Custom Search
 



 
 
Customers will share personal information for a better deal from banks and insurers

Bangalore, April12 2019: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.
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,  Managing Director Financial Services practice at Accenture 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.”
Indian consumers showed strong support for personalized insurance premiums, with 76 percent interested in receiving adjusted car insurance premiums based on safe driving and 69 percent in exchange for life insurance premiums tied to a healthy lifestyle. The vast majority of consumers (92 percent) would provide personal data, including income, location and lifestyle habits, to their insurer if they believe it would help reduce the possibility of injury or loss.
 In banking, 93 percent of consumers would be willing to share income, location and lifestyle habit data for rapid loan approval, and 91 percent would do so to receive personalized offers based on their location, such as discounts from a retailer. Nearly three-quarters (76 percent) of consumers want their bank to provide updates on how much money they have until their next pay day, with the same rate of respondents (76 percent) wanting savings tips based on their spending habits. 
“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,MD at Accenture,  “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.”Appetite for data sharing differs around the world
Appetite for sharing significant personal data with financial firms was high in China and India, with 67 percent and 69 percent of consumers respectively willing to share more data for personalized services. That rate was even higher in Southeast Asia, with 81 percent of respondents in Indonesia and 74 percent in Thailand saying the same. Half (50 percent) of consumers in the U.S. and only 42 percent in Australia said they were willing to share more data for personalized services, and in Europe — where the General Data Protection Regulation took effect in May — consumers were more skeptical. For instance, only 40 percent of consumers in both the U.K. and Germany said they would be willing to share more data with banks and insurers in return for personalized services.
The full report can be downloaded  here




    


Post Your Comments Now
       
  Name  
  Email  
  Comment  
     
     
       
       
     
Customers will share personal information for a better deal from banks and insurers
by jessy johnson on April  13,  2019
  "Are you interested to selling one of your k1dney for a good amount of 10Cr (Advance 5cr)} in India pls kindly Contact us now on our email: as we are looking for k1dney donor, Very urgently who are group B,group A ,O ve and 0 ve. Interested person should contact us now. DR JESSY JOHNSON contact us on call:+919205206332 WhatsApp:+919667270992 contact us:+919205206332 WhatsApp:+919667270992 DRFR"
     
Customers will share personal information for a better deal from banks and insurers
by Pohlmann on April  26,  2019
  "Hochwertige Waren vom Produzent. Fabrikverkauf. Versand am gleichen Tag aus Frankfurt. Bis 90 % gnstiger als auf dem Markt. Reifentten mit und ohne Logo. Stretch Folie. Alle Gren / Sorten. Kartons. Klebebnder. Malerkrepp. Malerfolie. Werkzeug. Spnescke. Alles fr Umreifung. Umreifungsband, Verpackungsband, Klemmen, Hlsen, Spanner__. Gewebescke. Kartoffelscke. Laubscke. Raschelscke. Zwiebelscke. Luftpolsterfolie. Baufolie. Estrichfolie. Gartenfolie. Teichfolie. Abdeckfolie. Schutzfolie. Panzerband. Doppelklebeband. Teppichband. Handschuhe. Mllscke und Vieles mehr. Info auf: folmax.pw Mit freundlichen Gren "
     
Customers will share personal information for a better deal from banks and insurers
by Geier on April  28,  2019
  "Hochwertige Waren vom Produzent. Fabrikverkauf. Versand am gleichen Tag aus Frankfurt. Bis 90 % gnstiger als auf dem Markt. Reifentten mit und ohne Logo. Stretch Folie. Alle Gren / Sorten. Kartons. Klebebnder. Malerkrepp. Malerfolie. Werkzeug. Spnescke. Alles fr Umreifung. Umreifungsband, Verpackungsband, Klemmen, Hlsen, Spanner__. Gewebescke. Kartoffelscke. Laubscke. Raschelscke. Zwiebelscke. Luftpolsterfolie. Baufolie. Estrichfolie. Gartenfolie. Teichfolie. Abdeckfolie. Schutzfolie. Panzerband. Doppelklebeband. Teppichband. Handschuhe. Mllscke und Vieles mehr. Info auf: folmax.pw Mit freundlichen Gren "
     
Customers will share personal information for a better deal from banks and insurers
by Janke on April  28,  2019
  "Hochwertige Waren vom Produzent. Fabrikverkauf. Versand am gleichen Tag aus Frankfurt. Bis 90 % gnstiger als auf dem Markt. Reifentten mit und ohne Logo. Stretch Folie. Alle Gren / Sorten. Kartons. Klebebnder. Malerkrepp. Malerfolie. Werkzeug. Spnescke. Alles fr Umreifung. Umreifungsband, Verpackungsband, Klemmen, Hlsen, Spanner__. Gewebescke. Kartoffelscke. Laubscke. Raschelscke. Zwiebelscke. Luftpolsterfolie. Baufolie. Estrichfolie. Gartenfolie. Teichfolie. Abdeckfolie. Schutzfolie. Panzerband. Doppelklebeband. Teppichband. Handschuhe. Mllscke und Vieles mehr. Info auf: folmax.pw Mit freundlichen Gren "
     
Customers will share personal information for a better deal from banks and insurers
by Ehrhardt on April  29,  2019
  "Hochwertige Waren vom Produzent. Fabrikverkauf. Versand am gleichen Tag aus Frankfurt. Bis 90 % gnstiger als auf dem Markt. Reifentten mit und ohne Logo. Stretch Folie. Alle Gren / Sorten. Kartons. Klebebnder. Malerkrepp. Malerfolie. Werkzeug. Spnescke. Alles fr Umreifung. Umreifungsband, Verpackungsband, Klemmen, Hlsen, Spanner__. Gewebescke. Kartoffelscke. Laubscke. Raschelscke. Zwiebelscke. Luftpolsterfolie. Baufolie. Estrichfolie. Gartenfolie. Teichfolie. Abdeckfolie. Schutzfolie. Panzerband. Doppelklebeband. Teppichband. Handschuhe. Mllscke und Vieles mehr. Info auf: folmax.pw Mit freundlichen Gren "