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Consumers Are More Anxious About Data, but Trust Is Central to Building Customer Loyalty: KPMG Study

Three-fourths of consumers willing to share data in return for a benefit; millennials more anxious than baby boomers.

Originally Published by KPMG.

A new KPMG study shows that while consumers are enthusiastically embracing new technology, they are more anxious than ever and more aware of the risks and benefits of handing over their data to businesses, including social media platforms.

However, they will gladly trade this information for more personalization, a better customer experience or a good deal, according to KPMG's Global Consumer Insights program and the 2018 "Me, my life, my wallet" report based upon a survey of 25,000 global consumers.

The research shows that almost half (47 percent) of consumers feel more anxious than last year, as well as five years ago. Millennial consumers are more anxious (51%), compared to Baby Boomers (36%).

The majority of consumers are willing to provide businesses with data but half (51 percent) are anxious about identity theft, and the majority (72 percent) say they don't trust anyone with their social media data.
Despite increasing anxiety and recent data scandals, three-quarters (75 percent) of consumers are still willing to provide businesses with their data, according to the study.

"Consumers are anxious, with younger generations feeling it the most," said Julio J. Hernandez (@J_Hernandez_CX), principal, KPMG's head of global Customer Advisory and U.S. Customer Advisory lead. "They like new technology, but are concerned about handing over personal data and what that could mean for their privacy and security. Our research demonstrates that organizations should be aware of the heightened awareness people have about the value of their data; they want to feel that they are in control at every stage of the business relationship."

Anxiety and Trade-Offs over Data

Younger consumers say they are just as concerned about identify fraud; however, they are more likely to see the benefits of sharing data. Millennial consumers are more likely (21 percent) than their Baby Boomer counterparts (5 percent) to trade data for better customer experience and personalization. And 71 percent of those polled said they would trade their personal information for better personalization, security or bargains.

Four out of 10 U.S. consumers say engaging in social media presence is important among the brands they frequently purchase from and 58 percent say they will likely view those offering discounts or deals.

Customers, data privacy and transparency

Consumers trust some industries more than others and with different types of data. Ranked in order of trustworthiness:

Top ThreeBottom Three
Healthcare (60 percent) Wealth management (37 percent)
Banking (59 percent) Government (37 percent)
Technology (54 percent) Advertising (26 percent)

"Businesses all too often view the exchange of data as a one-way street, expecting consumers to give away data with little benefit," said Colleen Drummond, partner, KPMG in the U.S. and KPMG Innovation Lab lead. "However, as our reliance on technology grows, we're becoming more and more aware of the data we create and are starting to see it as a valuable currency that businesses need to earn if they want to earn our cash. Those businesses that fail to shore up consumer trust in the way they hold, protect and use data will lose out in the long-run, and consumers will vote with their feet."

For more information, visit:

Access the full Me, my life, my wallet report here: (U.S. p. 150-159). Follow the conversation at #cyberweek #customerinsights #CustomerFirst @KPMG_US @KPMGUS_News.

The Conversation

Autonomous Delivery Vehicle Miles Traveled to Skyrocket to 78 Billion per Year by 2040: KPMG

Islands of autonomous delivery to emerge; revolutionize movement of goods.

Originally Published by KPMG.

KPMG predicts the development of autonomous delivery vehicles will drastically revolutionize the current consumer e-commerce environment, drive consumer demand for more and faster goods deliveries and lead to an entirely new product delivery ecosystem for shoppers and buyers of goods and services.

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KPMG Appoints Linda L. Addison as Independent Director to Serve on Its U.S. Board

"This is an important change to our governance model, and demonstrates our ongoing commitment to quality, innovative thinking and a values-driven culture."

Originally Published by KPMG.

KPMG LLP, the U.S. audit, tax and advisory firm, is pleased to announce the appointment of Linda L. Addison as an independent director to its U.S. Board of Directors. Addison is the second distinguished independent director the Firm has announced, joining General (ret.) Janet C. Wolfenbarger, who was appointed in October.

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KPMG Enters Global Alliance with Amazon Web Services to Accelerate Cloud Transformation

Helping regulated industries such as financial services, healthcare/life sciences and the public sector with managing an accelerated path to cloud migration and transformation.

Originally Published by KPMG.

KPMG International today announced a global alliance with Amazon Web Services (AWS) to provide businesses with services and solutions to help them accelerate transformation in the cloud.

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KPMG Appoints General (Ret) Janet C. Wolfenbarger as Independent Director to Serve on Its U.S. Board

With an extremely impressive background, Janet brings unique insights on management, leadership and the uses of technology and innovative solutions that will diversify KPMG's current Board conversations and perspectives.

Originally Published KPMG.

KPMG LLP, the U.S. audit, tax and advisory firm, is pleased to announce the first appointment of an independent director to its U.S. Board of Directors, General (ret) Janet C. Wolfenbarger. Additional independent directors will be named in the coming months.

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KPMG Study: Tax Leaders Say They Will Embrace Innovation to Cope with Reform and Transform Their Businesses

New Chief Tax Officer Outlook Highlights Global Tax Reform and Technologies As Key Challenges for Next 12 Months.

Originally Published by KPMG.

As economic, regulatory and technologic changes—along with a drive for innovation—push tax departments to continue to evolve, Chief Tax Officers (CTOs) say that harnessing the benefits of new technologies and addressing the ever-increasing reporting and compliance requirements for U.S. and global tax reform are among the major challenges they face in the next 12 months, according to a new annual study from KPMG LLP in conjunction with Forbes Insights.

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InnerWorkings and KPMG Announce Strategic Alliance for Marketing Execution

KPMG will evaluate current marketing spend and operating models against industry-leading practices, build a roadmap to meet short-term business objectives and assist clients in achieving their long-term transformation goals.

Originally Published by KPMG.

InnerWorkings, Inc. a global leader in marketing execution, and KPMG LLP, the U.S. audit, tax and advisory firm, announced an alliance to help clients create the most impact from their marketing spend through technology and services designed to increase efficiencies, improve consistency and drive savings.

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KPMG Names Michele Meyer-Shipp Chief Diversity Officer

Meyer-Shipp, who joins as a principal, will lead the national Inclusion and Diversity (I&D) team and oversee its strategy and objectives, including growing diverse leaders and collaboration; inspiring broad perspectives and innovative client solutions; and fostering an inclusive, accessible, and vibrant workplace.

KPMG LLP has appointed Michele Meyer-Shipp, an accomplished executive and attorney with significant experience in inclusion strategy and employment law, as Chief Diversity Officer. She succeeds Sue Townsen, who returns full-time to the firm's Advisory practice.

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KPMG Survey Finds Many Public Companies Struggling with New Lease Accounting Rules Implementation as Deadline Approaches

Companies requesting additional budget and outside help to address remaining hurdles.

Originally Published by KPMG.

Months from the January 1, 2019 deadline, public companies are struggling to address embedded leases, lease abstracting and integrating new lease accounting software within legacy systems in their efforts to achieve compliance with the Financial Accounting Standards Board (FASB) new lease accounting standards. A full third (33 percent) of nearly 400 respondents in KPMG's Leases Standard Survey replied that embedded leases are the biggest implementation challenge. Abstracting and entering leases into a leasing system was the second most challenging implementation issue according to 28 percent of respondents. Integrating a lease accounting system into an existing system, according to 24 percent of respondents, was the third most challenging issue.

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