Data is key to business growth and a wonderful way of generating extra income for big companies with lots of precious data they could sell to others.
As nefarious as this seems, Barclays Bank was the latest firm to announce that it'll be selling customer behaviour data to third parties from October 9th, providing buyers with detailed information surrounding how Barclays’ customers spend and bank.
It's not doing this behind the backs of its customers though, as it's a formal permission-based approach to what was previously a shady unticked box on a form.
Monetising consumer data has long been a concern of the press, consumers and businesses as it steps very closely to the thorny issue of data privacy.
But would it have really mattered? A new global study of telecom operator customers has revealed that customers are generally far more relaxed about sharing personal data – as long as they get a good deal out of it too.
The study shows that 59 per cent of Britons trust their mobile operators and 37 per cent of those who use Instagram, Facebook and YouTube on a regular basis are happy to sacrifice privacy in return for better service.
A rather meaty 58 per cent of Brits would let their Internet service provider share their personal data with third parties – which is more than those comfortable sharing it with the rest of the world.
Disturbingly, 57 per cent of all consumers around the world would share more personal information – i.e. location, TV/YouTube viewing history, Facebook likes and comments, Facebook friends, in exchange for personal gain such as cash rewards, personal offers, coupons, exclusive deals, loyalty programmes and better quality of service.
Incredibly, 37 per cent of consumers would actually divulge their personal information for absolutely free.
You can see the role that big data plays in bettering your business at this year's Big Data World Europe this September.
To find out more, download the brochure for free today.