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Verint Study Finds that Nearly Half of Consumers Surveyed are Suspicious About Data Privacy

Wed Jan 6, 2016

Consumers Expect Businesses to be More Transparent on How Their Data is Used

WEYBRIDGE, U.K. and MELVILLE, N.Y., January 6, 2016 —A global study of consumers reveals almost half (48%) are suspicious about how companies use their data. Based on a poll of more than 18,000 consumers across nine countries, the research—commissioned by Verint® Systems Inc. (NASDAQ: VRNT) and conducted by analyst and consultancy firm Ovum and U.K.-based research company Opinium—further finds that one in five consumers don’t trust any businesses to keep their information safe. This indicates that brands have some way to go to build consumer trust.

The findings also reveal considerable variation in levels of consumer skepticism over the use of their personal data by brands. (See included chart for a graphical depiction of concerns cited across geographies.) 

Given the wide range of views held by consumers, the Verint study shows that companies need to ensure they tailor their engagements with customers regarding data assurance—particularly in more skeptical markets, such as the UK and Germany.

Nick Nonini, managing director, EMEA, Verint Enterprise Intelligence Solutions, comments, “Recent high-profile, data-related business cases have shed new light on the importance consumers attach to data protection. With this latest research, Verint has created a view into the ‘New Rules of Customer Engagement.’ Adopting such an approach can help ensure greater transparency over the use of customer dataandhelp organizations build trust and confidence in this increasingly challenging environment.”

Long Track Ahead

This global study points to a long road ahead with a large proportion of consumers yet to be convinced that their main service providers have their data protection in check.

The research also finds that fewer than half of consumers (43%) trust their bank to keep their data safe, the highest of all the sectors covered by the survey. However, trust significantly declines to just two percent for online and in-store retailers and three percent for utilities companies.

“In today’s environments, organizations need to focus on laying foundations for customer relationships that are based on trust,” adds Nonini. “This comes down to getting the basics right, leveraging technology and analytics to better understand what is really on the minds of customers, and then working to help ensure the right resources are in place to address evolving needs, issues and requirements.”  

About the Research

Interviews were conducted amongst 18,038 consumers in the following countries: Germany (2,006), France (2,001), Netherlands (2,002), Poland (2,001), UK (2,004), South Africa (2,010), USA (2,007), Australia (2,007) and New Zealand (2,000). The research was conducted online, in the local language for each area and respondents were incentivized to participate.

About Verint Systems Inc.

Verint® is a global leader in Actionable Intelligence®, which has become a necessity in a dynamic world of massive information growth. By empowering organizations with crucial insights, Verint solutions enable decision makers to anticipate, respond and take action, and make more informed, effective and timely decisions. Our solutions are designed to address three important areas of the actionable intelligence market: customer engagement optimization; security intelligence; and fraud, risk and compliance. Verint’s vision is to create A Smarter World with Actionable Intelligence®, and today, more than 10,000 organizations in over 180 countries—including over 80 percent of the Fortune 100—already benefit from this vision. Learn more at www.verint.com and NASDAQ: VRNT. 

This press release contains "forward-looking statements," including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, our Quarterly Report on Form 10-Q for the quarter ended October 31, 2015, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

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