CHICAGO, Oct. 22, 2020 (GLOBE NEWSWIRE) -- A new global study by the Economist Intelligence Unit and TransUnion (NYSE: TRU) has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. Nearly 85% of global executives surveyed as part of the study said they believe smooth digital transactions are essential to business survival rather than merely a competitive edge.
Overwhelmingly Global Executives Believe Smooth Digital Transactions are Essential to Survival
COVID-19 has dramatically accelerated digital transformation with 61% of our survey respondents saying their organization has changed their digital transaction process due to the pandemic, said Shai Cohen, senior vice president of Global Fraud Solutions at TransUnion. But all of this digital progress will be wiped out if we cant remove these barriers to building bilateral digital trust. For instance, two-thirds of executives in the study who said their company changed their digital transaction process as a result of the pandemic experienced glitches."
The report, New Dimensions of Change: Building Trust in a Digital Consumer Landscape, included responses from 1,610 executives in Brazil, Canada, Chile, China, Colombia, the Dominican Republic, Hong Kong, India, the Philippines, South Africa, the U.K. and the U.S. The research uncovered how technologies like artificial intelligence (AI), national digital IDs1 and super-apps2 can help overcome hurdles and possibly create new challenges to building digital trust.
Artificial Intelligence (AI), Biometrics and National Digital IDs Will Play an Increasingly Important Role in Fraud Prevention Overwhelmingly respondents answered that: 1) biometrics3 will be the dominant payment customer authentication method; 2) improved fraud detection and security is the greatest benefit to using AI; and 3) a national digital ID system will help prevent consumer fraud.
Approximately 85% of executives say biometrics are likely to be used to authenticate the vast majority of payments in the next 10 years. About 43% of respondents noted that improved fraud detection and security is the greatest benefit to using AI. This was the top selection by far with smoother customer experience being the second most used answer at 29%. Furthermore, the vast majority of executives, 79%, think national digital IDs will help fraud prevention in consumer transactions.
Ensuring consumer trust starts with preventing fraud. Our research overwhelmingly showed that biometrics, AI and national digital IDs arent just a fad for consumer fraud prevention. They are key for trusted commerce for the foreseeable future, Cohen continued.
_______________1 National digital ID initiatives are government-administered programs to provide a digital identity to residents, often using biometric data to authenticate identity.2 Super-apps are single digital portals, predominantly accessed via smartphones, through which customers access and pay for third-party products and services.3 Biometrics are defined as fingerprint, facial recognition or voice authentication methods.
National Digital IDs Hold the Key to Economic InclusionSeven in 10 executives believe a national digital ID gives low-income groups access to consumer services they would have previously been excluded from. By industry, respondents from consumer lending and telecommunications are most likely to think such IDs give lower-income groups access to services they might otherwise lack. Both industries have led the way over the last decade in reaching the community of financially-underserved customers, manifested in innovations like microfinance and mobile money.
Executives Believe Consumers are Comfortable Sharing Personal DataNearly 73% of executives believe consumers are comfortable sharing personal data with private companies and 71% with governments. Brazilian, Chinese and Dominican Republican executives have vastly differing views about whether or not consumers are willing to share data with private companies versus government bodies (more than 10% difference in each country between sharing with governments and companies). Chinese respondents believe consumers are much more comfortable sharing personal data with government bodies than companies. Brazilian and Dominican Republican executives have the opposite belief.
Technological innovations like AI, biometrics and national digital IDs paired with proven fraud prevention methods like device intelligence can provide a more convenient and inclusive way for consumers to transact that still protects security and privacy, Cohen concluded.
For the survey findings and registration information for a Dec. 3 webinar about the study, go to the report website.
About TransUnion (NYSE: TRU)TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.
TransUnion Global Fraud Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of theIDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
http://www.transunion.com/business
About The Economist Intelligence UnitThe EIU is the thought leadership, research and analysis division of The Economist Group and the world leader in global business intelligence for executives and professionals. We uncover novel and forward-looking perspectives with access to more than 750 analysts, experts and in-country contributors that produce best-in-class intelligence for over 200 countries and regions. More information can be found on http://www.eiuperspectives.economist.com. Follow us on Twitter, LinkedIn and Facebook.
