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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.
“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.
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.
“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)
By- Harris Scott
Business owners hardly have time to look into all aspects of a business operation, and accounting is one aspect. While small business owners might invest some time handling accounting services, it is indeed a big waste for owners of major enterprises. Regardless of the size of the business, your organization needs someone to look after the ledger.
Hiring an Accountant for your Firm - Things to Consider
When seeking out an accounting service, you have to opt for a professional with the level of experience you need. Here are things to consider when choosing an accountant.
- Neat and organized
Incomplete data entries and loopholes in the ledger are significant factors in slowing down the accounting process. If your accountant is not focusing on the job, chances are he will overlook important details. Such a discrepancy in the ledger book can mislead everything to a messy dead end. You never know that today’s entry would play a significant role in saving your company when people from taxation show up at your doorway. That is why only reputed accounting services can have an excellent eye for detail. Such a company focuses on the financial and success of your business.
- Handy in computer software
As per Aron Govil, the reliability of accounting has nothing to do with a high profile in computer science, but modern businesses hugely rely on technology to keep up with the latest trends. For example, if your competitor uses technology to manage the financial subject, you cannot stick to the traditional paper register. When the accountant on a computer gets efficient and accurate results quickly, the one with paper may lag due to continuous error. Even if he is not making any errors, the automatic calculation will consistently be faster than manual counting. You must look for such accounting services that can easily integrate various software on your accounting operations and utilize them seamlessly.
- Temporary or permanent accountant
An organization with a couple of accountants cannot take care of every financial detail. They might work with their trustworthy accountant for a long time, but a new business strategy could force them to reshuffle their positions. In this situation, they might need more accounts instead of an accountant. Looking into the type of business trait, you should decide on a service that suits your requirements. Well, it depends upon the business you are running and your budget; you need to figure out whether you need to hire a part-time accounting service or a full-time accounting agency. Along with the budget, your accounting operations also contribute to making these decisions; if you have a good amount of substantial accounting actions to take care of, then you must have a permanent accounting service.
Most businesses usually have accountants, but not all invest in accounting because they work with experts. As per Aron Govil, find an accounting service provider if you still cannot afford that facility. Hiring the right accounting agency is the most crucial aspect, as you will be putting financial responsibilities over the shoulder of professionals. So, try to find the best and most trustworthy accounting experts for your business. You can consider looking for them online by going through the reviews and their websites.
(Disclaimer: This is article is sponsored and includes some commercial links.)
Since the 7th of December 1949, the Armed Forces Flag Day has been observed in India, annually. This one day is dedicated towards collection of funds from the citizens of India for the welfare of the ‘Indian Armed Forces personnel’. It has become a tradition to pay respect to the people who have served in the army, Navy and Airforce, on this day.
“The idea behind observing a Flag Day was to distribute small flags to the general population and in return collect donations.” The color-scheme of the flag is very similar to the ones used by fellow Commonwealth members like Cyprus, Kenya and Nigeria. The Flag Day signifies that it is the responsibility of the citizens of India to take care of the families and dependents of the armed forces personnel who fight for the country.
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A need for such a day was realized by the Government after India gained Independence from the British rule. In order to manage the welfare of its defence personnel, the Defence Minister of India and a committee together decided to recognize 7th December as the Flag Day. This decision was taken on the 28th of August 1949.
The then Prime Minister Jawaharlal Nehru inaugurated the day saying that,
“A few weeks ago, I visited Indo-China and saw our officers and men attached to the International Commission there. It gave me a thrill to see their smart bearing and the good work they were doing in that distant land. What pleased me still more was their general popularity with the people there. By their efficiency as well as their friendliness, they enhanced the reputation of India. Among them were people from all parts of India. They observed no provincial or other differences amongst themselves. I am sure my countrymen will be pleased to learn of them and would like to indicate their appreciation of these young men who serve our country both here and elsewhere so well. A way to indicate that appreciation is to contribute to the Flag Day Fund.”
A need for such a day was realized by the Government after India gained Independence from the British rule.Unsplash
The fund is collected through official and non-official means with the help of voluntary organizations. The Kendriya Sainik Board, which is under the Ministry of Defence, arranges for the collection of the fund.
The Defence Ministry of India decided to integrate all the related welfare funds into a single unit called the Armed Forces Flag Day fund. The funds that were integrated are:
- Amalgamated Special Fund for War Bereaved, War Disabled and other ex-Servicemen/Serving Personnel
- Flag Day Fund
- St Dunstan's (India) and Kendriya Sainik Board Fund
- Indian Gorkha Ex-Servicemen's Welfare Fund
The Flag Day signifies that it is the responsibility of the citizens of India to take care of the families and dependents of the armed forces personnel who fight for the country.Unsplash
Problems have to be resolved by and welfare of the ex-servicemen and dependents are mostly settled by the States and the Union Territories, although it was to be a shared responsibility between the Union Government, the State Governments and the governments of the Union Territories. In order to help the Central Government in carrying out this process, there are 32 Rajya Sainik Boards and 392 Zila Sainik Boards. The Kendriya Sainik Board, the Rajya Sainik Board and the Zila Sainik Board are all responsible for the policy formulation and implementation of resettlement and welfare schemes for ex-servicemen, widows and their dependents residing in their respective States or Union Territories or Districts.(Keywords : armed, forces, flag, india, independance, donation, citizen, army, navy, airforce, tradition, respect, government, state, center, union territory, district, funds.)
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A large majority of Indians seem convinced that social media is responsible for the increased gulf between the Hindu and Muslim communities in the country.
This was revealed by a nationwide poll conducted by IANS-CVoter with a sample size of 1942 using random sampling on December 5, one day before the beginning of the 30th anniversary of the demolition of Babri Masjid on December 6, 1992.
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Close to half the respondents surveyed, 48.2 per cent to be precise felt that social media had increased the gulf between the communities to a large extent.
About 23 per cent of the respondents felt that social media had increased the gulf to some extent. In effect, more than 71 per cent Indians hold social media responsible for the recent friction between the two communities.
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In contrast, 28.6 per cent were of the opinion that social media had no role to play in this phenomenon. If you look at political divides, 40.7 per cent of NDA voters felt social media was responsible to a large extent while 53.6 per cent of opposition voters felt the same.
48.2 per cent to be precise felt that social media had increased the gulf between the communities to a large extent.Unsplash
Social media platforms have come under increased scrutiny of late for their alleged role in spreading misinformation, fake news, abusive and defamatory content and direct incitement to violence. It has become routine for state and local level administrations to temporarily ban access to social media platforms in areas that report tension and fears of violence.
A parliamentary committee has recently submitted a set of recommendations to regulate social media platforms. One major recommendation is to treat them as publishers while the other is to form a regulatory body on the lines of Press Council of India to regulate their activities. (IANS/SP)
(Keywords : social media, Hindu, Muslim, community, country, poll, respondents, political, religious, misinformation, violence. abuse, regulations)
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