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The data dilemma

The data dilemma

Banks and insurers are trusted with more personal data than most businesses. Harnessing personal data is a huge opportunity, but data security is always a major concern. The survey shows that there is appetite from consumers for banks and insurance providers to accept the burden of added risk, or risk losing customers.

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It's true that the majority of people would switch bank or insurer if it suffered a security breach.

Despite this, 97% of people are happy to share it in exchange for product recommendations or to get a better deal. Data security might be a concern, but consumers are happy for their bank or insurance provider to use personal data for: