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

Experian grows innovation footprint to financially enable Asia’s next billion unbanked

Experian grows innovation footprint to financially enable Asia’s next billion unbanked

Experian expands its Experian X Labs, an innovation facility addressing the region’s financial inclusion challenges

 

Experian, world leader in information services, is further expanding and investing in its Singapore-based innovation facility, Experian X Labs. The facility serves as Experian’s first Asia Pacific (APAC) incubator and collaboration centre for cutting-edge solutions, aimed at addressing pressing economic and societal issues in the region, such as financial inclusion. The Experian X Labs team, comprising data scientists, product architects and industry innovators is set to grow almost 10-fold by 2020, a significant increase from the pioneer team mobilised in 2017.

 

Financial inclusion is a significant challenge for economic progress in Asia, a region that is home to more than 1 billion people without access to formal financial services[1]. Fostering greater financial inclusion, through financial access and education, will lead to more opportunities and economic growth for the region. The Experian X Labs team leverages alternative data, advanced analytics and partnerships with industry organisations to develop technology solutions that will bridge the gap between APAC’s unbanked and financial service providers. The recently expanded Experian DataLabs[2] plays an integral role in the facility, providing a compliant and secure environment for experimentation with data and collaborative research.

 

Mohan Jayaraman, Regional Managing Director, Decision Analytics and Business Information Services at Experian Asia Pacific, said: “Responsible innovation is the driving force behind our work at Experian. Matching major societal issues with localised solutions, the data science and technology experts at Experian X Labs are tapping on data generated from alternative sources to provide valuable insights into a person’s credit worthiness. Data generated through the region’s rapidly growing internet penetration and mobile usage rates, for example, can help build financial identities for Asia’s unbanked.”

 

Solutions that are currently in development at Experian X Labs include Experian X Score, a credit-scoring system based on alternative data, aimed at helping more than 200 million consumers across APAC strengthen their financial identities and progressively gain access to a wider set of financial services. These developments will follow Experian’s previously launched Prove-ID in India[3], an automated identity and address verification service that helps over 7 million marginalised Indian citizens gain access to government and financial services. Prove-ID gathers key consumer insights from multiple data sources and helps banks verify customers at a faster and more efficient rate.

 

Experian X Labs provides the organisation with a platform to collaborate with start-ups, fintech providers, related businesses and academic institutions in the region. The team is also working to seed and develop APAC-wide solutions aligned with Experian’s core areas of expertise around financial inclusion, digital payments and consumer enablement through advanced data analytics, research and development. In addition to developing innovative technology solutions, the Experian X Labs will continue to play a central role in Experian’s efforts to build digital financial marketplaces in the region, better matching financial solutions with people who need them.

 

To learn more about Experian X Labs and its latest product solutions, please visit: www.experian.com.my/innovation

 

[1] Financial inclusion for Asia’s unbanked, The World Bank, 30 April 2018
[2] State-of-the-art DataLab in Singapore focusing on breakthrough experimentation with data to drive an increase in financial inclusion across Asia where 1 billion people remain unbanked, Experian, 11 December 2018
[3] Female Financial Empowerment: Experian backs financial-literacy and microfinance initiatives targeting 2 million disadvantaged women in Asia, AsiaOne, 7 March 2018

Read full article

Experian

By Experian 02/19/2019

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