Bank customers around the world are happy for their personal data to be used by their bank in return for targeted offers and other rewards, according to a study from Infosys.
The study found that 86% of customers would be happy for their bank to use their data for fraud prevention purposes.
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The results of this study come after Barclays has announced it is to begin tracking its customers via their mobile phones in order to better prevent fraud from October.
Barclays further announced a change to its terms and conditions which will allow it to sell its customers anonymous data on to other companies.
The Infosys study found that 43% of consumers would be open to location tracking via their mobile phone as long as they receive targeted advertisements, relevant to their local area.
Martin Illsley, a principle at Infosys, told RBI: "These results are an indication that people are expecting to give more data and let go of some of their privacy but they also demand something in return. The statistics show that the US is generally more comfortable with this than the countries we survey in Europe and Australia."
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By GlobalDataDavid Rajan, head of business intelligence at Infosys, added: "As consumers we tend to want something back for what we give. Banks have a huge opportunity here to monetise this data for their gain and for the customers."
Infosys found that 76% of global consumers will consider switching banks if their bank cannot prove data and money are safe with their systems.
30% of consumers identified the speeds at which their banks systems are updated with recent transactions as a source of dissatisfaction.
According to Infosys 60% of consumers want banks to communicate with them about their account or transaction information via alerts to mobile or smart phone; however only 28% frequently share information on these devices.
Face to face interactions with banks are still considered by customers to be the safest way to share personal information, with nearly 9 in 10 (89%) consumers being willing to share personal information such as their phone number, address, or account number.
In comparison, consumers trusted online second (79%) and smart phones and mobile devices least (56%), showing some work still needs to be done to educate consumers about security of mobile payments.
The study polled 5,000 consumers in the US, Australia, France, Germany, and the UK.
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