Do you always check the terms and conditions before sharing your private data online in exchange for something? If not, you’re among the 31 per cent of users doing the same. This is according to a new report released today by Payments UK. The research itself was built to coincide with Payments UK’s new report – Changing Payments Landscape.
The report says this is a ‘passive approach’ lagging behind how users behave on social media.
In order to increase the percentage of people paying attention to terms and conditions, the report highlights the need to ‘build customer understanding of how their data is used’.
“Data is one of the hottest topics in financial services. The debate on its potential, the consequences of its use and ethics of how we deal with it is just getting going. It is also a debate that stretches far beyond the banking industry,” said Maurice Cleaves, Chief Executive of Payments UK.
“New ways of storing, sharing and manipulating data have the potential to revolutionise payment services in the UK - offering greater control, convenience and new ways to pay for customers. But it is vital that developments in this area put the customer first - the risks around holding and sharing data do not stand still, so customer confidence and trust will be key. There is also work to be done to ensure changes don’t exclude customers who are unwilling or unable to share their data from these new products and services.”
‘Changing Payments Landscape - A focus on payments data’ is available to download for free on this link.
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