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Australian Consumers Willing To Trade Personal Data For Higher Banking Security, Says Infosys Digital Consumer Study

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

  • Digital communication conundrum: There is a communications challenge for banks: 72 percent of consumers want banks to communicate with them about their account or transaction information via alerts to mobiles or smartphones; however only 21 percent are willing to share information about the technology they own
  • What data will customers share with banks? Australians are generally willing to share details such as email address (75 percent) and postcode (63 percent) with their banks in order to get more personalised service and customised offers; however, they are very reluctant to share social media profile information (11 percent) or types of investment accounts held with other financial institutions (12 percent)
  • Trusting banks with data: The study revealed stronger trust for banks, with consumers generally more willing to share personal information with banks over retailers or healthcare providers

Visit www.infosys.com/digital-consumer-study 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.

About Infosys
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.

Safe Harbour
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorised use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013 and on Form 6-K for the quarter ended June 30, 2012 September 30, 2012 and December 31, 2012.These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

For further information please contact:

Cristin Balog
Infosys, Australia
Phone: +61 3 9860 2277

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