Consumers in the UK will become much more relaxed when sharing private data with companies, once GDPR kicks in, a new report by Callcredit Information Group is saying.
GDPR, or General Data Protectio Regulation, aims to regulate what companies can do with their customers' private data, and how they should go about doing it. Not complying with GDPR could mean draconian fines.
More than four fifths (81 per cent) of consumers in the UK are more likely to share private data with GDPR active, the report claims. Almost a quarter (21 per cent) have said Brexit made them feel as their personal data is not that secure any more.
Awareness of the benefits of sharing data with brands is also growing. Now, almost half (47 per cent) admits it saves them time, as it enables them to have the same conversations with a brand online, on the phone and in the store.
Almost four in ten (39 per cent) sees it as an opportunity to get personalised offers, and 55 per cent would share more information if they could understand the benefits a bit better.
"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," commented Mark Davison, Chief Data Officer, Callcredit Information Group.
"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."