Brits relaxed about banks mining data to fight fraud

Brits relaxed about banks mining data to fight fraud

Brits are happy for banks to mine their personal data, particularly if it helps to protect them against fraud, according to a survey from Infosys.

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.

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.

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.

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.

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."

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