We live in a transactional data landscape. Every minute of every day, simply by going about our normal day-to-day activities, we generate information through the payments that we make. In the UK, the amount of data created amounts to 11 billion yearly transactions and a total annual payments value of £6trn. This data could be used to develop solutions that solve everyday problems which affect us all – for example, to aid the fight against fraud.
Feedback from stakeholders, including financial institutions, confirms interest in using payments data in this way, but at Vocalink Analytics, we wanted to better understand what the public thinks about this.
Are people aware of how their data is being used already to identify fraudulent activity? Do they think they will personally benefit from data being used in this way? What concerns do people have about this? And how can any concerns and suspicions be allayed?
In 2016, we engaged Ipsos MORI, a leading market research agency – with input from Elaine Kempson, Director of the Personal Finance Research Centre (PFRC) and Professor of Personal Finance and Social Policy Research at the University of Bristol - to undertake a mix of both qualitative and quantitative research. This explored in detail people’s attitudes, concerns and expectations regarding the usage and sharing of personal financial data to combat fraud.
The results are clear, both in terms of people’s thoughts on the use of transactional data to fight fraud but also around what is required in order to gain acceptance.
We hope you find these insights and themes both interesting and useful.