Make faster, more accurate and fairer credit decisions

New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
  • 70.5%
  • 54.5%
  • 46.5%
  • 39.6%
  • 40.7%
  • 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
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
Consumers that encountered most fraud incidents in the past 12 months

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
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
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
  • 54.5%
  • 32.8%
  • 35.2%
  • 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
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 as standalone
Consumers have the largest number of shopping app accounts in the region
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
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
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
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

What is legacy tech and how can cloud-based solutions help?

What is legacy tech and how can cloud-based solutions help?

Read full article

Sound interesting? Follow us for regular, published insights


By Experian 09/29/2021

twitter google plus linkedin mail

Related Articles

Digitally servicing consumer loan applications: What lenders need to know
Digitally servicing consumer loan applications: What lenders need to know

What should lenders look for when digitally servicing consumer loan applications? We take a look at recommendations from an industry-leading analyst report

Learn more
Lenders need data, analytics and automation to navigate a new era of credit risk decisioning
Lenders need data, analytics and automation to navigate a new era of credit risk decisioning

Through the Covid-19 pandemic, the role of data, analytics, and credit risk decisioning has taken on even greater significance than before. Consumers face uneven roads to recovery, with some ready…

Learn more
2021 Global Decisioning Report
2021 Global Decisioning Report

Navigating a new era of credit risk decisioning

Learn more

Financial institutions have long been dependent on technology for business operations, resulting in a long history of tech additions, upgrades and vendors. Changes made to legacy IT systems not only impact customers, but businesses too. Often these systems feel safe and familiar, so it can be a difficult choice to make a change. However, over the 18 months the pandemic has highlighted the need for agility within the market. Responding to changing customer needs in an increasingly digital environment is the number one priority.


What do we mean by legacy tech?


The term legacy tech has a lot of negative connotations. It refers to a set of computer systems, software and technologies that can no longer be maintained or easily updated. The system could be out of support or in extended support. Integration becomes a challenge because different technologies have accumulated over the lifespan of the business, and the associated support levers around it are all different. There is also the challenge of finding the skills to maintain these systems – in-house or outsourced from providers. Maintenance costs can be high – security and resilience test costs will add to this, while performance will drop with the increasing need for work-arounds. Upgrades can be complex, expensive or even impossible on legacy systems, generating extra costs. Additionally there is a myriad of challenges to manage when it comes to satisfying the regulators on the stability of services provided by legacy tech.


Financial institutions create their own legacy systems when they start integrating various data sets from different sources. It can happen when the business grows to new locations, new lines of product, extended consumer services, while using different tech from different vendors.


Cloud as an enabler for business transformation


From the moment code is written and deployed, it becomes legacy. Cloud integration allows for daily code releases and automated upgrades meaning that businesses are constantly adjusting and responding to client needs, regulation and strategic changes. They can instead focus on their business model and innovation, staying relevant and up to date. Budget is directed towards improvements and innovation instead of maintaining the legacy tech. It brings an interesting level of agility, with the ability to respond to the market much more quickly and effectively.


How cloud can benefit the customer


Cloud-based services have allowed banks to revolutionise onboarding processes and timescales. Processes like KYC (Know Your Customer) can be carried out by partners for a fast and efficient experience. Throughout the lifecycle of a customer, banks can leverage third parties for every part of the journey and ultimately improve customer experience. Beyond the onboarding process, the entire customer lifecycle, from originations to collections, can be transformed by removing friction and using artificial intelligence (AI) to create interest, and machine learning (ML) to make decisions for quick results.


To give you an example of cloud technology in action for customer acquisition, Australian fintech and personal loan provider MoneyPlace partnered with Experian to power its credit decisioning with the cloud-native decisioning platform Experian PowerCurve Customer Acquisition. Take a look at the video below to hear more about their early adoption of the solution and some of the ways it has helped them and their customers.



If we can assist you in any way, please get in touch with us using the form below.



Would you like more information? Please complete the form below and a member of our team will be in touch shortly.

  • Submit
By providing your personal information you agree that we may collect and process it in accordance with our Privacy Statement.