Spark 2019: In this presentation, Martin Grimwood from the research company Ipsos Mori, presents findings from their consumer research on attitudes to sharing data, AI and open banking.

1. Ipsos MORI – Equifax Spark Conference May 2019
CONSUMER
ATTITUDES TO
SHARING DATA,
AI & OPEN
BANKING
MARTIN GRIMWOOD
FINANCIAL SERVICES, IPSOS MORI

2. Ipsos MORI – Equifax Spark Conference May2019 2
HOW DO CONSUMERS FEEL
ABOUT THEIR DATA?

3. 3Ipsos MORI – Equifax Spark Conference May 2019
Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016
% agree
I would like to have access to the
data that companies hold about
me, as it could really help me make
better decisions – for example
about how I spend my money
75%

4. 4Ipsos MORI – Equifax Spark Conference May 2019
Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016
% agree
82%
It is inevitable that we will
all lose some privacy in the
future because of what
new technology can do

5. 5Ipsos MORI – Equifax Spark Conference May 2019
Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016
% agree
73%
I often don’t bother
fully reading terms
and conditions on a
website before
accepting them

6. 6Ipsos MORI – Equifax Spark Conference May 2019
Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016
% agree
40%
I am comfortable
providing information about
myself to companies who are
online in return for personalised
services and products

7. 7Ipsos MORI – Equifax Spark Conference May 2019
8%
8%
7%
6%
6%
6%
22%
21%
20%
22%
19%
19%
44%
46%
43%
46%
40%
44%
26%
25%
30%
27%
35%
31%
How much data companies hold about you
Your rights over the way companies handle your personal information
How you can access, change or delete the data that companies hold about you
What companies do with the data they hold about you
How long companies can keep the data they hold about you
With whom companies share the data they hold about you or whom they sell it to
A great deal A fair amount A little Nothing at all
WE DON’T KNOW WHAT COMPANIES DO WITH DATA
Only one in three GB adults claim to have a good idea of what data companies
hold about them or what they do with it
Base: 1,007 GB adults aged 16-64 . October-November 2018
Source: Ipsos-World Economic Forum Project:
Global Citizens & Data Privacy
Generally speaking, how much do you know about each of the following…

8. 8Ipsos MORI – Equifax Spark Conference May 2019
DATA ISSUES ARE INCREASINGLY DOMINANT
Think about technology companies specifically, has there been a change in the importance of
the following issues for you in the last 12 months?
59
58
58
58
57
57
53
50
47
43
37
33
30
How they share my data with other companies and organisations
How transparent they are about how they collect my data
How transparent they are about who they share my data with
How my data is being kept safe from hackers
How they collect my data
How transparent they are about how they use my data
How they use my data to tailor how they interact with me
How my data is being kept safe from government surveillance and hacking by foreign governments
How they are policing extremist content
How fake news is being addressed
How they are protecting freedom of speech and expression online
Their size and power
How they are dealing with addiction to technology
Data issues
Content issues
% more important
Base: GB Adults 18+ (1,000)
Ipsos MORI Key Influencing Customers Survey, October 2018

9. 9Ipsos MORI – Equifax Spark Conference May 2019
30%
28%
23%
21%
17%
39%
43%
42%
43%
50%
22%
19%
22%
24%
23%
9%
10%
12%
12%
9%
Promise not to share them or not to sell them to other parties
Are clear about what they will do with that information
Have never been subject to any breach, leak or fraudulent usage of data
Offer you some kind of compensation for your information (e.g., discount, reward, etc.)
You have a lot of experience with
Much more confortable Somewhat more comfortable Not much more comfortable Not more comfortable at all
Base: 1,007 GB adults aged 16-64 . October-November 2018
Comfort sharing personal data is greater if the company is clear about how it will use
it and if it promises to not share it with third parties
To what extent would you be more comfortable about sharing your personal information with companies or brands that…
Source: Ipsos-World Economic Forum Project:
Global Citizens & Data Privacy
WE ARE SUSPICIOUS AND WANT REASSURANCES

