New research from Experian finds businesses need to invest in the customer journey to accommodate increasing consumer demand and expectations
While businesses worldwide have started to see their operations stabilize, they will be tested once again as higher expectations of the digital experience are on the rise. According to Experian is latest Global Insights Report, 60 percent of consumers have higher expectations of their digital experience than before Covid-19.
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High expectations for security and convenience, compounded by the increased demand for online payments, banking and shopping, are pushing businesses to re-imagine the customer journey and the investments needed to drive future growth. In fact, the study found that one in three consumers are only willing to wait 30 seconds or less before abandoning an online transaction, specifically when accessing their financial accounts. While half of the businesses surveyed have either mostly or completely resumed operations since Covid-19 began, only 24 percent are deliberately making changes to their digital customer journey.
“Not only have more consumers embraced digital transactions out of necessity during the pandemic, they’re having a positive experience, and their needs and expectations are rapidly growing,” said Steve Wagner, global managing director of Decision Analytics for Experian. “To win, business must invest now in their digital experience. The cost of doing nothing is greater than investing in the customer journey.”
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The study also found that two-thirds of consumers globally have remained loyal to their favorite brands during the pandemic. However, the research shows that loyalty may not be a given going forward, and businesses will need to work to improve their digital transformations. Now more than ever the integration of data, analytics and technology can enable businesses to quickly adapt decisioning strategies to minimize risk, preserve valuable relationships, and remain fair and compliant.
The top five initiatives amongst retail banks, payment providers and retailers to help with digital transformation accelerated by Covid-19 include:
- Use of AI to improve customer decisions
- Strengthening security of mobile and digital channels
- Increasing digital acquisition and improving engagement
- Automating customer decisions
- Understanding customer profiles (e.g. affordability, preferences, behaviors)
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