SG Consumers Want More Control of Their Data
- By CDOTrends editors
- January 09, 2023
As the offline and online worlds of commerce become increasingly intertwined, Singaporean consumers have expressed a desire to be more in control of their data. This has also stemmed from concerns over how companies use their data and a lack of awareness of the data management options.
The Consumer Data Confidence Research by Visa has revealed that almost 8 in 10 Singaporean consumers want a greater say in how companies use their data. More than half of consumers believe that data policies should be written to protect their interests, not the company’s legal interests.
This is no surprise, given the increased reliance on digital services and the constant need to provide personal data. According to the report, two-thirds of Singaporean consumers utilize shopping apps/websites and financial services apps/websites every week. This means they frequently face requests for their personal data when engaging in digital activities. 65% are asked to provide personal data almost every time they interact with online services.
“Data is a defining part of our online experiences — whether you are shopping online for groceries or completing mobile banking transactions. Improving how businesses request for and manage consumer data is critical to providing consumers with frictionless online commerce and payment experiences," said Adeline Kim, Visa’s country manager for Singapore & Brunei.
To optimize consumer data requests, Visa suggests that companies implement standardized requests. The research revealed that most Singaporean consumers agree with this notion and would be more inclined to approve if such standardization is available. 67% believe all businesses should use these unified approaches for collecting personal information, while 64% say they’d be more likely to grant permission if this is the case.
“Each day, we click through numerous online web forms, consenting to common requests, such as cookie collection and receiving marketing messages. But they all look and behave differently. Establishing standardized permission flows can engender consumer trust... We strongly encourage companies to adopt these consumer-centric consent models," said Yeong Zee Kin, assistant chief executive for the data innovation and protection group at Infocomm Media Development Authority of Singapore and the deputy commissioner for the Personal Data Protection Commission.
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