10. 10Ipsos MORI – Equifax Spark Conference May 2019
HOW TRUSTED YOU ARE MAKES A DIFFERENCE
25%
12%
10%
9%
6%
6%
6%
5%
5%
5%
41%
34%
35%
34%
28%
22%
26%
14%
13%
12%
18%
26%
30%
28%
38%
36%
38%
33%
36%
25%
9%
19%
17%
20%
19%
27%
22%
40%
38%
47%
7%
9%
8%
9%
9%
9%
8%
8%
8%
11%
Healthcare providers
Financial services e.g. banks, insurance companies
Local/regional authorities
National government
Shipping/delivery companies
Telecommunications companies
Retailers selling goods and services
Search and social media sites
Media companies
Foreign governments
A great deal A fair amount Not very much Not at all Don't know
Trust about organizations’ usage of personal data varies widely across sectors;
only healthcare providers are trusted by a majority of consumers
Base: 1,007 GB adults aged 16-64 . October-November 2018
Source: Ipsos-World Economic Forum Project:
Global Citizens & Data Privacy
To what extent, if at all, do you personally trust the following to use the information they have about you in the right way?

11. 11Ipsos MORI – Equifax Spark Conference May 2019
ATTITUDES
TO AI AND
PREDICTIVE
ALGORITHMS

12. 12Ipsos MORI – Equifax Spark Conference May 2019
PEOPLE KNOW ABOUT APPLICATIONS
Base: GB Adults (978)
Source: The Royal Society / Ipsos MORI
Public Views of Machine Learning
76%
75%
73%
66%
47%
44%
41%
30%
Computers that can recognise speech and answer questions
Driverless vehicles that adapt to road / traffic conditions
Facial recognition that learns identities through CCTV to catch criminals
Computers showing websites or ads based on your web browsing habits
Computers analysing records to help diagnose patients
Robots that make their own decisions and be used by the armed forces
Robots in the home, eg. helping care for older people
Computers making stock investments

13. 13Ipsos MORI – Equifax Spark Conference May 2019
EVENLY SPLIT ON BENEFITS VERSUS RISKS OVERALL
29%Benefits outweigh
risks
29%Risks outweigh
benefits
36%Benefits and
Risks equal

14. 14Ipsos MORI – Equifax Spark Conference May 2019
COULD THIS TECHNOLOGY…?
Harm me
Replace me
Depersonalise me
Restrict me
Source: The Royal Society / Ipsos MORI Public Views of Machine Learning

15. 15Ipsos MORI – Equifax Spark Conference May 2019
COULD THIS TECHNOLOGY…?
Source: The Royal Society / Ipsos MORI Public Views of Machine Learning
Benefit me / others
Save a lot of time
Give me better choices

16. 16Ipsos MORI – Equifax Spark Conference May 2019
Source: Ipsos MORI Wellcome Trust dialogue on
Commercial Access to Health Data, 2016
BUT OVERALL, ACCEPTABLE TO GATHER DATA
If the usage passes four key tests

17. 17Ipsos MORI – Equifax Spark Conference May 2019
OPEN BANKING

18. Ipsos MORI – Equifax Spark Conference May2019 18
Adults who use
a FinTech app
26%

19. 19Ipsos MORI – Equifax Spark Conference May 2019
746k295k 325k
Source: Ipsos Financial Services Survey(FRS), March 2019

20. Ipsos MORI – Equifax Spark Conference May2019 20
Yolt just works. I love the style and the app is
faultless. The aggregation and classification of
my spending is personalised to a whole other
level. With the scan of my fingerprint, I can
see everything in one place and it really feels
like I have got myself a PA!
”
“

21. Ipsos MORI – Equifax Spark Conference May2019 21
Cleo’s a much more interesting and
engaging way to interact with my finances
– I think about my money much more
because of it… Cleo is regularly messaging me
updates, information I need and data on my
spending which help me keep track of my
money more easily. I enjoy how individual
to me and conversational it is (like sending
me GIFs), plus, it empowers me to do more
about my spending.
”
“

22. Ipsos MORI – Equifax Spark Conference May2019 22
Monzo has completely changed the way I
think about banks… it’s completely changed
the way I deal with my finances. I’m much
more empowered, and have a clear
understanding of where I’m spending my
money and adjust my spending accordingly.
Speaking to the customer service guys… via a
chat is easier, personal and more
conversational than a scripted phone call
you get from the banks.
“
”

