Brits Relaxed About Banks Mining Data To Fight Fraud

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Black Hawk Mining

• Liam Keeva's Blog

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Brits Relaxed About Banks Mining Data To Fight
Fraud

• The IT giant polled 1000 UK adults as part of a
  global survey and found that three quarters of
  respondents are comfortable with sharing their
  personal information with banks.
• In fact, 86 expect their provider to mine their
  data to help fight fraud and 77 would even
  consider changing banks if a competitor offered
  assurances that their data and money would be
  safer.

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• The research also highlights a communications
  challenge for banks 60 of consumers want their
  provider to communicate with them about their
  account or transaction information via alerts to
  their phone but only 28 frequently share
  information on these devices.

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• When it comes to using personal data to target
  deals and offers, the message is mixed 78 of
  those quizzed for Infosys say that they would be
  more likely to purchase from a retailer again if
  they provided offers targeted to their interests,
  wants or needs.

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• However, recent research by privacy group Big
  Brother Watch found that 41 of people feel
  consumers are being harmed by big companies
  gathering large amounts of data and Barclays
  faced a barrage of publicity this week when it
  told UK customers that, from this autumn, it
  could start selling their anonymised data to
  other companies.

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• Stephen Pratt, MD, worldwide consulting and
  systems integration and executive council member,
  Infosys, says "Our research shows that people
  will certainly share though they're 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."