Global Study Indicates Nearly Nine Out of Ten Consumers Concerned About Data Security and Privacy; However, 80 Percent Demand Personalised Service
Verint International Study of More Than 24,000 Consumers Across 12 Countries Indicates Need for Organisations to Strike the Right Balance Between Personalised Service, Data Privacy and Transparency
- Nearly 9 out of 10 (89%) consumers surveyed say it’s vital they know how secure their personal information is.
- 86% want to know if their data will be passed on to third parties for marketing purposes.
- Personalised service continues to be important, with 80% of consumers saying they like it when service is tailored to them and their interests.
- Verint business survey finds that concerns are aligned, with businesses placing emphasis on the importance of data privacy (94%), personalisation (95%) and resolving queries quickly (92%).
Results of an international study from Verint® Systems Inc. (Nasdaq: VRNT) have shown that concerns around data privacy and security remain at the top of the consumer agenda. Of more than 24,000 consumers surveyed across 12 countries by Opinium Research LLC, 89% think it is important to know how secure their personal information is, while 86% believe it’s important to know whether their data will be passed on to third parties for marketing purposes.
The survey also highlights the continued importance of personalised customer service, with 80% of consumers liking service from their providers that is personalised to them and their needs. This introduces a challenge for many organisations because to provide highly personalised offerings they must have a greater understanding of their customers’ needs, purchasing histories and preferences. That translates into collecting, analysing and holding customer data related to these preferences and behaviours. Together, this creates a dichotomy, as it’s very clear from the research that consumers have growing concern over their privacy and the use of the data.
Businesses seem to be on the same page as their customers, understanding the role that trust and transparency plays in building positive relationships with their base. A Verint business survey across 1,019 organisations in 12 countries found 94% agree that it is important to inform customers that their data is secure, and 96% understand the need to tell customers if their data will be passed on to third parties. As a result, they will have to ensure these high standards are maintained, as one misstep with a customer’s data can have disastrous effects.
Notes Ryan Hollenbeck—Verint SVP global marketing and customer experience program executive sponsor—“Companies have a difficult balancing act to negotiate between security, transparency and a personalised experience. It’s something that organisations across all sectors have to get right or risk losing valuable customers. Today’s brands must work to ensure greater transparency over the use of customer data and build trust and confidence in this increasingly challenging environment.”
Adds Marije Gould, Verint VP, EMEA marketing, “It comes down to getting the basics right, using technology and analytics to better understand what’s really on the minds of customers, and then working to help ensure the right resources are in place to address evolving needs and requirements.”
About the Research
The research was commissioned by Verint from 23 June to 20 July 2016 in association with Opinium Research LLP, a UK-based research company. Interviews were conducted amongst 24,001 consumers in the following countries: Australia (2,000), Brazil (2,000), France (2,000), Germany (2,000), India (2,000), Japan (2,000), Mexico (2,000), the Netherlands (2,000), New Zealand (2,000), South Africa (2,000), the UK (2,001) and the US (2,000). The research was conducted online, in the local language for each country, and respondents were incentivised to participate.
These findings are part of a wider report titled The Digital Tipping Point: How Do Organisations Balance the Demands for Digital and Human Customer Service? by Verint in conjunction with research and advisory firm IDC. The report, which is downloadable at www.verint.com/digital-tipping-point, shares insights, practices and advice for organisations on which channels and methods of contact matter most to consumers today; how these differ across service query types, industries, territories and demographics; and the desire for personalisation combined with data privacy and transparency.
About Verint Systems Inc.
Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimisation, security intelligence, and fraud, risk and compliance. Today, more than 10,000 organisations in approximately 180 countries—including over 80 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence® at www.verint.com.