Seven in Ten Consumers in India Willing to Share Significant Personal Data with Banks and Insurers

Seven in ten consumers in India would be willing to share significant personal information, such as location data and lifestyle information, with their bank and insurer in exchange for lower pricing on products and services, according to a new report from Accenture (NYSE: ACN).

The data is 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, and found that more than two-thirds of Indian consumers would share that data for benefits including more-rapid loan approvals, discounts on gym memberships and personalized offers based on current location.

At the same time, however, people believe that privacy is paramount, with nearly four out of five consumers (81 percent) saying they are very cautious about the privacy of their personal data. In fact, data security breaches were the second-biggest concern for consumers in India, behind only feeling like their complaints are not dealt with in an acceptable manner, when asked what would make them leave their bank or insurer.

“There’s a growing appetite for personalization of products and services based on targeted consumer financial data,” said Rishi Aurora, a managing director at Accenture who leads its Financial Services practice in India. “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. At the same time, there’s also growing concern about safeguarding of this data, so financial institutions need to make that a top priority as they look to address their customers’ evolving needs. 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.”