Survey: 85 percent of UK consumers do not trust businesses with the privacy and security of their online data

This article is brought to you by Retail Technology Review: Survey: 85 percent of UK consumers do not trust businesses with the privacy and security of their online data.

A recent study of 1,012 UK consumers, conducted independently by API management provider Axway, has revealed that the majority of Britons have serious concerns over how their data is stored and secured, however 50% are prepared to overlook those concerns in favour of a better user experience.

The study showed 85 percent of respondents are concerned about the privacy and security of their online data, with almost 75 percent agreeing that companies do not make it sufficiently transparent as to how they handle their data. Mistrust could potentially lead to detrimental effects for any organisation with an online presence: for 53 percent, a data security incident would be a reason to end the customer relationship for good.

When asked more specifically, 49.4 percent replied that they would at the very least stop dealing with a company until the problem was solved or they could change their login details (30.8 percent). However, with 50% prepared to overlook those concerns in favour of a better user experience, organisations have an opportunity to build seamless digital experiences and form a foundation of trust

The study also found that almost 70 percent of Britons would choose to work with businesses that offered a more secure approach to protect personal data. However, for almost 10%, engaging with a business still depends on how much trust they have in the company, irrespective of its approach to data protection. At the same time, just 22 percent trust “Big Tech” more with their data compared to smaller, independent or local companies, while 61.9 percent trust the large and smaller companies about the same.

VP and Chief Catalyst at Axway, Brian Pagano says: “Whether in energy, health, finance, or retail, companies are trying to stand out and provide brilliant digital experiences while also complying to industry data privacy and security requirements, which is no simple proposition. Eliminating friction in customer experiences is the biggest competitive advantage, and these survey results point to security breaches and privacy concerns as a snag in the fabric of the seamless experience people have come to expect”.

“Experience tells us consumers will go wherever the least amount of friction is, regardless of the custody chain of your data. If people feel unsure about how their data is being handled, companies have an opportunity to build trust so that their average consumer doesn’t need to concern themselves with these details. Enterprises can rely on a suite of tools, like Axway’s Amplify API Management Platform, which will give them scalability, privacy and security audit trails, and regulatory and compliance frameworks so they can focus on delivering the best and most secure experience.”