UK, 13 December 2017: British people have different levels of understanding about how their data is used by organisations in exchange for products and services. That’s according to new research from Experian, the global information services company, which set out to learn more about how consumers feel about the way data is utilised by businesses.
The study identified four distinct groups of people; ‘The Unaware’, ‘The Accepting’, ‘The Cautious’ and ‘The Incognito’ – revealing that there are varying levels of trust and engagement with the data exchange.
Experian’s Jon Roughley said: “Our research shows some significant splits in the way people feel about sharing data. Some are comfortable with the idea that the more they share the more they get, while others feel the more they share the more of themselves they give away, without valuing what they receive in return.
“Big changes to the regulatory landscape, including the Payments Services Directive 2 (PSD2), Open Banking, and EU’s General Data Protection Regulation (GDPR), mean that businesses will need to gain a better understanding about their customers’ attitudes about sharing data in order to deliver the right results to those individuals.
“Overall, we’ve found that many people understand the value exchange that enables them to use the services that our digital, data-led economy has opened up - including keeping the internet free. However, what is clear from our research is that there are different levels of understanding about how data is collected and used by organisations. Specifically, how this is being used to power products and services.”
The research also uncovered that attitudes towards data sharing are impacted in different ways, by six essential data sharing factors. Understanding these factors is essential if businesses are going to build trust and take the opportunity to deliver better customer outcomes:
“There is a real opportunity to build greater transparency and trust with customers by using their data in a clear and coherent way, underpinned by an obvious and well-communicated benefit to the individual,” adds Roughley.
“Data can drive innovation and make hugely positive changes to the way the world works, but if we don’t explain how the power of data is harnessed for good, more clearly and concisely, demonstrating a genuine value exchange, then there is chance that we will miss the chance.”
Notes to editors:
The research, commissioned by Experian and manged by C Space, gathered these insights from over 12,000 hours of customer involvement in online discussions and interviews, plus a comprehensive quantitative study with over 2,000 individuals.
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Nick Jones, Head of Corporate & B2B PR, UK&I, Experian
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Marlin PR for Experian
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