Data: explain the value to customers

New research from Experian has spit consumers into four distinct sets: The Unaware, The Accepting, The Cautious and The Incognito – revealing that there are varying levels of trust and engagement with the data exchange.

The largest group, The Accepting (41per cent of the population) stoically accept, but not happy about the amount of data they are asked to share, this group of people simply see the exchange of information for products and services as an inevitable trade-off.

Second largest is The Cautious at 28 per cent who are more careful and will want to make sure that the company asking for their data is legitimate and trustworthy, and ensure that they understand fully the agreement that they are entering in to.

The Unaware (22 per cent of the population click ‘accept’ without really understanding the implications of what they are doing and have very low engagement with how their data might be used.

The Incognito (9 per cent of the population) have developed defence mechanisms to prevent them receiving the unwanted ‘hassle’ or intrusion that they perceive to be part of the process of sharing their data.

Experian’s Jon Roughley said: “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.”

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