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Experian’s research shows major shifts in consumer behaviour and business strategy pre- and post-COVID-19, with economic perception at the epicentre
MUMBAI, 15 October, 2020: The pandemic has created a seismic shift in the volume of online activity and experiences in the past few months. Experian’s Global Insights Report, one of the first large-scale surveys assessing the impact of COVID-19 on businesses and consumers explores the major shifts in consumer behaviour and business strategy pre- and post-COVID-19, with economic perception at the epicentre. According to the report, 43% of Indian consumers have indicated that their household income has declined since COVID-19, thereby, being concerned about their well-being. Not just consumers, even businesses have been concerned about the well-being of their customers. This is evident in the fact that 53% of Indian businesses have highlighted health & safety of customers as the biggest challenge.
Experian – a leading global information services company – surveyed 3,000 consumers and 900 executives working in retail banks, e-commerce, consumer technology and telecommunications. Respondents spanned India, Japan, Singapore, Australia, Brazil, France, Germany, Spain, the United Kingdom and the United States. The survey was conducted in June and July and covered consumer and business economic outlooks, financial well-being, online behaviour and more.
The report also says that 74% consumers in India more strongly indicated that businesses are doing a better job at communicating about the use of their personal data since COVID-19. This shows that not only are people relying on mobile and digital channels to bank, shop, work and socialise, they’re also closely watching how businesses respond to their needs.
Key highlights for India from the Experian’s Global Insights Report - Consumer Survey:
Commenting on the consumer findings for India, Sathya Kalyanasundaram, Country Head and Managing Director, Experian India said, “The impact of the COVID-19 pandemic has caused both businesses and consumers to shift their priorities. With social distancing becoming the norm, consumers have had to get out of their comfort zone by letting go of conventional methods and adapting to the digital way of conducting their daily affairs. This also means that banks and financial institutions must be very careful in how they treat consumers in these tough times. Our data shows that 54% of customers would give an organisation more business if they felt they were treated fairly during the pandemic, higher than the APAC figure of 41%.”
He further added, “At Experian India, we believe that consumers should be in control of their data. In keeping with this, we enabled free and unlimited credit report downloads from our website whilst continuing to educate consumers on financial prudence in this challenging period.”
The survey also found that since the start of the pandemic, top priorities for businesses include the health and safety of their customers and employees, as well as adjusting their operations to ensure business continuity. Organisations are utilising digital solutions to manage customer credit risk, with 26% planning to use on-demand cloud-based decisioning applications.
Key highlights for India from Experian’s Global Insights Report – Business Survey:
Commenting on the business findings for India, Sathya Kalyanasundaram, Country Head and Managing Director, Experian India said, “I have always believed that challenging times present the best opportunities. While businesses have had to grapple with the onslaught of the pandemic initially, we have also witnessed greater agility and adaptability in the banking, financial services and insurance sector. We are working closely with financial institutions by providing them with on-premise and cloud-based solutions. Experian’s latest cloud based PowerCurve suite of decision management solutions enable companies to automate decisions across an increasingly complex customer journey. We provide the option of pre-configured solutions for organisations that prefer standard, ‘out of the box’ applications, as well as solutions that can be tailored to their infrastructure and requirements for rapid deployment, so clients can quickly adapt their decisioning strategies to minimise risk, preserve valuable relationships and remain fair and compliant.”
An example of a bank successfully digitising their processes on the cloud is AU Small Finance Bank, a retail bank. AU Small Finance Bank digitised its previously manual lending process with Experian’s PowerCurve Customer Acquisition. The end-to-end solution involved digitising and automating the application and approval process for a new credit card offering, enabling automated decisioning, and provided the ability to host and configure scorecards.
“Being able to tap into Experian’s data, decisioning software and analytics has helped us accelerate our own transformation while we continue to redefine the banking experience for consumers in the markets we serve,” says Mayank Markanday, President and Chief Risk Officer at AU Bank. “Out-of-the-box decision management technology saves us time and resources, so we can focus on delivering innovative solutions to meet our customers’ needs, always guided by the principles of simplicity, inclusion and progress for all.”
To learn about more findings from the Global Insights Report visit the Global Decision Analytics Insights blog.
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