Consumers See 43% Fall In Household Income

COVID has virtually wiped away people’s earnings. In fact, 43 per cent of Indian consumers indicate a dip in their household income during the pandemic, says a survey by Experian Global. The survey - Insights Report - points out businesses have been concerned about the well-being of their customers and 53 per cent of them highlight customers’ health and safety are the biggest challenges.

On the technology front, the report finds that the most common fraud detection and protection methods include security measures in customers’ devices (20 per cent), physical biometrics (19 per cent), customer identification programme (17 per cent) and PIN codes (16 per cent).

In next 12 months, 84 per cent of Indian businesses plan to increase their budget outlay in analytics and customer creditworthiness. These findings come after a dip in business confidence in analytics model on consumer credit risk from 83 per cent to 76 per cent and consumer collection decisions from 81 per cent to 76 per cent, the report adds.

Businesses are constantly re-examining ways to improve, with 24 per cent considering a hybrid approach to their analytics model. Nearly 81 per cent of the businesses have increased adaption of Artificial Intelligence, it says.

“I have always believed that challenging times offer the best opportunities. While businesses had to grapple with the onslaught of the pandemic, we have also witnessed greater agility and adaptability in banking, financial services and insurance sector,” says Sathya Kalyanasundaram, Country Head and Managing Director, Experian India.