Consumers in Asia Pacific want businesses to address their concerns around data security
Consumers in Asia Pacific are increasingly concerned about their digital experience and are practicing caution around fraud and security risks.
More than half across APAC would like to be informed about how their data is being protected and stored
This comes as consumers become more reliant on digital payment methods, with the highest levels of online activity found among consumers in India (80%) and Singapore (69%), according to Experian’s Global Insights Report.
In Japan, 63% of consumers with a higher household income (greater than $100,000), significantly above the 39% for the general population, use mobile wallets.
However, concerns are high around stolen credit card information, online privacy, identity theft and fake/phishing scams. Regionally security is the most important factor when it comes to consumer online experience in Japan (89%), Australia (83%) and Singapore (82%).
“In the wake of the widespread shift to digital banking and commerce, organizations around the world have seen a sharp increase in cybercrime. As consumers become more worried about their wider digital footprint, which comes with greater exposure to security risks, businesses have to instill confidence in how they are protecting customer data and how it is being used,” said Ben Elliott, chief executive officer of Experian Asia Pacific.
“While this is by no means a new concept, the importance of customer data protection is increasingly paramount for businesses across the region as consumers expect this to be the minimum standard. The key remains to find the balance between ensuring the appropriate security measures are inserted into the process, without impacting the customer experience.”
The report surveyed 3,000 consumers and 900 businesses across 10 countries including India, Japan, Singapore and Australia.
What does the report find?
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More than half across APAC would like to be informed about how their data is being protected and stored.
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Consumers in India (79%) and Singapore (70%) have the highest need to know why their data is being requested than before Covid-19.
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APAC businesses recognize the importance of the customer journey, as more turn to technology to generate positive customer outcomes and experience.
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Investment in advanced analytics to reduce friction during digital customer experience is a top priority for the Singapore market (45%).
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India has the most businesses implementing AI (87%) and machine learning solutions (83%).