Consumers still put their brand trust in big companies and are willing to part with personal data if they believe it can benefit them.
This is according to Janrain which conducted a survey to better understand how consumers really feel about brands in the wake of so many data breaches.
The company polled 1,000 UK adults as part of its Consumer Attitudes Toward Data Privacy and Security Survey and found that most consumers are still willing to part with their personal information if it can somehow benefit them.
While big internet companies like Google and Facebook remain among the least trusted businesses, a large number of respondents put the most faith in pharmaceutical and travel companies including airlines.
While this may be surprising, given the recent British Airways attacks that affected 380,000 customers, it’s great news for companies in these industries.
By addressing consumer privacy and security concerns, while highlighting the benefits of sharing personal data, pharmaceutical and travel companies can gain an edge with customers, driving repeat business and gaining new fans in the process.
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When it comes down to doing business with trustworthy brands, only 18% of people noted that they would be likely to walk away from a business that required them to provide highly personal data like an email or phone number.
Financial data and account passwords ranked among the highest concerns of data points that consumers feel the need to protect. Meanwhile, only 25% noted that they want to keep their personal viewing habits private.
Consumers are also willing to part with their personal information if it can somehow help them. The survey revealed that just over 52% of people would willingly allow a company to use some of their data if they had something to gain from it.
“Our survey is incredibly good news for brands that take the personal data privacy and security of their customers seriously,” said Janrain CEO, Jim Kaskade.
“Despite high-profile missteps and outright failures in the way brands have approached data privacy and security, consumers are very open to a consent-driven relationship with brands, which will go a long way toward solidifying trust for stronger, longer-term relationships.”