UK citizens are prepared to allow businesses access to data about them if it results in better services.
According to the results of a global study commissioned by Infosys, 91% would share data with doctors, 74% with banks and 69% with retailers.
News this week that Barclays Bank will use customer data to help it create services is an example of a businesses looking to better understand customers and make use of behavioural data.
Barclays said this is about how it uses more information and insights to help customers get more from their accounts.
A spokeswoman said an example would be alerting a current account holder to how much they spend on energy compared with other people in their area.
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The Infosys research revealed that in banking, 86% of UK people expect banks to mine personal data to protect them against fraud and 77% would consider changing banks if they didn’t.
In the UK, 78% of respondents said retailers are failing to send them relevant promotions. The same proportion said they would buy again from a retailer if they received offers related to their interests. However, only 16% said they would share social media profile information.
By the end of the year, the UK should have widespread, near ubiquitous, very high-speed mobile networks, which is an opportunity for a lot of organisations, with the opportunity to better interact and serve customers as one of the key benefits expected.
“This study is a wake-up call to companies about the enormous untapped opportunity to gain greater access to data by clearly communicating ‘what’s in it for me’ to the customer,” said Stephen Pratt, managing partner, worldwide consulting and systems integration at Infosys.
“Our research shows that people will certainly share, though they are very savvy about how they give up their personal information. Companies need to crack the code in mining data effectively to gain consumer trust and clearly articulate the benefit to their customers.”