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:
- Use of AI to improve customer decisions
- Strengthening security of mobile and digital channels
- Increasing digital acquisition and improving engagement
- Automating customer decisions
- Understanding customer profiles (e.g. affordability, preferences, behaviors)
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:
- 61% of people surveyed now regularly order groceries or food delivery online. This is a 7-point increase in this type of online payment since July.
- 77% of people said they feel most secure when using physical biometrics, and 62% of people said it improves their customer experience when managing finances or payments online.
- For the past 3 years, consumers trust payment system providers (e.g. PayPal, WePay, Apple Pay) the most for consistently providing a secure and convenient digital customer experience.
- Adoption of mobile wallets has jumped +11% since July as consumers continue to increase their online activities and contactless in-person transactions.
Additional business findings from the report include:
- Three of the top five solutions businesses are using to help improve the customer journey are designed for driving insights into faster customer decisions, including on-demand cloud-based decision apps.
- 70% of businesses are focused on fraud prevention over generating revenue, increasing measures to protect consumer’s online transactions.
- 40% of businesses are doing better communicating how customer data is used to enhance the customer experience, protect consumer information and personalize products and services.
To learn about more findings from the Global Insights Report visit the Global Decision Analytics Insights blog.
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