Experian: Businesses and Consumer Priorities Appear to be Different as they are Heading into 2022

What increasing expectations of the digital customer experience mean for your business and technology investment

Experian’s recently published Global Insights Report? The report is focused on how businesses are incorporating machine learning and AI into everyday operations and investments.

Experian’s survey found that consumers are online 25% more now than they were before COVID-19. The study also found that consumer loyalty is down 6% from last year (to 61%). As a result, we’re seeing more companies shifting their investments towards data automation, machine learning, and AI to create a convenient and secure online experience – and improve customer retention.

Additional findings include –

Confidence in AI and cloud-based credit risk decisioning is trending up:
- 81% in advanced analytics and AI (up from 77% a year ago)
- 81& in on-demand, cloud-based decisioning (up from 72% a year ago)
Adoption of artificial intelligence and machine learning continues to grow:
- AI – 74% up from 69% last year
- ML – 73% up from 68% last year
7 in 10 businesses say they’re frequently discussing the use of advanced analytics and AI, to better determine consumer credit risk and collections.
76% of businesses are improving or rebuilding their analytics models.
50% of businesses are exploring new data sources.

Businesses and consumers are heading into 2022 ready to grow and spend, respectively. But two years into the pandemic, their priorities are significantly different than they were before the crisis. Consumers report that they are online 25% more now than they were just a year ago. And companies that want to acquire more customers and retain their loyalty are doubling down on technology investments that improve the digital experience as well as better manage consumer credit and fraud risk.

Our latest report highlights what consumers expect of their digital interactions —and what businesses are doing to meet those expectations. Conducted in September 2021, the survey results represent 3,000 consumers and 900 businesses across 10 countries, including the U.S., Brazil, U.K., Germany, Spain, India, Japan, Singapore, Australia, and Italy. We explored topics ranging from perceptions of economic recovery to business priorities to changing consumer behaviours online.