Study indicates smooth digital transactions are key for business survival

21. October 2020.

A new global study,”New Dimensions of Change: Building Trust in a Digital Consumer Landscape,” by the Economist Intelligence Unit and TransUnion has found that a company’s future depends 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” and providing it to customers means more than just a competitive edge.

The report 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, national digital ID initiatives and super-apps can help overcome customer concern and go a long way in creating new challenges to building digital trust.

In looking towards the future, respondents surveyed answered that artificial intelligence, biometrics and national digital IDs will play an increasingly important role in fraud prevention.

Approximately 85% of executives say biometrics are likely to be used to authenticate the vast majority of payments in the next ten years. About 43% of respondents noted that fraud detection and improved security is the greatest benefit to using AI. 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 aren’t just a fad for consumer fraud prevention; [these methods] are key for trusted commerce for the foreseeable future,” Shai Cohen, senior vice president of global fraud solutions at TransUnion said in the release.

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