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." Source: http://www.allvoices.com/contributed-news/14909475-brits-relaxed-about-banks-mining-data-to-fight-fraud

1. Black Hawk Mining
Liam Keeva's Blog

2. Brits Relaxed About Banks Mining Data To
Fight Fraud
• 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.

3. • 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.

4. • 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.

5. • 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.

6. • 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."