Bangkok--2 May--PRecious Communications
New Experian research highlights that 69% of Thailand consumers value 'security' as the most important element of their online experience
As organisations and consumers increasingly interact over digital channels, both parties must find ways to establish mutual trust. Based on insights from almost 6,000 consumers and 590 businesses across Asia-Pacific (APAC), Experian's Global Identity and Fraud Report APAC edition highlights that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences. 546 consumers and 50 businesses from Thailand participated in the study.
The report found that the majority (69%) of Thailand consumers valued 'security' as the most important element of an online experience, followed by 'convenience' (20%) and 'personalisation' (11%). It also found that close to half (40%) of Thailand businesses had experienced an increase in online fraud-related losses over the past 12 months. This includes account takeover attacks and fraudulent account openings. As a result, 66% of Thailand consumers surveyed felt that the trade-off for convenience in today's digital society was privacy, with 63% of businesses in Thailand collecting more personalised data to develop a more tailored user experience, targeted products and offers.
"With interactions between businesses and consumers increasingly taking place over digital channels, building an environment characterised by security and mutual trust should be a leading priority," said Dev Dhiman, Managing Director, Southeast Asia and Emerging Markets, Experian. "It will be imperative for business leaders to invest in identity verification and fraud management capabilities to realise the full potential of Thailand's digital economy."
Data is a cornerstone of Thailand's digital economy, which is estimated by Thailand's Board of Investment to contribute a quarter of the country's GDP by 2027. According to Google-Temasek's e-Conomy SEA 2018 report, Thailand's digital economy is driven by an e-commerce boom and a rapidly growing digital population that spends about five hours each day on the Internet via mobile devices; more than any other country in the world.
While existing security methods used by organisations are still more traditional in nature, report findings revealed that new technologies and advanced authentication solutions are viewed favourably by consumers. For instance, the use of physical and behavioural biometrics by banks in Thailand instilled some of the highest levels of consumer confidence within APAC. 84% of Thailand consumers who have encountered physical biometrics during online banking had high confidence in security measures, while 80% indicated high confidence in behavioural biometrics.
"Consumers are increasingly looking to organisations to implement measures to enhance security and protection in digital interactions, and they are also looking to them for a more simplified approach. One approach that has proven both effective and well received among consumers is biometrics, which speeds up and simplifies the identity verification process for consumers", said Mr Dhiman.
Organisations from the banking, financial services and insurance sector, government agencies, and payment system providers were determined to elicit the greatest levels of consumer confidence when it comes to handling personal data. Payment system providers in Thailand currently enjoy the highest level of consumer trust (76%) within APAC, likely due to the Thai government's efforts to drive the use of digital transactions as part of the Thailand 4.0 initiatives.
Transparency is another key determinant in building mutual trust. The report found that 93% of Thailand consumers expected full transparency from businesses on how their information is used: the highest in APAC. Recognising this need, 70% of Thailand businesses surveyed have invested more into programmes designed to increase transparency in the last six months, with 76% of Thailand businesses also having plans to invest more into such initiatives. Thailand businesses' investment or intent to invest in transparency is the second highest in APAC after Vietnam. Examples of these initiatives include educating consumers, communicating terms more concisely and helping consumers feel in control of their personal data.
The full Global Identity and Fraud Report - Asia-Pacific edition can be downloaded here.
Experian's identity and fraud business comprises of nearly 300 fraud experts around the world working to protect people's identities and fight fraud for businesses across multiple sectors, including financial services, telecommunications, retail/e commerce, insurance, government and healthcare.
About Experian
Experian(R) is the world's leading global information services company. During life's big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. We have 16,500 people operating across 39 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at http://www.experian.co.th/ or visit our global content hub at our global news blog for the latest news and insights from the Group.