Top Industry Trends to Watch in 2019
As we enter 2019, we sat down with Ben Elliott, our CEO for Experian APAC to reflect on a few noteworthy moments over the past year and his take on the trends he foresees as key for the year ahead.
Year in Review: Milestones for 2018
Responsible innovation has been a key focus for Experian in 2018 and will continue to be a priority for us in APAC. As an information services company, our mission is to empower consumers and communities through data. Exclusion from the traditional banking system is a key issue that plagues our region’s economies. With only 48 percent of more than 600 million people having access to traditional banking services, we aim to help the large number of unbanked consumers in the region gain access to financial services and knowledge. Greater financial inclusion for the region will mean greater economic inclusion .
A milestone for us in 2018 has been our strategic partnerships with top financial marketplaces in the region such as CekAja.com in Indonesia, eCompareMo.com in Philippines, and most recently RinggitPlus.com in Malaysia. Together, we are building a financial ecosystem in countries where traditional credit data is not as readily available. Alternative data sources, through the region’s increasing smart phone usage, rising internet penetration rates and availability of ubiquitous data from alternative sources, are all solutions to address this challenge. As we reach the end of 2018 and move into 2019, we hope to continue empowering consumers with enhanced financial access.
Another focus area for us has been working with organisations and consumers on data security and implementing the right solutions to ensure information is protected more than ever. In an age where consumers demand real-time, seamless experiences and there is more information at stake, organisations across industries need to strike the right balance between creating frictionless consumer engagements and having the right security measures in place. Enabling a consumer-first mindset, with improved data security, is something we will continue to work towards, moving into 2019.
What’s Ahead for 2019
In 2019, we will continue to see the emergence of data science and our reliance on it. With the volumes of data growing exponentially, there will continue to be greater value placed on the capabilities within data analytics fields, across industries and organisations. With 76% of CEOs currently seeing the speed of technological change as a threat, organisations will need to continue advancing, upskilling and retraining, as data science continues to become mainstream.
The value of consumer consent will also continue to be a key focus area in 2019. We will see an increasing emphasis on regulations to protect consumer data, ensuring businesses are extracting and using information transparently and securely. While consumers will continue to have the right to be forgotten, businesses and industries will need to keep up with data security measures, while still enabling meaningful consumer experiences.
Looking beyond 2019, the secure and seamless management of data will continue to be honed as a skill across industries. We will see more companies investing in talent or third-party partners that can support in managing and analysing these growing volumes of data, while mitigating the risks associated with it.
Chief Executive Officer, Experian Asia Pacific
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