Costa Mesa, Calif., Nov. 9, 2020 – While businesses worldwide have started to see their operations stabilize, they will be tested once again as higher expectations of the digital experience are on the rise. According to Experian’s latest Global Insights Report, 60 percent of consumers have higher expectations of their digital experience than before Covid-19.
High expectations for security and convenience compounded by the increased demand for online payments, banking and shopping are pushing businesses to re-imagine the customer journey and the investments needed to drive future growth. In fact, the study found that one in three consumers are only willing to wait 30 seconds or less before abandoning an online transaction, specifically when accessing their financial accounts. While half of the businesses surveyed have either mostly or completely resumed operations since Covid-19 began, only 24 percent are deliberately making changes to their digital customer journey.
“Not only have more consumers embraced digital transactions out of necessity during the pandemic, they’re having a positive experience and their needs and expectations are rapidly growing,” said Steve Wagner, global managing director of Decision Analytics for Experian. “To win, business must invest now in their digital experience. The cost of doing nothing is greater than investing in the customer journey.”
The study also found that two-thirds of consumers globally have remained loyal to their favorite brands during the pandemic. However, the research shows that loyalty may not be a given going forward, and businesses will need to work to improve their digital transformations. Now more than ever the integration of data, analytics and technology can enable businesses to quickly adapt decisioning strategies to minimize risk, preserve valuable relationships and remain fair and compliant.
The top five initiatives amongst retail banks, payment providers and retailers to help with digital transformation accelerated by Covid-19 include:
To develop the study, Experian interviewed 3,000 consumers and 900 businesses across 10 countries around the world including Australia, Brazil, France, Germany, India, Japan, Singapore, Spain, United Kingdom and United States on insights related to consumer and business economic outlooks, financial well-being, online behavior and more. This report is the second of three in a longitudinal study exploring the major shifts in consumer behavior and business strategy throughout Covid-19.
Additional consumer findings from the report include:
Additional business findings from the report include:
To learn about more findings from the Global Insights Report visit the Global Decision Analytics Insights blog.
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
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