If people who are in charge of marketing for mortgage companies don't have enough to worry about in terms of ethical perceptions by consumers, a survey by business intelligence firm Kognitio, Chicago, is just one more hurdle to overcome.
The survey results, the company said, applies to all businesses that gather personal information from consumers.
Consumers, Kognitio said, are comfortable with giving marketing firms some personal information and they understand that companies analyze that data. They are just not sure marketers are using that data in an ethical manner.
Kognitio said marketers need to do a better job communicating how that data is being used to enhance their shopping experience.
Only 28% of the consumers that responded to the survey believed their personal data was being used in an ethical manner. One-third said they weren't sure and 38% believed companies were not using the information ethically.
Nearly seven in 10 people said they were willing to allow companies to collect some personal data through such means as card programs and online accounts, but wanted to limit the type of information collected and they did not want the data shared with other firms.
John K. Thompson, Kognitio's chief executive of North American operations, said, "The survey indicates that marketers must communicate with consumers more effectively, specifically spelling out for them how the information collected about them is being used. If they do so, and build a trustworthy relationship with their customers, the technology will enable everyone to benefit from its capabilities."
Privacy is of particular importance to the survey respondents. Just under 60% were willing to be allowed to be identified on a regional basis, such as ZIP Code or demographics; but a similar number said they would not want to be identified on a house-to-house basis.
There is an ongoing concern over privacy," Mr. Thompson said. "While the means already exist to match specific data to individual households, ethically responsible companies are quick to respect their customers' wishes first. Customers are concerned over a potential loss of privacy, and this is of growing concern."
