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Consumer attitudes to sharing, AI and open banking

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Spark 2019: In this presentation, Martin Grimwood from the research company Ipsos Mori, presents findings from their consumer research on attitudes to sharing data, AI and open banking.

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Consumer attitudes to sharing, AI and open banking

  1. 1. Ipsos MORI – Equifax Spark Conference May 2019 CONSUMER ATTITUDES TO SHARING DATA, AI & OPEN BANKING MARTIN GRIMWOOD FINANCIAL SERVICES, IPSOS MORI
  2. 2. Ipsos MORI – Equifax Spark Conference May2019 2 HOW DO CONSUMERS FEEL ABOUT THEIR DATA?
  3. 3. 3Ipsos MORI – Equifax Spark Conference May 2019 Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree I would like to have access to the data that companies hold about me, as it could really help me make better decisions – for example about how I spend my money 75%
  4. 4. 4Ipsos MORI – Equifax Spark Conference May 2019 Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree 82% It is inevitable that we will all lose some privacy in the future because of what new technology can do
  5. 5. 5Ipsos MORI – Equifax Spark Conference May 2019 Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree 73% I often don’t bother fully reading terms and conditions on a website before accepting them
  6. 6. 6Ipsos MORI – Equifax Spark Conference May 2019 Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree 40% I am comfortable providing information about myself to companies who are online in return for personalised services and products
  7. 7. 7Ipsos MORI – Equifax Spark Conference May 2019 8% 8% 7% 6% 6% 6% 22% 21% 20% 22% 19% 19% 44% 46% 43% 46% 40% 44% 26% 25% 30% 27% 35% 31% How much data companies hold about you Your rights over the way companies handle your personal information How you can access, change or delete the data that companies hold about you What companies do with the data they hold about you How long companies can keep the data they hold about you With whom companies share the data they hold about you or whom they sell it to A great deal A fair amount A little Nothing at all WE DON’T KNOW WHAT COMPANIES DO WITH DATA Only one in three GB adults claim to have a good idea of what data companies hold about them or what they do with it Base: 1,007 GB adults aged 16-64 . October-November 2018 Source: Ipsos-World Economic Forum Project: Global Citizens & Data Privacy Generally speaking, how much do you know about each of the following…
  8. 8. 8Ipsos MORI – Equifax Spark Conference May 2019 DATA ISSUES ARE INCREASINGLY DOMINANT Think about technology companies specifically, has there been a change in the importance of the following issues for you in the last 12 months? 59 58 58 58 57 57 53 50 47 43 37 33 30 How they share my data with other companies and organisations How transparent they are about how they collect my data How transparent they are about who they share my data with How my data is being kept safe from hackers How they collect my data How transparent they are about how they use my data How they use my data to tailor how they interact with me How my data is being kept safe from government surveillance and hacking by foreign governments How they are policing extremist content How fake news is being addressed How they are protecting freedom of speech and expression online Their size and power How they are dealing with addiction to technology Data issues Content issues % more important Base: GB Adults 18+ (1,000) Ipsos MORI Key Influencing Customers Survey, October 2018
  9. 9. 9Ipsos MORI – Equifax Spark Conference May 2019 30% 28% 23% 21% 17% 39% 43% 42% 43% 50% 22% 19% 22% 24% 23% 9% 10% 12% 12% 9% Promise not to share them or not to sell them to other parties Are clear about what they will do with that information Have never been subject to any breach, leak or fraudulent usage of data Offer you some kind of compensation for your information (e.g., discount, reward, etc.) You have a lot of experience with Much more confortable Somewhat more comfortable Not much more comfortable Not more comfortable at all Base: 1,007 GB adults aged 16-64 . October-November 2018 Comfort sharing personal data is greater if the company is clear about how it will use it and if it promises to not share it with third parties To what extent would you be more comfortable about sharing your personal information with companies or brands that… Source: Ipsos-World Economic Forum Project: Global Citizens & Data Privacy WE ARE SUSPICIOUS AND WANT REASSURANCES
  10. 10. 10Ipsos MORI – Equifax Spark Conference May 2019 HOW TRUSTED YOU ARE MAKES A DIFFERENCE 25% 12% 10% 9% 6% 6% 6% 5% 5% 5% 41% 34% 35% 34% 28% 22% 26% 14% 13% 12% 18% 26% 30% 28% 38% 36% 38% 33% 36% 25% 9% 19% 17% 20% 19% 27% 22% 40% 38% 47% 7% 9% 8% 9% 9% 9% 8% 8% 8% 11% Healthcare providers Financial services e.g. banks, insurance companies Local/regional authorities National government Shipping/delivery companies Telecommunications companies Retailers selling goods and services Search and social media sites Media companies Foreign governments A great deal A fair amount Not very much Not at all Don't know Trust about organizations’ usage of personal data varies widely across sectors; only healthcare providers are trusted by a majority of consumers Base: 1,007 GB adults aged 16-64 . October-November 2018 Source: Ipsos-World Economic Forum Project: Global Citizens & Data Privacy To what extent, if at all, do you personally trust the following to use the information they have about you in the right way?
