credit decisioning and management.
4

44% of businesses surveyed agree that improving the use of data and insights in business decision making is a top priority.
5

41% of lenders surveyed will continue to leverage more traditional forms of data such as banking or credit bureau data, while 40% surveyed will tap into new data sources such as alternative credit data.
6

43% of organisations surveyed understand that nurturing strong relationships with customers is essential to build strong brand loyalty and are prioritising their customer experience.

Download the Forrester study where we evaluate the current state of credit risk and fraud decisioning across three of the major economies in Asia Pacific.

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Forrester Study – Drive speed and accuracy with emerging technology and alternative data

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