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

Time to insight is your key to seizing new opportunities

Time to insight is your key to seizing new opportunities

When we talk about digital transformation, we’re often discussing an organisation’s ability to seize the opportunities available in a digital economy. Whether those are opportunities for greater efficiency, productivity, and innovation, or if we simply want to unlock new business in our marketplace, our ability to seize these opportunities is pivotal to the time it takes us to derive insights from our data.

 

With data, digital transformation is about how quickly you can turn unprocessed data into information, and how easily that information can be analysed and used throughout your business for informing decisions and driving change.

 

To date, this process is still heavily reliant on central IT teams to provide access to data, which then requires weeks to reformat. While we have the ability to collect vast amounts of data about our customers, turning this data into meaningful information for actionable insights is beyond the capabilities of the majority of your employees.

 

Our research has shown that 95% of the C-level executives believe than data is integral to business strategy; a sentiment that have grown by 15% compared to the year before (2018 Global Data Management Benchmark Report). Meanwhile, in a study by 74% of firms say they want to be more data-driven, only 29% say they’re good at connecting analytics to action.

 

To derive the insights, you need from your organisation’s data, you need to empower your employees to understand its value and set potential for creating new business opportunities. Once they see the importance and need for insights to help them perform their role more effectively, they would require a data solution to meet this need.

 

When selecting a data solution, it’s essential to involve stakeholders from every business unit so they can weigh in on evaluation and selection criteria. Be realistic about who needs to use the solution, and choose the capabilities and features that match their job roles and skill sets.

 

Consider systems that are easy to integrate and intuitive to use. This means users are only required to have subject matter knowledge, as opposed to specific technical skills for using the data solution. It should be a simple process to make use of data as each user sees fit. This includes the ease of which they can access large volumes of data that can be summarised into insights for a range of requirements that can differ every day.

 

I’ve mentioned in a previous article that the data solutions which are easiest to adopt, and use will ultimately encourage a more proactive, self-service culture when it comes to creating insights from data. This is one of the main goals of digital transformation- empowering everyone within your organisation to make the best use of technology.

 

Alan Thornton
General Manager, Data Quality Southeast Asia

 

Read full article

Alan Thornton

By Alan Thornton 08/07/2018

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