  11. 11. 11Ipsos MORI – Equifax Spark Conference May 2019 ATTITUDES TO AI AND PREDICTIVE ALGORITHMS
  12. 12. 12Ipsos MORI – Equifax Spark Conference May 2019 PEOPLE KNOW ABOUT APPLICATIONS Base: GB Adults (978) Source: The Royal Society / Ipsos MORI Public Views of Machine Learning 76% 75% 73% 66% 47% 44% 41% 30% Computers that can recognise speech and answer questions Driverless vehicles that adapt to road / traffic conditions Facial recognition that learns identities through CCTV to catch criminals Computers showing websites or ads based on your web browsing habits Computers analysing records to help diagnose patients Robots that make their own decisions and be used by the armed forces Robots in the home, eg. helping care for older people Computers making stock investments
  13. 13. 13Ipsos MORI – Equifax Spark Conference May 2019 EVENLY SPLIT ON BENEFITS VERSUS RISKS OVERALL 29%Benefits outweigh risks 29%Risks outweigh benefits 36%Benefits and Risks equal
  14. 14. 14Ipsos MORI – Equifax Spark Conference May 2019 COULD THIS TECHNOLOGY…? Harm me Replace me Depersonalise me Restrict me Source: The Royal Society / Ipsos MORI Public Views of Machine Learning
  15. 15. 15Ipsos MORI – Equifax Spark Conference May 2019 COULD THIS TECHNOLOGY…? Source: The Royal Society / Ipsos MORI Public Views of Machine Learning Benefit me / others Save a lot of time Give me better choices
  16. 16. 16Ipsos MORI – Equifax Spark Conference May 2019 Source: Ipsos MORI Wellcome Trust dialogue on Commercial Access to Health Data, 2016 BUT OVERALL, ACCEPTABLE TO GATHER DATA If the usage passes four key tests
  17. 17. 17Ipsos MORI – Equifax Spark Conference May 2019 OPEN BANKING
  18. 18. Ipsos MORI – Equifax Spark Conference May2019 18 Adults who use a FinTech app 26%
  19. 19. 19Ipsos MORI – Equifax Spark Conference May 2019 746k295k 325k Source: Ipsos Financial Services Survey(FRS), March 2019
  20. 20. Ipsos MORI – Equifax Spark Conference May2019 20 Yolt just works. I love the style and the app is faultless. The aggregation and classification of my spending is personalised to a whole other level. With the scan of my fingerprint, I can see everything in one place and it really feels like I have got myself a PA! ” “
  21. 21. Ipsos MORI – Equifax Spark Conference May2019 21 Cleo’s a much more interesting and engaging way to interact with my finances – I think about my money much more because of it… Cleo is regularly messaging me updates, information I need and data on my spending which help me keep track of my money more easily. I enjoy how individual to me and conversational it is (like sending me GIFs), plus, it empowers me to do more about my spending. ” “
  22. 22. Ipsos MORI – Equifax Spark Conference May2019 22 Monzo has completely changed the way I think about banks… it’s completely changed the way I deal with my finances. I’m much more empowered, and have a clear understanding of where I’m spending my money and adjust my spending accordingly. Speaking to the customer service guys… via a chat is easier, personal and more conversational than a scripted phone call you get from the banks. “ ”
  23. 23. 23Ipsos MORI – Equifax Spark Conference May 2019 TWO DIMENSIONS Emotional Engagement Functional Appeal
