Consumers are worried about security, but they’re still willing to share information with organizations they trust, according to a new survey from SAS.
But while consumers don’t feel businesses are being upfront about their privacy policies—US respondents’ concerns about businesses tapping their personal information jumped this year from 72 to 77%—a majority of respondents still expect businesses to understand them.
“To build trust, brands can assure customers that their data is managed well and give customers options to decide how their personal information is used,” said Wilson Raj, global director of customer Intelligence for SAS. “Consumers are okay with giving up some of their personal information for greater personalization—as long as they get to make that choice themselves and as long as brands demonstrate that they value and protect customer data.”
In the “Finding the Right Balance Between Personalization and Privacy” report—based on a survey of over 2,900 consumers in seven countries this august—financial service providers enjoy highest trust levels. Forty-five percent of respondents said they’d share personal information with banks or credit unions. Retailers scored the next highest, with 43% of respondents willing to share, followed by telecoms and travel and leisure (41%). Trust in entertainment providers was lower, with only 26% willing to share.
A relationship with a bank or credit union requires the exchange of data to be a financial intermediary, so customers rely on these businesses’ integrity, reasons SAS. The same applies to phone companies, because those relationships require commitments. Retail and travel loyalties, however, tend to shift more easily, as customers do business with multiple companies at once. Relationships with entertainment companies, meanwhile, are considered more superficial and this consumers don’t necessarily see a need to share data with these firms.
Of course, customers also want something in return for their valuable data. Sixty-nine percent of respondents said they would share hobbies and interests in exchange for relevant or timely offers, while about three-quarters of customers were willing to provide their birthday month and year.
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