See the original post here:
- Bodies of Empowerment Personal Training - December 8th, 2016 [December 8th, 2016]
- Series On Personal Empowerment at Psychology, Philosophy ... - December 8th, 2016 [December 8th, 2016]
- Empowering Women - Self Empowerment, Personal & Spiritual ... - December 8th, 2016 [December 8th, 2016]
- Empowerment and Strengths-Based Perspective: Social Work - January 8th, 2017 [January 8th, 2017]
- Top 100 Womens Empowerment Blogs | Psychology of Eating - January 8th, 2017 [January 8th, 2017]
- Empowerment Theory - Springer - January 8th, 2017 [January 8th, 2017]
- radKIDS.org - The national leader in children's safety - January 8th, 2017 [January 8th, 2017]
- Personal Empowerment Program : World Youth - January 8th, 2017 [January 8th, 2017]
- Personal Empowerment - Life Change 90 - January 12th, 2017 [January 12th, 2017]
- 'This is a phase of empowerment' - The Hindu - February 7th, 2017 [February 7th, 2017]
- 'Pink' actress joins campaign for women empowerment - The New Indian Express - February 7th, 2017 [February 7th, 2017]
- Help yourself, Feb. 8 - Casper Star-Tribune Online - February 7th, 2017 [February 7th, 2017]
- Making Sure Americans' Longer Lives Are Healthy - Next Avenue - Next Avenue - February 7th, 2017 [February 7th, 2017]
- Senator announces legislation to protect seniors from fraud - WSYR - February 7th, 2017 [February 7th, 2017]
- Here's who will share a personal tale of 'Behind the scenes' at Coachella Valley Storytellers Project - The Desert Sun - February 7th, 2017 [February 7th, 2017]
- Another Voice: Land trust will empower Fruit Belt residents - Buffalo News - February 7th, 2017 [February 7th, 2017]
- Tech is empowering women, and it's great for business - GreenBiz - February 8th, 2017 [February 8th, 2017]
- Town Crier: Help Yourself - Casper Star-Tribune Online - February 8th, 2017 [February 8th, 2017]
- WE Are Women's Philanthropy - Jewish Exponent - February 8th, 2017 [February 8th, 2017]
- Boston's Office of Financial Empowerment Wants to Spread the Wealth - Next City - February 9th, 2017 [February 9th, 2017]
- Empowering the Data Subject - Manila Bulletin - February 9th, 2017 [February 9th, 2017]
- The Ripple - Olney Daily Mail - February 10th, 2017 [February 10th, 2017]
- The Problem With A 'Shoppable' Presidency - Forbes - February 10th, 2017 [February 10th, 2017]
- Making Sure Our Longer Lives Are Healthy Ones - Forbes - February 11th, 2017 [February 11th, 2017]
- L'Anse Creuse Community Action Coalition Hosts 16 Annual Dialogue Day - Patch.com - February 11th, 2017 [February 11th, 2017]
- Town Crier: Help Yourself | Town Crier | trib.com - Casper Star-Tribune Online - February 12th, 2017 [February 12th, 2017]
- Springs School News, February 16 - 27east.com - February 13th, 2017 [February 13th, 2017]
- Northwest Credit Union Foundation partners with BALANCE to provide personal finance training to MESA participants - CUinsight.com (press release) - February 13th, 2017 [February 13th, 2017]
- 5 Steps To Validate Your Business Idea Before Getting Started - Forbes - February 13th, 2017 [February 13th, 2017]
- Katy Perry Dances Till the World Ends and MIA Starts a New Wave - New York Times - February 14th, 2017 [February 14th, 2017]
- Fire service receives funding to deliver 'personal development ... - Wiltshire Times - February 14th, 2017 [February 14th, 2017]
- Milk Makeup Is Celebrating Its Anniversary With A New Campaign - NYLON - February 14th, 2017 [February 14th, 2017]
- Bells University, New Horizons sign MoU On ICT empowerment for students - NIGERIAN TRIBUNE (press release) (blog) - February 14th, 2017 [February 14th, 2017]
- Mastering Trump's mastermind: Sebastian Gorka and the struggle between Islam and the West - EUROPP - European Politics and Policy (blog) - February 14th, 2017 [February 14th, 2017]
- Melinda Gates Credits Contraception With Her Personal and Professional Success - Slate Magazine (blog) - February 15th, 2017 [February 15th, 2017]
- 4 Low-Cost Benefits That Majorly Boost Employee Healthiness - Tech.Co - February 16th, 2017 [February 16th, 2017]
- Ajit Pai's digital empowerment agenda is good news for rural America - The Hill (blog) - February 16th, 2017 [February 16th, 2017]
- Humana, JE Dunn among top winners at Healthiest Employers Awards (SLIDESHOW) - Atlanta Business Chronicle - February 16th, 2017 [February 16th, 2017]
- The Vagina Monologues Grabs Back Female Empowerment - The Stanford Daily - February 17th, 2017 [February 17th, 2017]
- The truth about Ivanka's Trumped-up, me-first feminism - Macleans.ca - February 17th, 2017 [February 17th, 2017]
