There is a serious shortage in consumers’ online trust in the APAC region, suggests a new report from Experian and IDC.
The report is based on a survey of 3,200 consumers and more than 80 organizations across the financial services, retail, and telecommunications sectors in the region. Results were assessed to determine a “Digital Trust Index Score” designed to reflect consumers’ levels of trust in various kinds of organizations in each country.
New Zealand topped the list with an overall Digital Trust Index Score of 4.2, while Indonesia came in last with a score of 1.8. On average, the entire APAC region got a score of 3.2. As for the individual sectors assessed, financial services organizations had the highest score at 4.9, while telecoms had the lowest, at 2.1.
In a statement announcing the results, Experian noted that “while the companies surveyed indicated they are confident in their ability to combat fraud and provide a superior customer experience when fraud does occur, this did not translate to consumer perceptions.” That may point to a public that is overwhelmed by the security concerns that come along with rapid digitization, especially in the wake of high-profile data breaches; and it may also point to the need for businesses to adopt the kinds of sophisticated security technologies that are now widespread in consumer devices but often unused in consumer-facing applications, such as mobile fingerprint and iris recognition. It could also indicate a need for government regulation along the lines of the European Union’s impending PSD2 requirements. In any case, there is a clear need for businesses to take measures to further build trust, which in turn should translate to more business as commerce and other services increasingly go online.