Consumers will allow access to personal data for clear benefits, says Infosys study
Infosys polled 5,000 digitally savvy consumers in five countries about how they trade personal data in the retail, banking, and healthcare sectors. The study shows the key challenge facing business is to navigate the complex behaviors consumers display when sharing their personal data.
- 86 percent want data mining for fraud protection, will even switch banks for more security
- 76 percent want targeted ads, while only 13 percent will share social profile
- 58 percent will share personal and family medical history with doctors
Consumers worldwide overwhelmingly will give up private information to get better service from their doctors, bank and retailers; however, they are very discerning about how, when and where they share. Today’s digital consumers are complicated, and sometimes skeptical and unsure about how institutions use their data, according to an independent survey of consumers around the world commissioned by Infosys.
Americans, Europeans and Australians all feel comfortable sharing data with doctors (91 percent), banks (77 percent) and retailers (75 percent); however, the research shows contrasting nuances. Consumers won’t readily share personal medical history with doctors. They say they want targeted ads yet are wary of sharing the information to get it.
The study shows consumers understand the benefits of sharing data but remain cautious of data mining (especially in Europe): 39 percent globally describe data mining as invasive while also saying it is helpful (35 percent), convenient (33 percent) and time saving (33 percent). Consumers in the United States were less concerned about the invasive issue (30 percent) than in the other countries surveyed, while German consumers were less willing to share personal data than in other countries.