  24. 24. 24Ipsos MORI – Equifax Spark Conference May 2019 MEETING CUSTOMER NEEDS Relevance Differentiation Believability Fairly treated Valued In Control
  25. 25. 25Ipsos MORI – Equifax Spark Conference May 2019 OPEN BANKING USE CASES… SMART COMPARISON TOOL ALL-IN-ONE FINANCIAL APP SPEEDING UP THE APPLICATION PROCESS INSTANT PAYMENTS
  26. 26. Ipsos MORI – Equifax Spark Conference May2019 26 68% 40% 14% 15% 1% 75% 48% 11% 17% 2% 2018 2017 Base size - 2018: 1,002 UK adults 18+, Current account holders, online, 1-30 August 2018. Base size - 2017: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017 ACTIVE ADOPTERS MEASURED EVALUATORS CONSERVATIVE TRADITIONALISTS FINANCIALLY DISENGAGED TECHNICAL LAGGARDS WHO ARE MOST LIKELY TO SIGN UP?
  27. 27. Ipsos MORI – Equifax Spark Conference May 2019 18-34 55+ 43 79120 108 35-54 91 89 115 94 93 LEARNINGS FROM THE CROWD GOAL MANAGER VIRTUAL BANKER DAILY UPDATE MESSAGE 13897 111 FUNCTIONAL APPEAL Base size - N=750, fieldwork conducted online, 4-6 September 2018 YOUNGER AND OLDER HAVE DIFFERENT NEEDS Pleaserate each product idea on the extent to which it: meets your needs; is unique and different; is believable.
  28. 28. Ipsos MORI – Equifax Spark Conference May 2019 AVERAGE ACROSS ALL FOUR USE CASES 73% 27% 33% 26% 9% 12% 4% 64% 33% 46% 37% 17% 21% 8% A company that manages digital payments An established bank A well-known payments and card brand Another well- known digital brand A new-to- market fintech A newer bank TO PROVIDE THESE SERVICES? WHO WOULD YOU TRUST A company that specialises in mobile tech 2018 2017 Base size - 2018: 1,002 UK adults 18+, Current account holders, online, 1-30 August 2018. Base size - 2017: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017 ACTIVE ADOPTERS
  29. 29. Ipsos MORI – Equifax Spark Conference May2019 29 WHAT DOES THIS MEAN FOR PROPOSITION DEVELOPMENT?
  30. 30. 30Ipsos MORI – Equifax Spark Conference May 2019 CONSUMERS WILL TRADE THEIR DATA ▪ Growing understanding that sharing data will be beneficial ▪ However there is need to understand the value exchange (at the moment trading because they have to) ▪ And only brands who are trusted to use data respectfully will be given access
  31. 31. 31Ipsos MORI – Equifax Spark Conference May 2019 BUT IT ISN’T (JUST) ABOUT OPEN BANKING ▪ Open Banking APIs offer significant opportunities ▪ But it must provide unmet personal and wider social benefits ▪ Transparency is key as customers will judge you on your intentions
  32. 32. 32Ipsos MORI – Equifax Spark Conference May 2019 DIFFERENT STORIES DIFFERENT SEGMENTS NEED
  33. 33. 33Ipsos MORI – Equifax Spark Conference May 2019 DIVIDES OPINION IA
  34. 34. 34Ipsos MORI – Equifax Spark Conference May 2019 PERSONALISATION NEEDS TO BE PERSONAL Suggesting books that I do want to read… …and study guides I don't
  35. 35. 35Ipsos MORI – Equifax Spark Conference May 2019 HUMAN BEINGS STILL ADD UNIQUE VALUE Empathy Adaptability Judgment
  36. 36. 36Ipsos MORI – Equifax Spark Conference May 2019 YOU.THANK martin.grimwood@ipsos.com Martin Grimwood Financial Services, Ipsos MORI

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