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

Case Study: PowerCurve Strategy Management streamlines customer acquisition with a 90% reduction in loan approval time

Case Study: PowerCurve Strategy Management streamlines customer acquisition with a 90% reduction in loan approval time

What results has the client been left with?

  • Reduced the approval time of individual loan applications by up to 90 percent
  • Minimised errors to less than one percent
  • Improved operational efficiency with significant cost savings
  • Maintained the quality of the credit portfolio

About Alfa Bank:

 

Alfa Bank Kazakhstan is part of the international Alfa Bank group that operates in Russia, Ukraine, Belarus and the Netherlands. Alfa Bank was the first Russian bank in independent Kazakhstan and has operated in the Republic since 1994.

 

Background:

 

Alfa Bank wanted to grow its retail lending portfolio but was held back by its current originations system that lacked sophistication and ease of use. The bank embarked on a project to replace its decisioning system with a best practice platform to achieve its key priorities of embracing leading technology while ensuring excellent customer service. The bank had some strict risk targets, along with a key objective to reduce the time taken to approve a loan and thus improve the customer experience.

 

Solution:

 

Alfa Bank in Kazakhstan implemented PowerCurve Strategy Management after it was successfully deployed at Alfa Bank in Russia. Experian’s PowerCurve builds on more than 30 years’ expertise in helping organisations make the best possible decisions using a powerful combination of data and advanced analytics. This means making smarter, faster and more consistent decisions to acquire profitable customers and increase market share; grow customer relationships and drive sustainable growth; and manage customers more effectively and efficiently for an enhanced customer experience and more long-term, valuable relationships.

 

Results:

 

PowerCurve Strategy Management being live, the loan approval time was reduced by 90 percent while maintaining the quality of the credit portfolio. It also delivered significant operational efficiency and cost savings, and reduced errors to less than one percent. PowerCurve Strategy Management enabled Alfa Bank to quickly and easily identify the potential revenue and risk associated with each and every customer to enable the bank to remain competitive and improve profitability.

 

Also, advanced analytics and decisioning strategies enabled the bank to recognise early signs of market and customer behaviour changes. The decisioning strategies can be quickly adapted, enabling Alfa Bank to remain dynamic and take advantage of new opportunities. PowerCurve provided Alfa Bank with a reliable foundation for large-scale growth of the bank’s retail lending portfolio and a solid platform for decisioning and automation across the customer life cycle.

 

“Today Alfa Bank’s employees are actively using PowerCurve to assess applications for all unsecured cash loans, credit cards, and refinancing products. We have substantially increased the application processing speed and decisioning accuracy, while maintaining the quality of the credit portfolio. Due to its flexibility, PowerCurve has made it possible to implement several new products in a short timeframe.”

 

——Alexey Zhukov, Retail Risk Director, Alfa Bank, Kazakhstan

 

Read full article

Experian

By Experian 03/17/2020

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