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Indians Are Willing To Share Personal Information With Their Banks, Claims Study

"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"

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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.

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“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.

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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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Realme, Samsung Have Lowest Return Rates Among All Smartphone Brands in India

When it comes to reliability, Realme users rank their smartphones high (90 per cent), followed by Samsung (88 per cent) and Vivo (87 per cent)

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To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Chinese handset maker Realme and South Korean major Samsung have the lowest return rates among all smartphone brands in India, a survey by CyberMedia Research (CMR) said on Thursday.

The “CMR MICI” survey that included 4,000 smartphone owners across top eight Indian cities, focused on smartphone purchase process, key smartphone specs of priority, as well as issues with post-sales service, including repairs or replacements.

“The return rates in smartphone brands provide a measure of consumer satisfaction with their current brand and, in turn, implies that the brands have been able to excel in meeting consumer expectations. Our survey findings report the lowest return rate for brands, such as Realme and Samsung, in comparison to the prevailing industry average,” Prabhu Ram, Head-Industry Intelligence Group (IIG), CMR, said in a statement.

The lowest return rates are determined by the first visit to the brand’s service centre within the first six months of purchase, for either repair or replacement, by both online as well as offline buyers.

Around three per cent of the total smartphone users visited a service centre for the first time within the first six months of their smartphone purchase, during the in-warranty period.

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Armed with a quad camera-system smartphone in every price segment along with an investment worth Rs 300 crore for its surface-mount technology (SMT) lines, Chinese handset maker Realme aims. Pixabay

When it comes to looks, design and feel, users of Vivo are most satisfied (99 per cent), followed by OPPO and Realme users (98 per cent each), and at third place, Xiaomi with 97 per cent satisfaction.

Across smartphone brands, users are excited about the design aesthetics, camera performance and build quality that phones sport across price bands.

Users indicated more satisfaction with intangible factors that they associate with their smartphones, including reliability and performance.

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“In order to win consumer mindset, smartphone brands need to invest in getting not just product design and product quality right, but they must ensure overall brand experience, and service quality right,” Ram added.

When it comes to reliability, Realme users rank their smartphones high (90 per cent), followed by Samsung (88 per cent) and Vivo (87 per cent). (IANS)