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Experian commissioned a study with approximately 600 C-level and functional leaders across Europe, the Middle East and Africa. According to the study, and nearly two-thirds (60%) of organizations stated that they have seen increase in fraudulent transaction within the past 12 months in Turkey. At the same time, the cost of online fraud has also gone up with 47% indicating an increase in the past 12 months. Managing fraud is getting harder.
04 December 2017, Istanbul, Turkey - According to a commissioned study conducted by Forrester Consulting on behalf of Experian, the majority (90%) of business leaders in Turkey are making improvements to their customer experience a priority (90% is broadly in line with the rest of EMEA). A further 87% also say they want to better differentiate products and services from competitors in the next 12 months - compared to an EMEA average of 75%. Turkish organizations are also prioritizing growth through geographical expansion within in the next 12 months – 87% in Turkey vs 68% elsewhere in EMEA. Turkish firms say an increase in the cost to serve customers (57% versus 51% elsewhere in EMEA), customer churn (60% vs 35%) and collection costs (50% vs. 45%), have all increased in the past 12 months.
Experian Turkey General Manager Mehmet Bozacıoğlu said that only 17% of Turkish firms say their data sources for fraud prevention are up to date compared to 31% across the rest of Europe and continued: ‘Up to 50% of Turkish firms say they have real-time visibility into all customer transactions, it's only 33% elsewhere in EMEA. Nearly two-thirds (60%) of organizations have seen increase in fraudulent transaction within the past 12 months. At the same time, the cost of online fraud has also gone up with 47% indicating an increase in the past 12 months. Turkish firms are also trying to ensure that when fraud prevention checks take place, they’re non-invasive to customers. Up to 60% say they're planning to implement more passive authentication methods during the next 12 months.’
Bozacıoğlu added that fraud is the top barrier to companies accomplishing their business priorities and continued: ‘In line with the rest of EMEA, only 27% of Turkish firms say they completely understand the business impact of fraud. Less than one in three (30%) say they can easily manage the complexity of fraud - a figure broadly in line with the rest of Europe. To combat fraud 90% of Turkish firms say they’re enhancing fraud mitigation capabilities to help better predict when fraud will occur - compared to 73% across the rest of EMEA.’
Decision-makers in Turkey understand the importance of keeping up with the rapidly evolving digital economy. But many struggles to successfully deliver their vision for data and analytics (43% in Turkey, broadly in line with the rest of EMEA) and legal and compliance issues (47% vs 34% elsewhere in EMEA). Also, the majority (90%) of organizations in Turkey say the adoption of the advanced analytics capabilities is a high or critical priority - compared to 70% in the rest of EMEA. At the same time, 93% of Turkish organizations are also planning to invest big data technology within the next 12 months - compared to 74% across the rest of EMEA.
But even today, almost half (48%) of business decision-makers in Turkey admit they are still relying on ‘gut feelings’ and ‘opinions’ rather than relying on actual data.
In a world underpinned by information, the quality, management and understanding of that data is crucial to making better services, better technologies, and better business decisions. The study emphasizes that insights-driven organizations will be the digital economy winners.
The majority (83%) of business leaders in Turkey are planning on leveraging automation to help support their decision-making for customer onboarding in the next 12 months - compared to a 42% EMEA average).
Around 60% are also planning to implement automated decision-making systems to help manage high-risk debt - a trend that's broadly similar to their EMEA peers.
Also in line with other EMEA organizations, firms in Turkey are looking to automation as the enabler for speedy implementation of insights to improve speed to market, preserve customer relationship, improve cross and upsell opportunities and minimize collection losses.
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