18-24 year olds are likely to switch provider if they aren’t given control over their personal data.
18 to 24 year olds in UK & Ireland have shown that they are aware of companies’ digital strategies and personal data controls.
Over half of this age group (54%) have suggested that they would switch providers in the retail, financial, technology, media and entertainment sectors if their current provider didn’t give them control over their personal data.
The financial services industry faces the greatest pressure when it comes to customer loyalty in this age group, with 58% willing to switch to a competitor if control wasn’t given over their personal data. Retail came a close second with 57% and 51% stated the same in the TME industry.
The responses to the EMC study, ‘The Information Generation: Transforming The Future, Today’, highlight the need for businesses to move ahead with digital strategies.
Many (46%) said that they would leave a current supplier in the TME industry if they didn’t provide mobile services, while financial services (40%) and retail (36%) also show a demand for digitalisation from customers.
Ross Fraser, SVP, MD, EMC UK & Ireland, said: "Youth in the UK & Ireland are demanding customers; born into the Internet Era, immersed in social media and generally unfamiliar with any phone that isn’t ‘smart’, they have more exacting requirements of their providers, whether it’s a bank or an online store."
"What may perhaps be shocking from our study is the high propensity to change suppliers if their data isn’t being looked after, which shows how agile businesses must be to engender loyalty in this new generation of consumers."
The overwhelming majority of respondents (93%) said that recent technology advancements had reset customer expectations. The top expectations for this age group are, having faster access to services, 24/7 access and connectivity, access on more devices and a more unique personalised experience.
Fraser continued: "As consumers we are all making new digital demands of the businesses with which we deal. This Information Generation, where brand loyalty is a thing of the past, is forcing mature businesses to transform and adapt to meet these new consumer expectations shaped around accessing services and resources at the touch of a button."
"For those organisations redefining themselves for this new world, transformation needs be focused, purposeful and company-wide."
The research, which was conducted by Institute for the Future & Vanson Bourne on behalf of EMC which surveyed 3,600 business leaders, additionally, a poll of 18-24 year olds was conducted by Opinium online on behalf of EMC, which surveyed 1006 individuals.