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Trust in Digital Services Relatively Low Across APAC with Telcos Holding the Lowest Score: Study

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Trust in Digital Services Relatively Low Across APAC with Telcos Holding the Lowest Score: Study Image Credit: Experian

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. 

Ben Elliott, CEO, Experian Asia Pasific
The relatively low Digital Trust Index score of 3.2 out of 10 across the region indicates that there is a divide between how businesses think they manage fraudulent digital transactions and the actual customer experience when fraud does occur.

Sandra Ng, Group VP, Practice Group, IDC APACc
The next-generation fraud prevention is made possible today by technological advances in big data and analytics. Information management companies such as Experian use the latest data and analytical tools to help enterprises prevent fraud and automate decision making.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn, Facebook 

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