Research by Callcredit reveals that 81% of UK consumers are more likely to share their personal data once the general data protection regulation (GDPR) is in place.
The legislation was originally drawn up by the European Commission to harmonise data protection within the EU and to govern the export of personal data beyond the EU’s boundaries. It will come into force in May 2018, following a two-year transition period.
The survey, part of the Unlocking the potential of personal data report, was commissioned by Callcredit Information Group to gain a deeper understanding of consumer attitudes towards, and expectations of, data sharing. It also found that almost a quarter (21%) say that Brexit has made them feel their personal data is less secure.
Even after leaving the EU the requirements of GDPR will still be the biggest influence on Data Protection in the UK. British businesses will need to comply with the regulation if they want to remain competitive and continue offering their goods and services to EU citizens.
The findings paint a picture of a discerning and savvy consumer who is taking control and ownership over their personal information. A trend which strongly aligns with the prolific rise of the Me2B economy, where consumers are far more aware of their interactions with organisations. Callcredit’s research shows consumers understand the benefits of sharing their data with brands as 47% admit that it saves them time by enabling them to have the same conversation with a brand on-line, on the phone and in-store and 39% recognise the opportunity to receive more personalised offers.
The research also suggests there is a role for businesses to play in providing reassurance, as 55% admit they would share more information about themselves with organisations and businesses if they had a better understanding of how it would benefit them.
Mark Davison, Chief Data Officer, Callcredit Information Group, said “The digital revolution has led to an unprecedented explosion of personal data that continues to erupt at an astounding rate. Naturally, consumers are curious about how this data gets used and how safely it is stored. But while regulation is one way to build consumer trust, businesses also have a crucial role to play in ensuring the security of their customers and making sure they communicate the steps taken to achieve this at every stage of the customer journey.
“More must be done to ensure that people feel they have full control over their own data and a deeper understanding about how brands are using it. This, combined with tackling consumer concerns about the risk of identity theft and online fraud, will accelerate growth of the hotly anticipated rise of the personal information economy to the mutual benefit of both businesses and consumers.”