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Consumers against financial companies using social media data - report

Tuesday 1 September 2015 11:37 CET | News

76% of consumers are unlikely to allow financial services companies access to their data on social media channels in order to assess their application for a financial product, a recent research study reveals.

Moreover, over half (52%) said it would make them angry, according to a survey issued by YouGov market research firm. Despite consumers’ objections to the use of this information, only 35% of respondents would go as far as changing what they post online if it was being used to verify their identity or spending habits.

Paul Birks, Director of Decision Solutions at Equifax, commenting on this attitude of social media users, claims that new challenges may arise, such as not using this data can be a huge hurdle between for companies and consumers in fighting fraud, and evaluating what people can afford to borrow.

Total sample size of the survey was 2,065 adults. Fieldwork was undertaken between 25th and 29th June, 2015. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).


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Keywords: Consumers, financial companies, social media, data, report, online sales, marketing, customers, users
Categories: Payments & Commerce | Ecommerce
Countries: World
This article is part of category

Payments & Commerce