A survey of 3,000 UK-based consumers has revealed a distinct group of younger consumer within which almost two thirds (63%) see sharing their personal data as an opportunity to have a more personalised experience rather than as a risk to the security of their personal identity. Furthermore, 83% believe their data has a financial value which organisations ought to recognise if they wish to use it.
The study was commissioned by Callcredit Information Group ahead of CtrlShift 2016, the personal information economy conference taking place in London this week, to gain a deeper understanding of consumer attitudes towards, and expectations of, data sharing.
Overall, the findings paint a picture of a discerning consumer who, in addition to understanding the financial value of their personal data, understands that sharing personal information saves time (47%) by enabling them to have the same conversation with a brand on-line, on the phone and in-store, as well as receiving more personalised offers (39%).
Other key findings include:
Most of us have a digital identity, but it’s an abstract concept to the average consumer
Despite the fact most of us have a digital identity, only 38% of consumers are familiar with the phrase ‘digital identity’ which is defined as the online identity that includes all the personal information and data which can be attributed to an individual online.
Furthermore, 50% doubt that their online searches contribute to their digital identity. Overall, one in six people don’t currently understand the benefits in sharing their personal information.
Addressing the ‘What’s in it for me?’
55% of consumers would share more information about themselves with organisations and businesses if they had a better understanding of how it would benefit them.
Consumers happiest sharing information with banks
62% of consumers would be happiest sharing personal information with banks / building societies, followed by government bodies (57%) and retailers (52%).
Mark Davison, Chief Data Officer, Callcredit Information Group, commented: “There’s no denying that the digital revolution has triggered an opportunity for brands to get to know their customers better than ever before. Every click is a reflection of a consumer’s identity, behaviours, passions and thought processes. In return for this insight, consumers benefit from a higher quality of products and services, tailored to their individual needs and delivered with an increasingly effortless customer experience. On occasions, they need reminding of this.”
Davison concluded: “Our research suggests that we’ll begin to see a paradigm shift as people take control of and monetise their own data. But we must unlock the benefits of the personal information economy in a way that creates a balance between protecting consumers’ privacy and digital identity with the ability to innovate and enhance people’s lives. This is clearly in an embryonic stage, so early movers will have a huge educational challenge, but the scale of the marketplace and the Me2B economy should not be understated.”