Internet companies continue to collect and sell user data and AWS recently productized data sharing within its cloud implementation of AWS Data Exchange. So it’s no surprise this PEW Research Survey finds that a large majority of Americans believe their personal data is collected, sold, and likely misused:
“Data-driven products and services are often marketed with the potential to save users time and money or even lead to better health and well-being. Still, large shares of U.S. adults are not convinced they benefit from this system of widespread data gathering. Some 81% of the public say that the potential risks they face because of data collection by companies outweigh the benefits, and 66% say the same about government data collection. At the same time, a majority of Americans report being concerned about the way their data is being used by companies (79%) or the government (64%). Most also feel they have little or no control over how these entities use their personal information, according to a new survey of U.S. adults by Pew Research Center that explores how Americans feel about the state of privacy in the nation.
Americans’ concerns about digital privacy extend to those who collect, store and use their personal information. Additionally, majorities of the public are not confident that corporations are good stewards of the data they collect. For example, 79% of Americans say they are not too or not at all confident that companies will admit mistakes and take responsibility if they misuse or compromise personal information, and 69% report having this same lack of confidence that firms will use their personal information in ways they will be comfortable with.”
Surveys continue to indicate that Americans trust banks and credit unions relative to security and privacy more than any other business relationship they have. At the same time, financial institutions have an opportunity to generate revenue from the customer data they have. Mercator held a webinar recently called “Transforming Your Payments Data From a Cost Center to a Profit Center” and discussed three methods by which financial institutions can safely utilize customer data to drive revenue.
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group