23. 23Ipsos MORI – Equifax Spark Conference May 2019
TWO DIMENSIONS
Emotional
Engagement
Functional
Appeal

24. 24Ipsos MORI – Equifax Spark Conference May 2019
MEETING CUSTOMER NEEDS
Relevance
Differentiation
Believability
Fairly treated
Valued
In Control

25. 25Ipsos MORI – Equifax Spark Conference May 2019
OPEN BANKING USE CASES…
SMART
COMPARISON TOOL
ALL-IN-ONE
FINANCIAL APP
SPEEDING UP THE
APPLICATION PROCESS
INSTANT
PAYMENTS

26. Ipsos MORI – Equifax Spark Conference May2019 26
68% 40% 14% 15% 1%
75% 48% 11% 17% 2%
2018
2017
Base size - 2018: 1,002 UK adults 18+, Current account holders, online, 1-30 August 2018. Base size - 2017: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017
ACTIVE
ADOPTERS
MEASURED
EVALUATORS
CONSERVATIVE
TRADITIONALISTS
FINANCIALLY
DISENGAGED
TECHNICAL
LAGGARDS
WHO ARE MOST LIKELY TO SIGN UP?

27. Ipsos MORI – Equifax Spark Conference May 2019
18-34 55+
43
79120
108
35-54
91
89
115 94 93
LEARNINGS FROM
THE CROWD
GOAL MANAGER
VIRTUAL BANKER
DAILY UPDATE
MESSAGE
13897 111
FUNCTIONAL APPEAL
Base size - N=750, fieldwork conducted online, 4-6 September 2018
YOUNGER AND OLDER HAVE DIFFERENT NEEDS
Pleaserate each
product idea on the
extent to which it:
meets your needs; is
unique and different;
is believable.

28. Ipsos MORI – Equifax Spark Conference May 2019
AVERAGE ACROSS ALL FOUR USE CASES
73%
27%
33%
26%
9% 12%
4%
64%
33%
46%
37%
17% 21%
8%
A company that
manages digital
payments
An established
bank
A well-known
payments and
card brand
Another well-
known digital
brand
A new-to-
market fintech
A newer
bank
TO PROVIDE THESE SERVICES?
WHO WOULD YOU TRUST
A company
that specialises
in mobile tech
2018
2017
Base size - 2018: 1,002 UK adults 18+, Current account holders, online, 1-30 August 2018. Base size - 2017: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017
ACTIVE
ADOPTERS

29. Ipsos MORI – Equifax Spark Conference May2019 29
WHAT DOES THIS MEAN
FOR PROPOSITION DEVELOPMENT?

30. 30Ipsos MORI – Equifax Spark Conference May 2019
CONSUMERS WILL TRADE THEIR DATA
▪ Growing understanding that sharing data will be beneficial
▪ However there is need to understand the value exchange
(at the moment trading because they have to)
▪ And only brands who are trusted to use data respectfully
will be given access

31. 31Ipsos MORI – Equifax Spark Conference May 2019
BUT IT ISN’T (JUST) ABOUT OPEN BANKING
▪ Open Banking APIs offer
significant opportunities
▪ But it must provide unmet personal
and wider social benefits
▪ Transparency is key as customers will
judge you on your intentions

32. 32Ipsos MORI – Equifax Spark Conference May 2019
DIFFERENT STORIES
DIFFERENT SEGMENTS NEED

33. 33Ipsos MORI – Equifax Spark Conference May 2019
DIVIDES OPINION
IA

34. 34Ipsos MORI – Equifax Spark Conference May 2019
PERSONALISATION NEEDS TO BE PERSONAL
Suggesting
books that I
do want to
read…
…and study
guides I don't

35. 35Ipsos MORI – Equifax Spark Conference May 2019
HUMAN BEINGS STILL ADD UNIQUE VALUE
Empathy Adaptability Judgment

36. 36Ipsos MORI – Equifax Spark Conference May 2019
YOU.THANK
martin.grimwood@ipsos.com
Martin Grimwood
Financial Services, Ipsos MORI