Personal Data Sharing
Several examples found online proved that consumers are comfortable sharing their personal data (including health and financial data) in exchange for recommendation or benefits. 61% of people surveyed in the UK are happy with amount of personal information that they currently share, and 50% of those surveyed said that they would be willing to share more data in order to receive benefits or an enhancement in the services that were provided.
More specifically, 54% of customers surveyed in the UK said that they would be willing to share their personal data in exchange for rewards points, and 53% said that they would be willing to share their personal data in exchange for financial incentives.
The top six companies or services where consumers are currently exhibiting this behavior are detailed below. The "top" six companies have been chosen based on their estimated revenue in the industry. Many of these companies are based in the UK and in Europe.
All the companies included below are delivering value to consumers through Artificial intelligence. Artificial intelligence is the ability of a computer or a robot controlled by a computer to perform tasks that are normally associated with humans or other intelligent beings. No companies were found to deliver this value via human interaction.
OnBuy is described as a "better value alternative" to the retail giant Amazon. OnBuy.com, based in the UK, provides customers with recommendations in exchange for their personal data through Artificial intelligence and machine learning capabilities. The primary benefit for consumers is obtaining the receipt of reward points. OnBuy focuses primarily on "partnerships", committing to support, promote, and maximize profits. They offer low to no fee charges for those who provide some form of savings to their customers. Their products include a large variety of categories with benefits for both sellers and customers. Retailers of all kinds are increasingly leaning towards forming new partnerships with OnBuy due to the many benefits available.
The company has an estimated revenue of $10 million.
2. Apple Genius
The company's overall estimated revenue is recorded as $264.9 billion.
When People.io's customers provide the company with their personal data via Artificial intelligence, they receive rewards that they can redeem for various digital services including streaming music. The company has devised a method to encourage their users to willingly share their personal information in exchange for reward credits, for the purpose of targeting ads and other marketing messages. The company specifically notes that the personal information provided by their users will not be shared directly with others. The exchange of personal data for credits has currently spread wide across the UK. The company has expanded its reach while introducing the same concept in Germany, thereby targeting over 24 million consumers. The company's primary aim is to be able to educate their customers on the value associated with their personal information and enable them to understand how their ownership of data can help them.
The estimated revenue of the company is recorded as less than $1 million.
By using machine learning and an algorithm recommendation system, Netflix delivers value to their customers in exchange for their personal information. In fact, more than 80 percent of the television shows people watch on Netflix are discovered through its recommendation system. Netflix's algorithm utilizes the user's watched history, analyzes possible patterns, and helps break the viewer's "preconceived notions" of what would be best to watch next. Viewers would obtain recommendations that not only match the genres of shows they have already watched, but provides them with choices of shows that they might not have considered choosing.
The company's estimated revenue is recorded to be $11.7 billion.
With the goal of matching customers' investment objectives with investors' risk capacity and risk tolerance, Wealth Horizon uses Artificial intelligence to provide users with recommendations and advice based on the personal information shared with them. More specifically, the company utilizes academic theory to create and develop portfolios that are personalized to match the requirements of their investors. The system is designed to provide their investors with "Personal Recommendation" that is based on the data provided by them. This is an automated procedure that provides their investors with advice of a certain "restricted nature".
The company has an estimated revenue of less than $1 million.
Betterment is an automated investing service provider that offers individuals to optimize their investment returns. It caters to account types such as IRA, rollover 401(k), ROTH IRA, and individual. Betterment users share their personal information in exchange for benefits that include low management fees (0.25%), and access to the company's mobile app, which allows them to manage their own customized portfolio at any time and place.
The company's estimated revenue is recorded as $12 million.
The majority of consumers in the UK indicate that they are willing to share their personal data in exchange for benefits or rewards. In all the instances found, Artificial intelligence was used to deliver the value for customers, rather than human interaction. Interestingly, 61% of the UK consumers who were surveyed indicated that this is a growing trend and believe that they will be giving more of their personal data to companies for the foreseeable future.