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

Loss of income: A guide to sail through safely

Loss of income: A guide to sail through safely

India is on the cusp of an exponential growth phase, driven by its favourable demographics and ambitious projects like `Make in India’ that focusses on augmenting India’s manufacturing capabilities, skill development, innovation and productivity. Given the Government’s determination to make India as competitive manufacturing destination in the world, it has spawned several programmes to improve skillsets and incubation of projects as well as to create an ideal ecosystem for start-ups and SMEs which are expected to play a major role in this grand initiative.

 

Such an aspirational scenario is bound to motivate millions to jump the start-up bandwagon with their long-cherished ideas, to experiment with new career opportunities and even to go on a sabbatical to improve their skills or reorient their ambitions in life.

 

Here, there could be a mismatch between aspirations and realities as many of these individuals could suffer a reduction or a total loss of income – for which, they may be unprepared for. And if such individuals have excess investment obligations or are the sole earning members, they would find it distressful to maintain their current lifestyle.

 

As such, the first casualty would be the credit worthiness. Since the reduction in income due to redundancy could become a reality for almost everyone including absolute professionals, there are few feasible precautionary measures one must be aware of. By planning your income pattern, saving it judiciously and managing your credit records efficiently, one can safely sail through the crisis. Here are few tips:

 

#1 Inform lenders about your ‘new situation’

 

Primarily, you should not allow the loss of income to stop you from staying on top of your finances. If the job hunting takes longer, you can fall behind credit commitments. This would seriously dent any future borrowing hence you need to get the big picture; your Credit Information Report (CIR). Then, it is imperative to inform the lenders (credit cards, loans, etc) about your situation straight away. Such a transparency would definitely add to your credibility among lenders, and not less; for them, you are a responsible borrower.

 

For example, in case of the home EMI (the most important in your life), lenders might take a lenient view if they are informed in advance. Most of the lenders would desist from taking any extreme action or bother you for payments but would try to find ways to help you out.

  

#2 Get a credit report; prioritise your debt obligations

While lenders would certainly appreciate your transparency and circumstances, your task is to manage your repayments for a while, prioritizing with the most important things such as your home loan. Having a copy of the Credit Information Report is helpful to systematically reach out to all the lenders and take follow up measures. The CIR speaks all about your credit repayment history and responsibility towards lenders. A regular review of the CIR helps individuals manage their finances better in case of an unforeseen event. 

 

 A CIR is also handy to understand why a lender refused a loan; though no one has an automatic right to a loan, lenders cannot reject an application without giving reasons (as bound by the Credit Information Companies (Regulation) Act, 2005). If it is regarding your credit worthiness or history, you may be able to do something about it and improve your chance of getting credit in the future. Often, they would tell you that the information on your credit information report has influenced their decision.

 

#3 Consult financial advisers, credit bureaus for help

 

As a follow-up measure, if you find repayment obligations harder to manage, you can always consult financial advisers or nearest Credit Bureaus who will also guide you to maintain a good credit score, sort out your debts and get your credit information report for free. This is important to access to quick loans in the immediate future besides sustaining a good financial history. In short, a smart management of loan repayments - despite of your reduced income – would improve your credit report. However, if you are finding it difficult to get a loan, never be tempted to call the so-called credit repair companies who can `remove the negative information for a fee’; well, this is a task better undertaken by you personally by contacting the credit information company direct or with the help of a credit counselor.

 

#4 Spend wisely

 

A personal crisis is a good time to review your priorities and obligations. Apart from managing the credit obligations, spending wisely is equally key to surviving the difficult times. A credit information report can help maintain a healthy relationship with lenders besides keeping track of your key payment schedules that would sustain your pre-crisis track record to a great extent.

 

Contributed by Mr. Mohan Jayaraman, Managing Director, Experian Credit Bureau, India

Read full article

Mohan Jayaraman

By Mohan Jayaraman

Related Products

Experian Information Reports

A comprehensive, unique and timely insight into a business and its credit account payment behaviour.

Experian Information Reports
International Business Reports

Get comprehensive financial and business information on companies from more than 200 countries.

International Business Reports
Commercial Reports

Make better decisions about your business, suppliers and customers.

Commercial Reports
Consumer Reports

Check customer credit, qualify leads, and mitigate risk with Consumer Reports from Experian.

Consumer Reports

Related Articles

Experian among “World’s Most Innovative Companies” in 2018 by Forbes
Experian among “World’s Most Innovative Companies” in 2018 by Forbes

Innovation is at the heart of our business and our culture.

Learn more
The need for a better credit score in today’s time
The need for a better credit score in today’s time

For most, a credit score may look like a simple three-digit numerical expression of an individual’s credit worthiness, assessed by a credit bureau at a point in time. But for…

Learn more
Turning Big Data into action
Turning Big Data into action

Uncover the valuable role data analytics can play in a customer’s lifecycle.

Learn more



  • Download Now