Massive shift found in consumer attitudes towards data sharing

Up to 97 percent of European consumers would be happy for their bank or insurer to share their personal data in order to offer them more services.

Fujitsu has released a Europe-wide study highlighting the shift in consumer interaction with their banks and insurers, as digital-first demand continues to drive a new pace of change.

A fifth of European consumers would switch their banking and insurance services to the likes of Facebook, Google and Amazon if they offered such a service, and it is also apparent that people’s thoughts on data privacy are changing too.

Key trends identified include:

• Almost three in five (59 percent) would be happy for their bank or insurer to use their data to lower their mortgage premium           
• Nearly half (47 percent) of consumers would allow banks or insurers to use their data to recommend relevant products and services
• More than two in five (44 percent) want their data used by banks or insurers to keep them informed of their spending habits and offer relevant advice
• More than a third (36 percent) would like their data used by banks or insurers to amend their credit rating
   

Francois Fleutiaux, Senior Vice President and Head of Sales, EMEIA, Fujitsu, said: “The Financial Services sector must continue to build on its digital success and commit to on-going innovation. To be successful – and stand up to increased competition – it must invest in modernizing its own infrastructure and participate in industry-wide collaboration to drive innovation.

“Working with the industry and suppliers, banks and insurers can ensure new channels, services and technologies see mass adoption. Ultimately, consumers want evolution; the modern-day Financial Services sector must come together to boldly embrace this, or risk being forgotten.”

Read the full report online at: http://www.newpaceofchange.com/

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Read the May 2016 issue of Business Review Europe magazine.