According to the latest study conducted by Forrester Consulting in collaboration with Experian companies are investing in the right technology tools to address consumer concerns and meet business challenges.
This new investigation, which bears the name: Experian’s 2022 Business and Consumer Insight Report, would have revealed that 41% of Spanish consumers feel anxiety about their financial situation, as they are increasingly concerned about managing their money amid broader macroeconomic uncertainties, including rising inflation stemming from supply chain disruptions and geopolitical instability.
In this sense, Malin Holmberg, CEO of Experian EMEA & APAC, commented the following: “Data is extremely important for companies to make better decisions based on insights, which help improve the service they offer to customers during these difficult economic times.”
That said, companies to better support their customers have invested in Open Banking to improve the accuracy of credit risk management and allow fairer access to credit for consumers and small businesses, helping companies to lend responsibly. SAccording to the Experian study, more than half of Spanish organizations (53%) see the value of Open Banking projects as significant, exceeding the study average by one percentage point.
“The complex and uncertain nature of today’s economic landscape has created new challenges for consumers and businesses”comment Jorge Hernández, CCO & Strategic Sales Director of Experian.
“To combat these obstacles, companies are increasingly committed to technological solutions such as Open Banking, AI and ML, which they consider essential to create a better customer experience, more accurate decision making and a more secure service for the customer. client”he added.
On the other hand, it should be noted that this study pointed out the depth of transactional data as crucial in allowing companies to improve the solvency and affordability of new applicants and, in turn, guarantee more accurate decisions that support the granting of sustainable loans. . That is why 44% of consumers would be willing to share transactional data from their banking applications, a figure similar to that of the countries in the EMEA region as a whole, where 49% of consumers say they are willing to share this information (compared to 43 % registered in 2021).
Finally, It is worth noting about Experian’s 2022 Business and Consumer Insight Report, that more than 587 companies and more than 3,000 consumers have been interviewed in six EMEA markets: Denmark, Germany, Italy, the Netherlands, South Africa and Spain. The report covers a wide variety of topics, including how telecommunications and financial services companies are driving investment in technology solutions, such as Artificial Intelligence (AI) and Machine Learning (ML), to improve performance, ensure the security of services and offer a highly personalized and convenient customer experience.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph.
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