Do you know the value of your data?
Acquiring and utilizing users' personal data is a hotly debated topic worldwide. Only a third of internet users across Europe, for instance, believe that companies will handle their data responsibly. Even Czechs are no exception – a quarter of them trust companies with their data. However, under certain circumstances, consumers don't have an issue providing data if appropriately rewarded. According to them, rewards, especially financial ones, should be offered, with 61% of Europeans expressing this preference. In the Czech Republic, while support for financial compensation is lower compared to the European average, it still reaches 50%, as revealed by an international survey conducted by the EOS group, focusing on the value of consumer data.
Do we understand the value of our data? According to most Europeans, no.
According to three-quarters (68%) of Europeans, the majority of users are unaware of the financial value of their personal data. Czechs are not an exception, with 65% of them agreeing with this statement. "Data, especially personal data, are a valuable commodity. For instance, in the debt collection field, sharing data with people can save additional expenses. The more comprehensive data we have, the more individually we can address a debtor's specific situation and better assist them," commented Vladimír Vachel, a representative of EOS KSI company.
Although consumers are relatively uncertain about the financial value of their data, they desire financial compensation for its further usage. In Europe, 61% of respondents support companies offering financial compensation for data usage. The most significant support came from Croatians, while the French and Czechs were among the weakest in this aspect. Generally, consumers tend to be reluctant to consciously share their data for any form of compensation, be it a discount or premium services. In the Czech Republic, barely a quarter (24%) of respondents are inclined to do so, the lowest in Europe by a considerable margin.
Data, anonymity, and trust
Only a third of Europeans have trust in companies handling personal data responsibly. Czechs (25%) fall into this category and, once again, along with the French (18%), are among the least trusting nations. Conversely, the most trusting are the Macedonians (47%) and Slovaks (46%). "It's surprising that Slovaks are much more trusting of companies with their data compared to people here. It could stem from previous negative experiences with data handling, which might be worse in the Czech Republic," explained Vachel. Nearly a third (28%) of Czechs in the survey stated they tolerate the anonymous use of data by companies. "In practice, there's a distinction between managing personal data and outputs from anonymized data. The law doesn't limit the use of anonymized data; for instance, such data sources are used to create our annual statistics on Czechs' ability to meet their obligations," he added.
About the Survey: What value do data have?
The extensive international EOS study "What value do data have?" was conducted in collaboration with the Kantar agency in the first half of 2020 on a representative sample of individuals aged 18 and over in seventeen examined countries. A sample of 1,000 respondents from Belgium, Bulgaria, the Czech Republic, France, Croatia, Germany, Poland, Romania, Russia, Slovakia, Slovenia, Serbia, Spain, Switzerland, the United States, and the United Kingdom, and a sample of 300 respondents from North Macedonia, responded to questions about how they handle their data, provide it to other parties, trust in companies, and willingness to sell data for compensation.
EOS KSI Czech Republic, s.r.o., is part of a multinational network of 50 companies operating in over 25 countries, specializing in financial services and all aspects of debt collection. The EOS group was founded in 1974 and is a reliable partner known for the highest level of services. Significant banks, insurance companies, leasing companies, consumer credit providers, telecommunications, wholesale, and retail companies entrust their finances to the company. The group's headquarters are in Hamburg, Germany. Apart from Germany, the EOS group is directly represented in Belgium, Bosnia and Herzegovina, Bulgaria, Montenegro, the Czech Republic, Denmark, France, Croatia, Ireland, Canada, Hungary, North Macedonia, the Netherlands, Poland, Austria, Romania, Russia, Greece, Slovakia, Slovenia, the United States, Serbia, Spain, Switzerland, and the United Kingdom, and indirectly in another 150 countries worldwide.