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Consumer Needs vs. Business Challenges

During 2022, most countries have shown a strong recovery after the accompanying restrictions of the corona pandemic were lifted - life returned to normal. Despite that, global macroeconomic conditions have brought new challenges for many consumers and businesses.



In this year's comprehensive report, we have made an in-depth analysis of a wide range of topics. Our survey data comes from nearly 600 financial services and telecommunications companies and over 3,000 consumers. Of these, there were 105 Danish companies (63 financial services and 42 telecommunications) and 520 Danish private consumers. Read the highlights for the Danish market in the overview below.

The 3 most important takeaways for Denmark are:

  • Many consumers are financially unstable, and almost half struggle to get their finances under control. Companies have observed an increase in the volume of credit applications from both new and existing customers.

  • Consumers want to share their data, but there are still some concerns about privacy and the use of their data.

  • Companies that have adopted advanced analytics are already seeing the value – they primarily use AI/ML for data management and decisions about risk, fraud and credit risk models.

The unrest simmers in the consumer economy

  • 43% of consumers surveyed admit to living paycheck to paycheck, which may encourage vulnerable consumers to borrow. It is therefore important that companies can assess affordability as precisely as possible, to ensure that lending is sustainable and affordable for customers,

  • 49% feel worried about their financial situation and 38% borrow more than they used to. Many are turning to Buy Now Pay Later (BNPL) services to help them manage their finances.

  • 78% of consumers surveyed have used a Buy Now Pay Later (BNPL) service at least once in the last 12 months, with 37% being regular users (weekly or monthly)

Consumer attitudes towards privacy and data sharing: Sharing of transactional data is on the rise


Consumers want to share their data, but privacy and data usage concerns remain. Companies need to clearly explain the value proposition of sharing data and reassure consumers about how their data is protected.

  • 52% are likely to share their financial information through their banking app – up from 39% in 2021. This is encouraging for businesses as the trend suggests consumers are becoming more comfortable sharing their data.

  • 52% are likely to share their bank transaction data to gain instant access to funds, showing that with the right value exchange, you can gain consumer consent to data sharing.

  • 58% are concerned about fraud when interacting online, but 57% are happy to provide more information during an application process if it means they are less likely to fall victim to fraud. Companies must find the balance between simplicity and security in onboarding.

  • 58% believe that digital identity control is practical and 50% of companies are increasing their budgets for digitizing the customer experience.



Danish companies that have adopted advanced analytics are already seeing the value. Most companies believe that AI and ML will radically change the way they do business. They leverage AI and ML across a variety of areas, such as data management, risk and fraud decisions, and credit risk models.


  • 60% of companies believe that AI/ML will radically change the way they do business.

  • 38% of companies lack advanced analytical models to better assess customers, preventing them from making sound decisions about credit risk and affordability.

  • 96% of companies experience challenges when using AI/ML, with the biggest challenge cited as “increased IT complexity” (49%)

  • 54% of companies indicate that it is very challenging to 'mix and enrich data sources to create more predictive analytical models'.


In the report, there will be, among other things, asked “What factors make it difficult for your organization to make decisions about credit risk and affordability?"

The companies surveyed see the need to be able to update fraud and risk models more frequently (43%) as the most important factor contributing to the difficulty in making credit risk and affordability decisions.


The second biggest factor is the need for advanced analytical models to better assess customers (41%). The companies lack better models, but they also require these models to be updated more frequently.


The pandemic, changing macroeconomic factors and evolving regulatory guidelines mean that time-to-market is critical to keeping pace and being able to adapt to changing customer conditions while successfully managing risk.



Written by Experian

Experian Business & Consumer Report

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