With all the buzz about cyber privacy these days, you would think that consumers would guard their personal information with their lives. It turns out, though, that when offered the right price, most consumers would share extensive personal information, including location, social network profiles and details about family members with their service providers. According to a study conducted by Amdocs, a data management company, some 57% of consumers worldwide would share personal information for financial rewards or improved service.
“The results of this survey indicate that fears about unwillingness on the part of consumers to share personal data have been overblown in the industry,” said Ian Parkes of Coleman Parkes, the market research company which conducted the study for Amdocs. “Many consumers are willing, even eager to share information, provided they receive value in return from their service provider.”
The survey also found that 54 percent of consumers would even allow the transfer of their data to third parties, given the right incentives.
“With the additional ability to share this information with third parties, customer data has the potential to become a new form of industry currency,” said Parkes.
The survey polled 3,900 consumers worldwide in April and found that better pricing plans, improved network speed, priority customer service and shared plans across devices were the top choices for incentives that would get customers to share their data.
Financial incentives that were popular included cash rewards (44 percent), loyalty program rewards (38 percent) and coupons or exclusive deals (39 percent). More than one-third (36 percent) of consumers said they were happy to divulge information for free.