Mobility matters

Lack of control of personal data most likely to drive consumers to another brand (54%), followed by if their supplier suffered a data breach (50%), or didn’t provide mobile services (37%).

The youth (18-24 year olds) of the UK & Ireland’s Information Generation, have demonstrated exacting standards over their suppliers in retail, financial services and technology, media and entertainment sectors, research undertaken by Opinium reveals today. While data breaches often dominate the headlines, today’s technology driven Information Generation are more concerned about personal data controls, with 54% of respondents suggesting they’d switch providers if their current provider didn’t give them control over their personal data (defined as the information the provider holds about an individual and is displayed to them via an web or mobile app).
Across the three sectors surveyed, it’s the financial services industry that appears to be faced with the greatest pressure when it comes to customer loyalty: 58% of 18-24 year olds would be willing to switch to a competitor if their current provider didn’t give them control over their personal data, although the retail sector isn’t far behind with 57%, and 51% in the Technology, Media and Entertainment (TME) industry.


When it comes to data breaches both financial services and retail industry faces challenges to retain customers if a breach occurred - over half (53%) would be likely to switch providers. TME again is closely followed with 47% likely to switch.


A failure to provide mobile services will also lead to customers deserting their provider, with 46% of respondents claiming they would leave their current supplier in the TME industry if they didn’t provide mobile services. Financial services organisations (40%) and retail (36%) follow closely behind.


While the pressures facing business to cater for these consumers are becoming clear, the reality is that many of today’s businesses struggle to cope and able to fulfil these demands. Based on input from 3,600 Director-to-C-Suite business leaders across 18 countries, EMC’s study The Information Generation: Transforming The Future, Today, identifies the fundamental business attributes critical for organisations to successfully compete and thrive in this new landscape.


Some 93% reported that recent technology advancements are resetting customer expectations, and nearly all say this will accelerate over the next decade. The top reported customer expectations are faster access to services, 24/7 and “everywhere” access and connectivity, access on more devices, and a more unique personalized experience.


While companies brace and prepare to meet evolving customer expectations, the world is evolving at an equally rapid pace. Institute For The Future has forecasted major macro shifts in how technology will continue transforming the world by 2024. There are strong signals of a move toward a world in which nearly every element of life will be data-driven. Individuals and corporations will sell, donate and trade information on open exchanges.