79 percent of consumers would switch banks for more security;
88 percent want banks to mine their purchase data to detect potential security breaches.
Melbourne, Australia – June 25, 2013
Australian consumers want their banks to mine large volumes of their transaction information – so-called ‘Big Data’ -- to analyse their behaviour and alert them of security risks. A resounding 79 percent would also consider switching banks if they had proof their money and personal data would be safer, according to a global independent survey of consumers around the world commissioned by Infosys.
The global research polled 5,000 digitally savvy consumers in five countries (including 1,000 in Australia) about how they trade private data in the retail, banking, and healthcare sectors. The study shows the key challenge facing business is to navigate the complex behaviours consumers display when sharing their personal information.
While most Australians (88 percent) now want their banks to analyse their transaction data for security purposes, they are less convinced about information being tapped to offer customised financial products and services (54 percent). About half (51 percent) want banks to use external sources such as social media and emails to provide them with valuable updates and insights.
Additional Australian findings
Visit here for complete survey results.
Andrew Groth, Vice President and Head of Financial Services, Asia Pacific, Infosys:
“The fact that customers are willing to switch banks for higher security measures should send a clear signal to financial institutions who are looking for ways to compete for customer loyalty. There is a huge opportunity for Australian banks to showcase their security sophistication.”
“Big data is definitely already on the agenda for Australian banks, but this research poses some potential challenges when it comes to using this data for marketing purposes. There is a clear privacy line that customers won’t cross, particularly with their social media profiles. Banks need to convince customers about the benefits of sharing information before they’ll be willing to divulge.”
Engaging the digital consumer – research methodology
This comprehensive global research project studied consumer sentiment on big data issues in the retail, financial services, and healthcare industries in Australia, France, Germany, United Kingdom, and United States. The study polled 1,000 consumers in each country via an online survey, for a total global sample of 5,000 adults aged 18 – 69. Independent research firms KRC and Vanson Bourne conducted the study; KRC surveyed the United States on May 3 – 7, 2013, and Vanson Bourne surveyed the remaining countries May 8 – 22, 2013. To qualify for this survey, respondents had to be active Internet users and indicate that they have made an online purchase in the past six weeks. The majority of respondents also had to indicate they had a smartphone or tablet computer.
Infosys is a global leader in business consulting and technology solutions. As a proven partner focused on building tomorrow’s enterprise, Infosys enables clients in more than 30 countries to outperform the competition and stay ahead of the innovation curve.
Ranked in the top tier of Forbes’ 100 most innovative companies, Infosys—with $7.4B in annual revenues and 150,000+ employees—provides enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
Visit www.infosys.com to see how Infosys (NYSE: INFY) is Building Tomorrow's Enterprise® today.
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