Businesses worldwide are working to safeguard consumer identity, prevent fraud and improve the online customer experience. More than 70% of businesses say that preventing fraud is their top concern—the highest point that figure has ever been. While businesses are taking action to protect against fraud, there remains a gap between consumer expectations and the digital experience businesses can offer.

Experian surveyed over 6,000 consumers and more than 1,800 business respondents across financial services sector – exploring the rising expectation for businesses to protect consumers online and more. This report is the latest edition of our annual Global Identity and Fraud series exploring the issues associated with siloed recognition processes, consumer expectations and preferences, and effective risk strategies.

Here are some key highlights from the report:

• 97% Indian businesses say improving the customer journey is paramount
• 67% of Indian business respondents reported that fraud was a high concern
• 4 out of 5 Indian consumers surveyed expect businesses to take necessary steps to protect them online
• Only 40% of Indian consumers surveyed felt safe transacting on their retail banking platforms
• Only 38% of consumers who were interviewed feel that businesses have met their expectations when it comes to a digital experience