With Singapore consumers living their lives online, nearly eight out of 10 (around 77%) would like the option to control their data instead of leaving it up to the discretion of firms and governments, according to Consumer Data Confidence Research shared by Visa (NYSE: V).
The research revealed that two in three Singapore consumers use shopping apps/websites and financial services apps on a weekly basis, which is exposing them to an increasing number of requests for their personal details.
Around 65% of consumers are required to enter in personal data almost every time they use an online service. But close to three in four or 75% Singaporean consumers report that firms rarely educate them regarding data collection policies or data management options, and over half (52%) think data policies are written to protect firms’ legal interests instead of their own.
In response to consumer demands for client-centric data permission models, Visa is working with IMDA to explore the development of consent standards like consent purpose and consent flow models in order to improve consumer understanding, control, and comfort with data sharing.
Via the partnership, Visa and IMDA will also look into collaboration opportunities with like-minded firms in Singapore to pilot consent solution and/or tools.
Visa has shared its Consent Management Specification — a set of technical guidelines on how organizations may establish improved processes and enhance the user experience for collecting data usage permissions.
These guidelines mainly focus on creating consistent permission experiences for data-sharing requests, allowing consumers to decide what personal data they will be sharing with firms online, and what it will be used for.
Adeline Kim, Visa’s Country Manager for Singapore & Brunei said:
“Data is a defining part of our online experiences — whether you are shopping online for groceries or completing mobile banking transactions. Improving the way businesses request for and manage consumer data is critical to providing consumers with frictionless online commerce and payment experiences. Visa is pleased to partner with IMDA to improve data consent standards, placing control of personal data back into the hands of the consumer. This collaboration, along with efforts such as the Visa Consent Management Specification guidelines, will help businesses in Singapore establish standardized processes and encourage more consumers to participate in the data sharing economy.”
Yeong Zee Kin, Assistant Chief Executive (Data Innovation and Protection Group), Infocomm Media Development Authority of Singapore and Deputy Commissioner, Personal Data Protection Commission said:
“Each day, we click through numerous online web forms, consenting to common requests, such as cookie collection and receiving marketing messages. But they all look and behave differently. Establishing standardised permission flows can engender consumer trust. We are heartened by Visa’s ambition to create a seamless and transparent end to end experience. We strongly encourage companies to adopt these consumer-centric consent models.”
Enhancing how companies request data could improve consumer trust and also make them more likely to give permission to use their personal data.
Over two in three Singapore consumers (67%) think that all firms should be required to provide standardized requests for obtaining personal data, meanwhile around three in five (64%) said they are likely to give permission to businesses if standardized requests are offered.