The recent study by Experian and IDC found that on average, trust in digital services is relatively low across the APAC region.
The region on a whole only scored 3.2 out of 10.0, with Telcos holding the lowest score of 2.1 and Financial Services having the highest at 4.9.
A higher score indicates that consumers are satisfied with their digital transaction experience, while a lower score indicates a failure in trust.The index is based on four key variables including the levels of digital adoption, industry preferences and fraud rates, and the effectiveness of companies’ fraud management capabilities.
According to the Digital Trust Index, part of the Fraud Management Insights 2017 report recently authored by Experian and leading ICT market research and advisory firm IDC, the severity of fraud in Asia Pacific is highly evident.
One in five people have encountered fraud directly, while one in three people or their loved ones have been affected. The high levels of fraud, which the study anticipates will only increase as adoption of digital services increases, is having a negative effect on consumer trust.
Covering ten markets across APAC, the report surveyed 3,200 consumers and over 80 organisations from the Financial Services, Telecommunications (Telcos) and Retail sectors (collectively referred to as Service Providers), each with revenues of at least US$10m.
Countries surveyed include Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, Thailand and Vietnam.The Digital Trust Index was developed to provide a meaningful way to measure trust between customers and organisations, across regions and sectors. The index reviews a selection of criteria across industries and countries to determine the level of trust consumers have for digital services. It also offers a snapshot of consumer behaviour and expectations.