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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
Observations

Focus will be on additional analytics and more fraud automation.

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
Observations

BFSI have the most superior capabilities in fraud management–in speed of detection, accuracy, and contextualization.

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
Observations

Spurt in digital activity in the recent past has initiated investment in new technologies (i.e., robotics, AI, machine learning, biometrics) for better fraud detection and improved contextual marketing. The industry is working in collaboration with third-party agencies on alternative data sources, and is open to work with fintech companies.

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
Observations

BFSI seeks to increase consumer trust by investing in data quality and data management issues, and in new technologies (e.g., AI, biometrics).

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
Observations

The rapid deployment of fiber to the home and LTE mobile broadband is accelerating the need for customer analytics and collections and fraud management by telcos; retailers are most concerned about employee fraud, because ofiine is a larger sales channel.

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
Observations

Companies are generally weak in fraud management, but could be influenced by customers being more tolerant of fraud.

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
Observations

Spurt in digital activity in the recent past has initiated investment in new technologies (i.e., robotics, AI, machine learning, biometrics) for better fraud detection and improved contextual marketing. The industry is working in collaboration with third-party agencies on alternative data sources, and is open to work with fintech companies.

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
Observations

Majority of companies realize that they have moderate capabilities in fraud detection.

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
Observations

Companies have moderate capabilities in fraud detection, but majority believe that improvements are required in areas of fraud resolution for better assistance to victims of fraud as consumers increasingly face more fraud risks.

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
Observations

Spurt in digital activity in the recent past has initiated investment in new technologies (i.e., robotics, AI, machine learning, biometrics) for better fraud detection and improved contextual marketing. The industry is working in collaboration with third-party agencies on alternative data sources, and is open to work with fintech companies.

Jul 05 2019 /

Experian

Frost & Sullivan Report

Frost & Sullivan Report

A vast majority of company’s state that innovation will be critical to their success over the next 5 years.

In this report with Frost & Sullivan, we take a deep dive at the corporate innovation agenda and the role that innovation labs have in the development of the facets needed for a successful corporate innovation ecosystem. This is a sector constantly in flux and innovation labs have to embrace agility and efficiency as part of their core DNA.

 

Get the report to find out how organizations can meet these challenges and learn about some key strategies for success, such as:

 

  • Why Enterprises are Investing in Innovation
  • Key Drivers of Innovation in a Company
  • Obstacles Inhibiting Innovation
  • Traits of Successful Innovation Labs
  • Pitfalls to Avoid in Setting up an Innovation Lab
  • Recognizing Critical Industry Challenges

 

Read full article

Experian

By Experian 07/05/2019

Frost and Sullivan X Labs piece

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