Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

Digital mortgages reach new speeds as Molo adopts Experian’s Open Banking technology

Digital mortgages reach new speeds as Molo adopts Experian’s Open Banking technology

UK, 11 February 2020 - Molo will be able to give their customers access to even faster and more secure buy-to-let mortgage lending after implementing Experian’s Open Banking technology.

 

The UK’s first fully digital mortgage lender has streamlined the traditionally painful mortgage process, granting near-instant decisions, along with fair, secure, direct-to-customer lending. No paper, no appointments, no middlemen and no months of waiting for a decision – just a fast, simple and fully online process.

 

Experian’s Open Banking service offers Molo’s customers the option to provide instantaneous digital verification of their income instead of having to search, save and upload documents – a process that can traditionally take weeks to turnaround. This enables people to obtain their mortgage far quicker and secure the property they want sooner.

 

The service uses Experian’s automated categorisation engine that allows Molo to quickly identify different types of income through the use of data analysis and machine learning.

 

This will prove particularly beneficial to customers with transient, or multiple sources of, income from more than one job, where sharing 12 months of bank statement data enables them to demonstrate the source of income and ability to fund their mortgage.

 

Francesa Carlesi, CEO at Molo, said: “We’re thrilled to be collaborating with Experian. It’s another great step forward in providing an ever better, faster, more personalised service for our customers, and we expect that this technology, in conjunction with our own, will lead to far greater personalisation in the not-too-distant future.”

 

Lisa Fretwell, Managing Director of Data Services at Experian, said: “The buy-to-let mortgage process is stressful enough without having the added pressure of gathering crucial documentation to help access affordability. It’s a hassle for the broker, lender and, most importantly, the homebuyer.

 

“Experian’s Open Banking solution helps to ease this pain, providing a seamless, digital alternative to the traditional paper-based model, helping enable a reduction in decision times and improved customer outcomes. We are delighted to be working alongside Molo to help move the mortgage process into the digital age.”

 

Since launching to market in 2018 in the buy-to-let sector, Molo has surpassed more than £250 million in applications, demonstrating a clear market demand for a faster, simpler, more transparent mortgage product.

 

About Molo

 

Molo launched to market in November 2018 as the UK’s first fully digital mortgage lender, leveraging a proprietary tech platform to deliver a fully online, paperless, decisioning. Their initial product offering of buy-to-let mortgages for individuals has since grown to include multiple limited company products with residential mortgages expected to launch in 2020.

 

Their range includes buy-to-let purchase and remortgaging products open to first time buyers, first time landlords, limited companies (including multi-director), ex local authority properties and freelance buyers.

 

Learn more and get a Decision in Principle in minutes at molofinance.com

 

Read full article

Experian

By Experian 02/11/2020

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