The pandemic has accelerated a digital transformation for many companies, but just over a third (35%) of Asia-Pacific organisations have made operational adjustments to meet new consumer demands for digital engagement, according to Experian.
Last June and July, Experian surveyed 3,000 consumers and 900 executives working in retail banks, e-commerce, consumer technology and telecommunications. Respondents spanned Australia, Brazil, France, Germany, India, Japan, Singapore, Spain, the United Kingdom and the United States.
With more than half of 1,200 consumers surveyed in APAC expecting to increase online spending both in the short-term and within the next 12 months, 43% o have higher expectations of their online experience.
The survey found that since the start of the pandemic, top priorities for businesses include the health and safety of their employees and customers, as well as adjusting their operations to ensure business continuity.
The pandemic could potentially add US$440 billion to credit costs in Asia Pacific and organisations are utilising digital solutions to manage customer credit risk, with 22% planning to use on-demand cloud-based decisioning applications.
Globally, twice as many consumers are having problems paying their bills since COVID-19. This is a trend prevalent across all regions, with more than a fifth (21%) of the 1,200 consumers surveyed online in Australia, India, Japan and Singapore finding it challenging to pay their credit card and utility bills since the start of COVID-19.
“This is a defining period for how banks and financial institutions treat their customers, as how they treat their customers during these challenging times will impact customer loyalty in the long run,” said Ben Elliott, CEO in Asia Pacific at Experian.
“Our data shows that 41% of customers in Singapore, India and Australia would give an organisation more business if they felt they were treated fairly – courteously, honestly and without bias – during the pandemic, higher than the global figure of 38%,” said Elliott.
