Wednesday, 30 Sep 2020
BUSINESS
17/09/2020 03:17 PM

KUALA LUMPUR, Sept 17 -- Only 35 per cent of APAC organisations have made operational adjustments to meet new consumer demands for digital engagement since COVID-19. 

With over half of 1,200 consumers surveyed expecting to increase online spending both in the short-term and within the next 12 months, 43 per cent of consumers have higher expectations of their online experience.

This is according to Experian’s Global Insights Report, one of the first large-scale surveys assessing the impact of COVID-19 on businesses and consumers.

The survey found that since the pandemic started, top priorities for businesses include health and safety of 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 per cent planning to use on-demand cloud-based decisioning applications. (US$1 = RM4.131)

On the other hand, 72 per cent of APAC organisations are using artificial intelligence (AI) and machine learning to cope with uncertainties in today’s marketplace - higher than the global figure of 69 per cent.

Decision management (13 per cent), AI, credit reports and scores, and decision optimisation (each at 12 per cent) have been some of the top solutions most commonly used by organisations in the region to assess and manage customer credit risk.

Based on a statement, 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 and Singapore, among others.

The survey was conducted in June and July and covered consumer and business economic outlooks, financial well-being, online behaviour and others.

-- BERNAMA

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