MUMBAI, Apr 11: The lure of lower pricing makes
a majority of the people seeking financial services share
their personal data with banks and insurers, says a survey.
The findings of the survey, which says seven out of 10
people share critical data for lower pricing, come amid
widespread concerns on data privacy.
The “significant personal information” that people are
willing to share includes income, location data and lifestyle
information, the survey by IT firm Accenture said.
Benefits for which the personal data are traded
include quicker loan approvals, discounts on gym memberships
and personalised offers based on location, said the survey
which had 2,000 respondents from the country.
Interestingly, 81 percent of those polled also call
out privacy as being “paramount” and are “very cautious” about
their personal data.
The large number of people willing to share personal
data for more efficient services at better prices “underscore
the role of digital technologies in the distribution of
financial services in the country”, says the survey.
Elaborating on the data sharing aspect in the
insurance industry, the survey reveals that three-fourths of
those polled are keen on reducing their car insurance premium
by trading safe driving data and 69 percent for life
insurance, where the premia are tied to a healthy lifestyle.
In banking, as much as 93 percent of consumers are
willing to share the details of their income, location and
lifestyle habits for rapid loan approvals, while 91 percent do
so to receive personalised offers based on their location,
such as discounts from a retailer, it says.
At the global level, Chinese and Indians lead on
willingness race to share personal data front, at 67 percent
and 69 percent, respectively, while Europeans are the most
sceptical. (PTI)
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