A new study by GBG, the leader in identity data intelligence solutions, shows consumers are fed up with being asked for their details, with two in three admitting to deliberately giving incorrect information because they believe the risks outweigh the benefits. But while this puts the consumer in the controlling seat, the practice could have a real and damaging impact on the global economy.
According to the study, performance, service delivery and customer relationships will suffer if businesses aren’t dealing in accurate customer data. GBG is warning that a “trust meltdown” could have an impact on global prosperity as more and more businesses rely on a digital infrastructure for their growth plans.
The study showed:
- Germans are the most likely to give the wrong information (71%), Australians are the least (57%) while 62% of Brits admit to being deliberately misleading.
- 18-24 year olds are the worst offenders – a staggering 81% admit to providing the wrong information when asked for personal information.
- By contrast, the over 65s are the most honest – 59% say they don’t give the wrong info.
- Phone numbers are the most give the wrong one when asked to provide their phone number yet only 10% think it’s of value to businesses.
- Men (18%) are more likely to conceal their age than women (12%).
- Just 10% believe they benefit from handing over personal information to a business.
GBG’s study also unveiled the motivations behind the deception. Three in four (73%) consumers believe the risks outweigh the benefits when handing over data with 73% concerned that they will receive unsolicited contact from businesses as a result and 83% worried the information will be sold on to another organisation without their knowledge. Two in three (67%) don’t think brands are open enough, with the overwhelming majority of people (94%) wanting to know how their data will be used before they share it.
Even businesses themselves admit they’re getting it wrong. Almost half (47%) admit to collecting data which is not used or useful.
GBG’s study is part of its new Trust Economy campaign, a movement that is calling for businesses around the world to become more open, transparent and responsible in the way they use customer data. To see the full results and hear views and opinion from industry experts, visit the campaign website: www.thetrusteconomy.com