Consumers worldwide remain cautious of data mining

According to a global independent survey commissioned by Infosys, American consumers, as well as Europeans and Australians feel comfortable sharing data with banks (76 percent) and retailers (70 percent). The same source shows that consumers understand the benefits of sharing data but remain cautious of data mining (especially in Europe). Therefore, at a global level, 39 percent describe data mining as invasive while also saying it is helpful (35 percent), convenient (32 percent) and time saving (33 percent).

Results point out that consumers in the US are less concerned about the invasive issue (30 percent) than in the other countries surveyed, while German consumers are less willing to share personal data than in other countries.

The report also unveils that three quarters of consumers worldwide believe retailers currently miss the mark in targeting them with ads on mobile apps and 72 percent do not feel that online promotions or emails they receive resonate with their personal interests and needs. Furthermore, 78 percent of respondents have declared that they would be more likely to purchase from a retailer again if they provided offers targeted to their interests, wants or needs, and 71 percent feel similarly if offered incentives based on location.

With regard to security, the survey finds that 82 percent of respondents expect their bank to mine personal data to protect against fraud. According to data, 76 percent of consumers would even consider changing banks if a competitor offered assurances that their data and money would be safer.

The report unveils that more than a third of consumers (35 percent) still feel that their current bank or financial institution does not have a clear process for addressing fraudulent issues.