The consumers are changing their approach and increasing their interest and awareness regarding the value of the information they provide to the businesses. 69 per cent of Indian consumers believe that the gradual change in the trajectory of customer experience is seen due to the result of their data being used, says one of the leading credit bureaus Experian in its 2020 Global Identity & Fraud Report.
As per the report, Indian businesses have ranked the highest at 100 per cent in confidently identifying the customers, whereas 35 per cent customers felt unrecognised by the businesses. Further 54 per cent of business organisations in India are using advanced analytics for identity authentication and fraud prevention. With sophisticated authentication strategies and advanced fraud detection tools, today they are accurately identifying and re-recognising their customers, reducing their exposure to risk and eventually building a greater level of trust in organisations.
“Companies need to deliver more than personalised products; they need to deliver on customer expectations for security and convenience at every step of the digital journey, said Sathya Kalyanasundaram, Country Head & Managing Director, Experian India.
The credit bureau Experian had interviewed 6,500 consumers to study and analyse the research, with more than 650 businesses from across 13 countries including India, Mainland China, Japan, Indonesia, Australia, the United States and the United Kingdom among others. “Globally, while 95 per cent of businesses are optimistic in their ability to identify customers digitally, many consumers across the globe are yet to be acknowledged and recognised while engaging with businesses online. Over half of the organisations surveyed are prioritising the creation of targeted products and offers, while collecting more personal information to do so,” said a report.