Consumers like their data being used to improve CX
Banking Frontiers|August 2020
Consumers like their data being used to improve CX
A recent study has brought out an interesting revelation about Indian consumers’ attitudes towards data and its usage to enhance the customer experience. The study, done by leading credit information bureau Experian, which brought out the findings as the ‘Experian 2020 Global Identity & Fraud Report’, finds that consumers, in general, understand the value of information and that 69% of Indian consumers like the changes being made to the customer experience as a result of their data being used.

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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August 2020