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New Dimensions of Change: Building Trust in a Digital Consumer Landscape

– The Economist Intelligence Unit

  • Viewpoint
  • Posted by Good ID team (Good ID)
  • 1 December 2020

The Economist Intelligence Unit, sponsored by TransUnion, surveyed commercial executives across the globe to find out how increased online transactions, combined with increased fraud and cybercrime, has affected business in a pandemic-led society

Executives in Brazil, Canada, Chile, China, Colombia, the Dominican Republic, Hong Kong, India, the Philippines, South Africa, the UK, and the US encouraged the use of digital identity to solve fraud issues, unlock economic potential, and encourage economic mobility.

“Our survey found broad support for national digital IDs, with 71% of executives believing consumers are comfortable sharing data with governments and an even higher share comfortable sharing such data with private companies. The vast majority of respondents also think national digital IDs will help fraud prevention in consumer transactions.”

The main survey takeaways center around privacy, consumer protection, and security: Tech like biometrics or super-apps still carry risks, security remains significant but surmountable, and there is potential for AI to transform the anti-fraud landscape.

Consumers crave more simple digital transactions, and businesses must realize that in order to build trust in a covid-affected world, they must provide them with a more convenient and inclusive way to transact that still protects security and privacy

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