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)