Consumer adoption of digital transactions was a trend well before COVID-19, but has increased significantly in the wake of the pandemic. While this has been a saving grace for many companies, it has also opened the door to distinct rises in digital fraud. For consumer-facing businesses, there has never been a greater need to fine-tune and deliver a truly friction-right user experience: one that simultaneously enables smooth digital transactions and strong authentication and fraud prevention measures.
To better understand how businesses around the world are navigating this evolving digital consumer landscape marked by increased fraud, the Economist Intelligence Unit, in a study sponsored by TransUnion, recently surveyed 1,610 executives from 12 different economies: Brazil, Canada, Chile, China, Colombia, the Dominican Republic, Hong Kong, India, the Philippines, South Africa, the UK, and the US. Compiled into this report, New Dimensions of Change: Building Trust in a Digital Consumer Landscape, the results of this research reveal business leaders’ perceptions of global economic inclusion, fraud prevention and consumer privacy, and explores the emerging technologies that are poised to help businesses overcome hurdles — or perhaps introduce new challenges — when it comes to building digital trust.
Primary topics covered in New Dimensions of Change
- The impact of national digital IDs and biometrics on economic mobility
National digital ID programs ensure that each resident has a digital identity, and many of them rely on biometric data for authentication. How do business leaders around the world feel about national digital IDs becoming more widespread, and what are their expectations for the future of biometrics?
- The potential repercussions of mobile inequality
Companies are realizing that customers have to feel safe and secure in order to fully participate in the digital economy, but many survey respondents think that a lack of mobile equality is a significant barrier for businesses.
- The role of artificial intelligence in digital transformations
Over half of the survey respondents have already made changes to their transaction processes since COVID-19, and 85% believe that smooth transactions are essential to the survival of a business. Find out their views on the role artificial intelligence has played, and will continue to play, as businesses continue to pursue digital transformations.
- Super-apps and digital wallets are the future of digital commerce
Super-apps like WeChat could be a game-changer for consumer-facing brands, and digital wallets are expected to have a significant impact on revenue. What else do respondents have to say about the potential upsides and security risks of these innovations on the future of digital commerce?
The results of this survey show that with today’s consumers wanting simpler transactions, businesses should be offering digital transaction experiences that are as smooth, convenient and inclusive as they are private and secure. Adopting new technologies and digital transformations is imperative for companies right now, but often comes with a level of risk - which is why TransUnion is committed to offering friction-right solutions that can help make trust possible between businesses and consumers.
Click here to read the full report from TransUnion and the Economist Intelligence Unit: New Dimensions of Change: Building trust in a digital consumer landscape