Consumers want banks to use big data, just don't access their social profile: Report

New Infosys report on engaging with digital consumers finds most Australians are willing to share certain types of personal information with banks, but don't want these institutions tapping into their social media data

Australian consumers want banks to use big data analytics to analyse their behaviour and alert them to security risks, but most don’t want their social media data tapped into by these institutions, a new report claims.

The Infosys global study, Engaging with Digital Consumers, polled 5000 consumers in five countries, including 1000 in Australia, to gauge customers views on providing private data to retail, banking and healthcare sector firms. All respondents had made an online purchase in the six weeks prior to being surveyed and owned a smartphone or tablet computer.

According to the research, 75 per cent of Australians are willing to share their email address with a bank, and 63 per cent will offer up their postcode, but just 11 per cent want banks accessing their social media profile information. In addition, only 12 per cent are for their bank analysing the types of investment accounts they hold with other financial institutions.

The social media figures were similar to those recorded in healthcare and retail – for example, only 13 per cent of respondents are willing to share social media profile information with retailers.

The Infosys research also found 72 per cent of consumers want bank account or transaction information sent via alerts to their mobile or smartphone, but just 21 per cent are willing to share information about the technology they own. While 88 per cent of Australians want banks to analyse their transaction data for security purposes, only half want personal information tapped for customised financial products and services. Just over half want banks to use social media and emails to provide valuable updates and insights.

Globally, the research also revealed 79 per cent of consumers would consider switching banks if they had proof their money and personal data would be safer.

Consumers were also asked what their perception of data mining was. While 35 per cent saw it as ‘helpful’ and 33 per cent said it was ‘convenient’, 39 per cent rated it ‘invasive’.

“Big Data is definitely already on the agenda for Australian banks, but this research poses some potential challenges when it comes to using this data for marketing purposes,” Infosys Asia-Pacific vice-president and head of financial services, Andrew Groth, commented.

“There is a clear privacy line that customers won’t cross, particularly with their social media profiles. Banks need to convince customers about the benefits of sharing information before they’ll be willing to divulge.”

On the retail side, 72 per cent of respondents said they did not feel online promotions or emails they received from retailers spoke to their personal interests and needs.

A similar percentage of consumers also said they are more likely to purchase from a retailer when provided with offers targeted to their location.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, or join us on Facebook: https://www.facebook.com/CMOAustralia

Join the CMO newsletter!

Error: Please check your email address.
Show Comments

Supporting Association

Blog Posts

Getting your business ready for the Entrepreneurial Consumer

We all know the digital revolution has completely transformed the way consumers are interacting with brands, and that a lot of businesses are finding it hard to catch up. One way to closing this brand gap is to understand consumer behaviour and build a brand experience that meets these new needs.

Pip Stocks

CEO and founder, BrandHook

Brand management starts with management

As the world continues to grow and evolve, it’s more important than ever to build a strong brand that articulates your message clearly and consistently, stands out against the noise, and develops relevance with the people that matter. This makes managing your brand a key component to gaining cut-through and ultimately business success.

Dan Ratner

managing director, Uberbrand

Disrupting marketing as we know it

Call it digital disruption or the fourth industrial revolution, our rapidly evolving environment is affecting consumer perceptions, purchase behaviours and the way they consume information and products.

Jean-Luc Ambrosi

Author, marketer

Very interesting article which touches on the importance of a feedback loop fuelled by customer and market insights. Ideally this scenari...

Andrew Reid

Building customer insights in the data and digital age

Read more

Very very good piece- very novel and innovative and very possibly- effective - way to look at one's communication headlines!

Patrick Dsouza

Should your disclaimer become your headline? - Brand science - CMO Australia

Read more

Excellent post Rob, Mobile app users are growing day by day. Everyday lots of apps are launched in the market but not every app retains t...

Marcus Miller

Why app engagement must be personalised - Mobile strategy - CMO Australia

Read more

very informative blog. I really like the information given in this blog.http://gng.com.au/

Gajanand Choudhary

The evolving role of the CMO - The CMO view - CMO Australia

Read more

It is true That’s the new read following up Deloitte Digital's Digital disruption - Short Fuse, blowup analysis series, that appearance t...

miller645645@mail.ru

Digital disruption about to impact health, education sectors

Read more

Latest Podcast

More podcasts

Sign in