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 India’s 190 million unbanked

Experian grows innovation footprint to financially enable India’s 190 million unbanked

Experian expands its Experian X Labs, an innovation facility addressing the financial inclusion challenges in India and rest of APAC

 

MUMBAI, 20 February 2019 - Experian, the world leader in information services, is further expanding and investing in its innovation facility, Experian X Labs based in Singapore. The facility serves as Experian’s first incubator and collaboration centre for cutting-edge solutions, aimed at addressing pressing economic and societal issues in the India, such as financial inclusion. The Experian X Labs team, comprises of data scientists, product architects and industry innovators.

 

Financial inclusion is a significant challenge for economic progress in India, a region that is home to more than 190 million 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. 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 India’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. In the Indian context, this also translates into harnessing various initiatives in the India tech stack and the vibrant data economy to look at opportunities for boosting financial inclusion.”

 

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 the new-to-credit population in India strengthen their financial identities and progressively gain access to a wider set of financial services. To achieve this, Experian India has partnered with multiple local entities in the digital payment processing and personal finance space. 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.www.experian.in/innovation

 

[1] The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, The World Bank, 19 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

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Experian

By Experian 02/20/2019

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