69% of Indian consumers believe their data is valuable to businesses says Experian 2020 Global Identity & Fraud Report

Experian recently released the Experian 2020 Global Identity & Fraud Report.  One of the key findings is that consumers seem to have a heightened awareness about the value of their information with about 69% of Indian consumers saying they like the changes being made to the customer experience as a result of their data being used.

Another significant finding is that the key factors to meaningful online customer engagement are identifying and recognizing consumers periodically. While Indian businesses ranked the highest at 100% in being confident in their ability to identify customers, 35% customers felt un-recognised by businesses. Additionally, about 54% of businesses in India currently use advanced analytics (a hybrid of supervised/unsupervised machine learning + business rules) for identity authentication and fraud prevention. More sophisticated authentication strategies and advanced fraud detection tools will allow businesses to accurately identify and continually re-recognise their customers, reducing their exposure to risk and ultimately leading to increased trust in such organisations.

“Experian’s 2020 Global Identity and Fraud Report shows that while the challenge of identity is a large part of every customer decision, the desire for a better experience, and concerns around security still form the core of the digital relationship between customers and businesses. Businesses today need to deliver more than personalised products and offers; they also need to deliver on customer expectations for security and convenience at every step of the digital journey,” said Sathya Kalyanasundaram, Country Head and Managing Director, Experian India.

Globally, while 95% of businesses are confident in their ability to identify customers digitally, more than half of consumers across the globe do not feel recognised when engaging with businesses online. Over half of the businesses surveyed are prioritising the creation of targeted products and offers while collecting more personal information to do so. Additionally, 84% of businesses believe if they can better identify customers, then they will more easily spot the fraud.

Over 90% of businesses feel these new identity propositions play an important role in re-recognising their customers but no one approach has broadly taken hold yet. Many businesses are familiar with their emergence and are in ‘wait and watch’ mode as the technology evolves and consumer interest grows. Regardless of which identity proposition is adopted by a business, the need to establish the verifiable claims that constitute a person’s identity is fundamental to doing business digitally.

Source: Express Computer article