Simplifying Transactions While Building Digital Trust: The Impact of Emerging Technologies on a Global Economy
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Today’s consumers expect fast, easy and personalized experiences, but they also need to feel safe and secure to fully participate in the digital economy. Intensified by a pandemic that has driven a rapid increase in transacting online, this has become a precarious balancing act for companies all over the world, with 85% of recently surveyed global executives saying that smooth digital transactions are “essential to survival”. In this webinar, we will analyze the results of a survey conducted by the Economist Intelligence Unit and sponsored by TransUnion, in order to better understand the key trends and findings that are shaping the future of interactions between companies and consumers. Based on the responses of more than 1,600 executives worldwide, the findings reveal how certain emerging technologies and regulations are poised to help businesses overcome hurdles — or perhaps introduce new challenges — when it comes to building digital trust. Join us as our experts explore how these key areas are impacting the global economy: National digital IDs, biometrics and privacy regulations Digital transformations and artificial intelligence Super-apps and digital wallets
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Simplifying Transactions While Building Digital Trust: The Impact of Emerging Technologies on a Global Economy
- 1. Simplifying Transactions While Building Digital Trust The Impact of Emerging Technologies on a Global Economy
- 2. © 2020 TransUnion LLC All Rights Reserved | 2Confidential | Internal use only Panel Discussion M O D E R A T O R P A N E L I S TP A N E L I S T Tim Martin Executive Vice President, Chief Global Solutions Officer at TransUnion Leigh Smyth Strategic Advisor at United Nations Environment Programme Finance Initiative (UNEP FI) John Ferguson Director of Macroeconomics at The Economist Intelligence Unit P A N E L I S T Udai Kaura Associate Partner at McKinsey
- 3. Q&A
- 4. solutions.transunion.com/digitalconsumertrust New Dimensions of Change Building trust in a digital consumer landscape DOWNLOAD THE REPORT
Editor's Notes
- INTRODUCTION - 5 minutes [MODERATOR] John Ferguson Welcome, everyone! Thank you for joining us for this TransUnion webinar, “Simplifying Transactions While Building Digital Trust: The Impact of Emerging Technologies on a Global Economy.” My name is John Ferguson, Director of Macroeconomics at The Economist Intelligence Unit, and I will be the moderator today. Today we are honored to host a panel discussion made up of global thought leaders from multiple organizations. We look forward to our discussion as we analyze the results of a survey conducted by the Economist Intelligence Unit and sponsored by TransUnion, in order to better understand the key trends and findings that are shaping the future of interactions between companies and consumers. Based on the responses of more than 1,600 executives in 12 countries, the survey’s key findings tell a story of how businesses view the future of digital transactions —from strengthened data protection and privacy regulations to the growing presence of biometric innovations and artificial intelligence. It also sheds light on the future of digital commerce, and how super-apps and digital wallets will contribute to its evolution. Get ready for an action-packed discussion! Let’s touch base on a little housekeeping before we get started. We are excited about your questions! All attendees are on mute, but if you have questions during the presentation, please type them in using the Q&A Support button on the bottom of the slides. It is the icon with the quote image. Once you click on it, a window will open to the right of the slides. All questions are submitted anonymously. We will do a Q&A session at the end of the panel and take as many questions as we have time for. The slides are available for you to reference during the presentation. Also, you can access the handouts during or after the webinar. Finally, we will email you links to the recorded version of this webcast and the associated materials after the event has ended. Feel free to share this with others who were not able to attend. Now, let’s turn the time over to our panel discussion.
- PANEL INTRO AND QUESTIONS - 45 minutes [MODERATOR] John Ferguson John Feguson introduces panelists (2 minutes): Leigh Smyth, Strategic Advisor, United Nations Environment Programme Finance Initiative Tim Martin, Executive Vice President, Chief Global Solutions Officer at TransUnion Udai Kaura, Mckinsey Group John Feguson further introduces panel topic. Use selected pieces of analysis and data from the report to set the scene (3 minutes) John Fegusion begins to ask panel questions: Background and scene-setting (10 minutes) What do we mean by the phrase ‘Building trust in a digital consumer landscape? (Tim) Lead respondent - Tim. Then ask others to add comments. Why is this important? Is a smooth customer journey crucial for a competitive edge in business or something else? Lead respondent - Leigh. Then ask others to add comments. Covid-19 - how have businesses adapted? (15 minutes, JF to use data from the report when setting up this section) How has the global pandemic affected this area - has it heightened or lessened the issue? Lead respondent - Udai. Then ask others to add comments. What change have you made to the digital transaction process as a result of the pandemic? Lead respondent - Tim. Then ask others to add comments. JF to ask about other sectors where appropriate in this conversation What is the role of longer-term digital initiatives in providing solutions? (15 minutes, JF to use data from the report when setting up this section) What is the role of AI here? What solutions can it help to provide? Lead respondent - Leigh. Then ask others to add comments. What about digital wallets, super Apps and digital ID schemes? How effective could these be? Lead respondent - Udai. Then ask others to add comments. In the absence of a regulated national program like national digital, what are businesses doing to establish these programs? Lead respondent - Tim. Then ask others to add comments. What excites you most about moving towards a more trusted environment for digital consumers? Lead respondent - Group answer: Leigh, Udai and Tim
- Q&A SESSION - 8 minutes [MODERATOR] John Ferguson Thank you, everyone! That was a great discussion on the future of digital fraud prevention and consumer trust. We will now go ahead and take some time for questions. Just a reminder, please be sure to type your questions into the question box in your control panel. We will try to get to as many as possible, but if we don’t get to yours we will follow up directly with you after the session. Seed questions provided by The Economist: Broadly speaking, it seems like there is a tension between creating an online experience with little friction to ease the consumer journey and that of adding friction for security and privacy concerns. How does a business know when they've got this balance right? How do issues of identification offline that people may have impact their ability to obtain online identification experiences? In terms of the potential use of biometrics for identification, is the technology advanced enough to capture the range of human differences? In other words, are there any challenges with inclusion when using this technology? What are some of the consumer insights that the use of AI brings to this space? What are the main barriers to the adoption of super apps or digital wallets? Are they technological, policy or governance-related? Add question around the role of mobile in developing nations with regards to inclusivity.
- CONCLUSION - 2 minutes [MODERATOR] John Ferguson Alright, that’s all of the questions that we can take right now. We had some questions come through that we did not have time for. So, if yours was not addressed, then the TransUnion team will follow up with you after the webinar. Thanks to everyone for taking part in this webinar. If you haven’t already, download the report, New Dimensions of Change: Building Trust in a Digital Consumer Landscape, for the complete survey results, and to find out what executives around the globe have deemed “essential to business survival.” On behalf of TransUnion, thank you and have a great day. [END WEBINAR]