How is Covid-19 impacting digital consumer behaviour and business strategy?
To find out, we surveyed 12,000 companies and 3,600 businesses across 10 countries as part of a longitudinal study that started in June 2020. Watch the video for an overview of the results or download the full report.
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This is what we discovered:
Heightened consumer expectations is paving the way for digital innovation.
- 59% of businesses are mostly or completely recovered from the pandemic.
- And 47% of consumers are somewhat or completely recovered.
- As economic stability returns and spending resumes.
- Consumers are most concerned with online security and convenience.
- Businesses are leveraging advanced decisioning technology to simultaneously meet security and convenience expectations.
- Innovative decisioning technologies across fraud and credit are improving the customer experience and levelling the playing field.
- With 42% of consumers happy to share personal information and adoption of AI increasing significantly across businesses – from 69% in 2020 to 74% in 2021.
- AI, machine learning, and advanced analytics are helping businesses of all sizes to improve:
- Digital decisioning
- Credit risk management
- Fraud prevention and more.
- Digital investment has become a differentiator – in the race to improve digital customer experience there is no standing still.
- Those lagging behind can lose customers and opportunities.
- That’s why businesses across the globe are prioritising digital engagement and digital acquisition.
- With 76% improving analytics models and over 60% planning to increase fraud detection and credit risk analytics budgets.
- Since the start of the pandemic, there has been a 25% increase in digital transactions globally.
- Online activity and high consumer expectations are here to stay.
- By adopting digital solutions that separate them from the competition, businesses can thrive in 2022.
Watch the video for an overview of the results or download the full report.