- Fake becomes legit: social media and the rise of disinformation in democracies - Democratic Audit UK - February 20th, 2017 [February 20th, 2017]
- Pink Gloves Boxing: Women's class focuses on empowerment ... - The Missoulian - February 20th, 2017 [February 20th, 2017]
- On Presidents Day, we celebrate the good ones - Daily Astorian - February 20th, 2017 [February 20th, 2017]
- Shaking The Fear Of Breastfeeding In Public - Huffington Post UK - February 20th, 2017 [February 20th, 2017]
- OUR VIEW: On Presidents Day, we celebrate the good ones - East Oregonian (subscription) - February 21st, 2017 [February 21st, 2017]
- Transformation of South Africa needs high sense of consciousness for social justice for success - Thought Leader - February 22nd, 2017 [February 22nd, 2017]
- Middle school girls receive empowering messages at Beautiful U - WOTV4women.com - February 22nd, 2017 [February 22nd, 2017]
- Teaching Our Kids Real from Fake - Huffington Post - February 22nd, 2017 [February 22nd, 2017]
- Weekly Music Roundup: Big Beautiful Day, Cubafonia, & "Carol" - WNYC - February 22nd, 2017 [February 22nd, 2017]
- Impact 100 members tour remodeled STEP Training Center - TCPalm - February 22nd, 2017 [February 22nd, 2017]
- Sri Sri Ravi Shankar conducts DSN Prog online - Daily Excelsior - February 24th, 2017 [February 24th, 2017]
- Bloomfield Company Uses Disney Princesses To Promote Female Empowerment - Patch.com - February 24th, 2017 [February 24th, 2017]
- Viewpoints: The case for expanding Empowerment Scholarship Accounts - AZCentral.com - February 24th, 2017 [February 24th, 2017]
- Apple Music just released an album made on an iPhone ... - Computerworld - February 24th, 2017 [February 24th, 2017]
- "The Farting Sex Tourist" Is Both Deep and Deeply Silly - PopMatters - February 24th, 2017 [February 24th, 2017]
- Personal trainer focuses on client empowerment - Olean Times Herald - February 24th, 2017 [February 24th, 2017]
- Pushing past barriers: Program aims to foster empowering female relationships - West Central Tribune - February 25th, 2017 [February 25th, 2017]
- Town Crier: Sunday's Highlights - Casper Star-Tribune Online - February 25th, 2017 [February 25th, 2017]
- MILCK comes to Portland this week to emPOWer - Oregon Music News - February 27th, 2017 [February 27th, 2017]
- Sippican to Implement 'radKIDS' Defense Program - Wanderer - February 27th, 2017 [February 27th, 2017]
- Personal trainer focuses on client empowerment - Clearfield Progress - February 27th, 2017 [February 27th, 2017]
- Black History Month: Recovering Our Personal Narrative - Muslim Link - February 28th, 2017 [February 28th, 2017]
- Judge Holds NYPD's Feet to Fire on Press Credentials - Courthouse ... - Courthouse News Service - February 28th, 2017 [February 28th, 2017]
- Federal Judge Says NYC's Regulation Of The Press Will Go On Trial - Village Voice - March 2nd, 2017 [March 2nd, 2017]
- The Jamaican Women of Florida, Inc. (JWOF) elected a new Board of Directors - Jamaicans.com - March 2nd, 2017 [March 2nd, 2017]
- This women's sport you've never heard of is taking Israel by storm ... - Jewish Telegraphic Agency - March 2nd, 2017 [March 2nd, 2017]
- Consult a psychic - for empowerment - Philly.com - March 2nd, 2017 [March 2nd, 2017]
- Digital Inclusion Summit: Training, Partnerships Are Key - Rivard Report - March 2nd, 2017 [March 2nd, 2017]
- Electing Caliban: Assessing Civic Health in Post Truth America - Huffington Post - March 4th, 2017 [March 4th, 2017]
- Krejci named 2017 Woman of Achievement - Southernminn.com - March 4th, 2017 [March 4th, 2017]
- Film spotlights human trafficking as Trump promises action - The Republic - March 6th, 2017 [March 6th, 2017]
- COMMENTARY: Empowering the homeless to take the next step ... - Delaware State News - March 6th, 2017 [March 6th, 2017]
- BEP hosts women empowerment conference - The Brown Daily Herald - March 6th, 2017 [March 6th, 2017]
- Family planning key to women empowerment - K24 TV - March 8th, 2017 [March 8th, 2017]
- Jeremiah Program Gives Families Home to Help Rise Out of Poverty - TWC News - March 8th, 2017 [March 8th, 2017]
- What the Health Documentary Shocks, Educates, and Empowers - Clearly Veg (blog) - March 8th, 2017 [March 8th, 2017]
- Westfield HS to Host Female Student Empowerment Symposium - Patch.com - March 8th, 2017 [March 8th, 2017]
- Our view: Sports program for disabled students is welcome - Winston-Salem Journal - March 8th, 2017 [March 8th, 2017]
- Video Of The Week #24: Astroid Boys Foreigners (Feat Sonny Double 1) - God Is In The TV - March 8th, 2017 [March 8th, 2017]
- International Women's Day 2017 Be Bold For Change - St. Lucia Times Online News (press release) - March 8th, 2017 [March 8th, 2017]