Consumers worldwide overwhelmingly will share personal information to get better service from their doctors, bank and retailers; however, they are very discerning about how they share, according to a global independent survey of consumers around the world commissioned by Infosys.

The study says that today’s digital consumers are complicated and sometimes skeptical about how institutions use their data.

Americans, Europeans and Australians feel comfortable sharing data with doctors (90 percent), banks (76 percent) and retailers (70 percent); however, the research shows contrasting nuances. Consumers won’t readily share personal medical history with doctors. They say they want targeted ads yet are wary of sharing the information to enable this. The study shows consumers understand the benefits of sharing data but remain cautious of data mining (especially in Europe): 39 percent globally describe data-mining as invasive while also saying it is helpful (35 percent), convenient (32 percent) and time saving (33 percent).  Consumers in the United States are less concerned about the invasive issue (30 percent) than in the other countries surveyed, while German consumers are less willing to share personal data that in other countries.

The global research polled 5,000 digitally savvy consumers in five countries about how they trade personal data in the retail, banking, and healthcare sectors. The study shows the key challenge facing business is to navigate the complex behaviors consumers display when sharing their personal data.

Three quarters of consumers worldwide believe retailers currently miss the mark in targeting them with ads on mobile apps, and 72 percent do not feel that online promotions or emails they receive resonate with their personal interests and needs.

 A wide majority of consumers (78 percent) agree that they would be more likely to purchase from a retailer again if they provided offers targeted to their interests, wants or needs, and 71 percent feel similarly if offered incentives based on location.

While in principle shoppers say they want to receive ads or promotions targeted to their interests, just 16 percent will share social media profile information. Lacking these details could make it difficult for retailers to deliver tailored digital offers.

82 percent of respondents expect their bank to mine personal data to protect against fraud. It’s so important issue that just over three quarters (76 percent) even would consider changing banks if a competitor offered assurances that their data and money would be safer.

There is a communications challenge for banks: 63 percent of consumers want banks to communicate with them about their account or transaction information via alerts to mobile or smart phone; however only 32 percent frequently share information on these devices.

Despite these clear concerns about security more than a third of consumers (35 percent) still feel that their current bank or financial institution does not have a clear process for addressing fraudulent issues.

In healthcare an overwhelming 88 percent of consumers favor physicians being armed with electronic health information about patients, however Only 56 percent will share personal medical history, 52 percent family medical history.

While more than 76 percent are interested in mobile apps for tracking their health, consumers are less comfortable using their mobiles to share data with doctors and prefer to share personal data with their doctor’s office in person (98 percent), followed by online (77 percent) and mobile (66 percent).

Stephen Pratt, Managing Partner, Worldwide Consulting and Systems Integration and Executive Council Member at Infosys said, “This study is a wake-up call to companies about the enormous untapped opportunity to gain greater access to data by clearly communicating ‘what’s in it for me’ to the customer. Our research shows that people will certainly share though they’re very savvy about how they give up their personal information. Companies need to crack the code in mining data effectively to gain consumer trust and clearly articulate the benefit to their customers.”

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