Every third consumer is only willing to wait 30 seconds or less before canceling an online transaction

COSTA MESA, California – () – As companies around the world begin to stabilize their operations, they are being retested as expectations of the digital experience rise. According to Experian’s latest Global Insights Report60 percent of consumers have higher expectations of their digital experience than before Covid-19.

High expectations for security and convenience, fueled by the increased demand for online payments, banking, and shopping, are pushing companies to rethink the customer journey and the investments required for future growth. In fact, the study found that one in three consumers is only willing to wait 30 seconds or less before abandoning an online transaction, especially when accessing their financial account. While half of the companies surveyed have either largely or completely resumed operations since the beginning of Covid-19, only 24 percent are consciously changing their digital customer journey.

“During the pandemic, not only have more consumers embraced digital transactions out of necessity, they have a positive experience and their needs and expectations are growing rapidly, ”said Steve Wagner, global managing director of Decision Analytics at Experian. “To win, companies must now invest in their digital experience. Doing nothing costs more than investing in the customer journey. ”

The study also found that two-thirds of consumers worldwide remained loyal to their favorite brands during the pandemic. However, the study shows that loyalty may not be taken for granted in the future and companies need to work to improve their digital transformation. The integration of data, analytics, and technology can now more than ever enable companies to quickly adapt decision-making strategies to minimize risk, maintain valuable relationships, and remain fair and compliant.

The top five initiatives by retail banks, payment providers and retailers to support the digital transformation accelerated by Covid-19 include:

  • Use AI to improve customer decisions

  • Strengthening the security of mobile and digital channels

  • Increase digital acquisition and improve engagement

  • Automate customer decisions

  • Understand customer profiles (e.g. affordability, preferences, behaviors)

To develop the study, Experian surveyed 3,000 consumers and 900 companies in 10 countries around the world including Australia, Brazil, France, Germany, India, Japan, Singapore, Spain, the United Kingdom, and the United States for findings related to them on consumer and business economics outlook, financial well-being, online behavior, and more. This report is the second of three in a longitudinal study that examines the key changes in consumer behavior and business strategy over the course of Covid-19.

Other consumer findings from the report include:

  • 61% of those surveyed now regularly order groceries online or deliver food deliveries. This is a 7 point increase in this type of online payment since July.

  • 77% of respondents said they felt most secure using physical biometrics, and 62% of respondents said it improves their customer experience managing finances or payments online.

  • Over the past 3 years, consumers have trusted payment system providers (e.g. PayPal, WePay, Apple Pay) the most when they consistently offer a secure and convenient digital customer experience.

  • Mobile wallet adoption has increased + 11% since July as consumers continue to increase their online activities and contactless in-person transactions.

Other business results from the report are:

  • Three of the top five solutions businesses are using to improve the customer journey are designed to deliver insights into faster customer decisions, including cloud-based, on-demand decision-making apps.

  • 70% of businesses are more focused on fraud prevention than revenue generation and are stepping up measures to protect consumers’ online transactions.

  • 40% of businesses communicate better how customer data is used to improve customer experience, protect consumer information, and personalize products and services.

To learn more about the results of the Global Insights Report Visit the Global Decision Analytics Insights Blog.

About Experian

Experian is the world’s leading global information services company. In the big moments in life – from buying a home or a car to going to school to building a business by connecting with new customers – we enable consumers and our customers to manage their data with confidence. We help individuals gain financial control and access to financial services, businesses make smarter decisions and thrive, lenders, more responsible lending, and organizations to prevent identity fraud and crime.

We have 17,800 employees in 45 countries and invest in new technology, talented people and innovation every day to help all of our customers seize every opportunity. We are listed on the London Stock Exchange (EXPN) and are part of the FTSE 100 index.

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Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian and its affiliates. Other product and company names mentioned here are the property of their respective owners.

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