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Data security breaches were the second-biggest concern for consumers in India, behind only feeling like their complaints were not dealt with in an acceptable manner, the findings showed. Pixabay

Seven in 10 consumers in India are willing to share personal information like location data and lifestyle information with their bank and insurer in exchange for lower pricing on products and services, a new report from Accenture said on Thursday.

At the same time, nearly four out of five consumers (81 per cent) said they are very cautious about the privacy of their personal data.


Data security breaches were the second-biggest concern for consumers in India, behind only feeling like their complaints were not dealt with in an acceptable manner, the findings showed.


“If consumers don’t see the level of personalization, offers and products they want from their banks or insurers, they will certainly look for it elsewhere,” he added. Pixabay

“The large number of people willing to share more of their personal data for more efficient services at better prices underscore the role of digital technologies in the distribution of financial services in India,” said Rishi Aurora, a managing director at Accenture who leads its Financial Services practice in the country.

“If consumers don’t see the level of personalization, offers and products they want from their banks or insurers, they will certainly look for it elsewhere,” he added.

While 29 per cent of Indian consumers surveyed go to the physical location of their bank at least once a week, 76 per cent use their smartphones or tablets to check their bank accounts at least once a week.


At the same time, nearly four out of five consumers (81 per cent) said they are very cautious about the privacy of their personal data. Pixabay

Nearly 66 per cent use their devices to connect with banks/insurers to learn about products and services.

“About 67 per cent of Indian consumers said they like their bank, slightly above the 62 per cent global average,” said the report.

The data was part of Accenture’s global “Financial Services Consumer” study which was based on a survey of 47,000 consumers in 28 markets, including 2,000 consumers in India.

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“There’s strong evidence that consumers in India are willing to share significant personal data to improve their lives and get very targeted services and offers,” said Piyush Singh, a managing director at Accenture who leads its Financial Services practice in Asia-Pacific and Africa.

“There’s an ocean of opportunities emerging with data analytics and personalization, but banks and insurers also need to pay close attention to growing concerns about data privacy and security and make that a top priority as they invest in new technologies and digital services,” Singh noted.(IANS)


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Indian wrestler Ravi Kumar (57kg) and Deepak Punia (86kg) enjoyed fruitful outings at the Tokyo Olympic Games as they secured semifinal berths in their respective weight categories at the Makuhari Messe on Wednesday.

On the opening day of the wrestling competition, Ravi Kumar defeated Bulgaria's Georgi Vangelov 14-4 on technical superiority to reach the last-four in the men's 57kg category, while compatriot Deepak Punia overcame China's Zushen Lin 6-3 on points to advance to the semifinals.

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Earlier, Ravi Kumar had won his opening-round bout by technical superiority against Colombia's Oscar Tigreros to secure a quarterfinal spot. Competing in the Round-of-16 bout against the Colombian wrestler, the 23-year-old Ravi Kumar, who is making his Olympic debut, showed no nerves as he dominated the bout to win by technical superiority (13-2).

Ravi Kumar landed attack after attack and went 13-2 up, winning the bout by technical superiority with minutes to spare. In wrestling, building up a 10-point lead over the opponent results in a victory by technical superiority.

India's 86kg freestyle wrestler Deepak Punia showed no signs of the niggle that had forced him to pull out of the Poland Open Ranking Series in Warsaw in June, as he defeated Nigeria's Ekerekeme Agiomor on technical superiority to secure a quarterfinal berth.

He got his Olympic campaign to a fine start as he was in control from the start of the bout and hardly ever allowed his Nigerian opponent any room to maneuver his moves, finally winning with a 12-1 on technical superiority.

Punia, who had also suffered an elbow injury just before the Games, was slow at the start but came into his own as the bout progressed, inflicting takedowns at regular intervals to earn points.

The Indian wrestler eased into a 4-1 lead at the break and extended his lead comfortably in the second period.

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