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

Why 2017 will herald a resurgence of values-based marketing

It doesn’t take long for predictions to become predictable: The rise and rise of Facebook; advancements in analytics; the normalisation of chatbots; personalisation, programmatic, automation, authenticity… The prediction that’s missing from these lists is that in 2017 we will witness a resurgence of values-based marketing.

Jacqueline Burns

Founder, Market Expertise

Why customer experience driven growth is set to take off

Our overall brand perceptions are invariably shaped by our experiences. And loyal customer relationships can be severed in moments by a negative service interaction.

Consistency and conversation: How branding and advertising can work better together

Advertising and branding are two of the most visible outputs of marketing, which is why getting them right is so important. However, too often the line between branding and advertising becomes blurred. This means advertising activity can be out of sync with brand, resulting in poor results for both functions.

Dan Ratner

managing director, uberbrand

Someone needs a swift kick up the bum for such an idiotic idea.

random

​Why a degree is no longer enough to get you hired as a skilled marketer

Read more

The frequent flyer programs are the new profit machines for airlines all over the world, as they have morphed to be mass marketing machin...

Steve@iFLYflat

Velocity frequent flyers program strong performer in mixed half-year for Virgin

Read more

Hi Jennifer, thanks for sharing these info regarding the digital marketing trends.I've created a related video to this topic, would you m...

Fabio Carry

Predictions: 17 digital marketing trends for 2017

Read more

Great news. Marketing automation can be very useful for companies at various stages of development. With so many tools out there it's bet...

Ben

How HBF rolled out marketing automation in eight months

Read more

I read a report that the business sector in Australia as a whole have yet to fully harness and see the proactive change that predictive a...

Alex Martin

Report: Predictive analytics, IoT, machine learning battle it out for marketing dollars

Read more

Latest Podcast

More podcasts

Sign in