The study also found that the key factors to meaningful online customer engagement are identify ing and recognizing consumers periodically. “While Indian businesses ranked the highest at 100% in being confident in their ability to identify customers, 35% customers felt unrecognized by businesses. Additionally, about 54% of businesses in India currently use advanced analytics (a hybrid of supervised/unsupervised machine learning + business rules) for identity authentication and fraud prevention. More sophisticated authentication strategies and advanced fraud detection tools will allow businesses to accurately identify and continually re-recognize their customers, reducing their exposure to risk and ultimately leading to increased trust in such organizations,” a report on the study said.
The study revealed that globally, while 95% of businesses are confident in their ability to identify customers digitally, more than half of consumers across the globe do not feel recognized when engaging with businesses online. Over half of the businesses surveyed are prioritizing the creation of targeted products and offers while collecting more personal information to do so. Additionally, 84% of businesses believe if they can better identify customers, then they will more easily spot the fraud
Data lakes Become Data swamps
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