The Corona epidemic (COVID-19 Pandemic) has had a very bad effect on people’s income. A report has revealed that since the onset of the corona epidemic, the income of Indian consumers has decreased by 43 per cent so far. This report is from Credit Bureau Experian. Consumers have changed their spending habits due to the change in their financial situation and are saving more for situations like emergency. Apart from this, they are also cutting down on the thoughtless expenses.
31% people started budgeting
Experian’s July-August 2020 Global Insights report has revealed that 36 percent of the people are facing problems in paying for Internet and cable services. Apart from this, 35 per cent people are facing problems in paying utility services, 33 per cent credit card bills and 32 per cent people paying mobile phone bills. This problem has increased much faster than before Corona. Experian said in its statement that the consumer is doing everything possible to meet their current financial challenges. For this, 31 percent people are making personal budgets and 25 percent people are reducing their expenses which are spent without any pre-plan. 24 percent people are saving more in the emergency fund.
Consumers will evaluate companies
Satya Kalyanasundaram, head and managing director of Experian India, says the epidemic affected both businesses and consumers and they are changing their profits. According to Kalyanasundaram, social distancing has become common at this time and now consumers are also adopting digital medium to address their everyday needs with social distancing. This means that it has become important for banks and financial institutions to be careful about the way they treat their consumers in these difficult times.
According to Experian data, 54 percent of Indian consumers would prefer to join the organization, which they felt would have treated them better during the Corona epidemic. In the APAC, only 41 percent of the people who show this behavior will be. APAC has a portion of the Asia Pacific that is adjacent to the Pacific Ocean.
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40% of Indo-Singapore businesses changed strategy
Since the onset of the Corona epidemic, 40 percent of businessmen in India and Singapore have improved strategies to identify their customers on all platforms. The main focus of customer authentication solutions is to know your customer. According to Experian’s data, 50 percent of the focus is on customer KYC and 49 percent is on the security of the customer’s device and 48 percent on multiple or two-stage identification process. 40% of businessmen from India and Singapore are adopting this strategy, which is the highest in the APAC sector.
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