Data privacy : India share personal information with bank/insurance

A new report for Accenture on Thursday said that seven out of ten consumers in India are willing to share personal information like location data and lifestyle information with their bank and insurer instead of lowering prices on products and services.

At the same time, about 81% consumers said that they are very cautious about the privacy of their personal Information.

Data protection violations were the second biggest concern for consumers in India, only to realize that their complaints had not been dealt with in an acceptable manner, the findings showed.

"A large number of people are willing to share their personal data for more efficient services at better prices Underline the role of digital technologies in the distribution of financial services in India."said Rishi Aurora, an overseeing executive at Accenture who lead its Financial Services practice in the nation. 

If consumers do not see privatization, offers, and product levels from their banks or insurers, they will definitely look for it somewhere else, "he included.

While 29% of Indian consumers surveyed went to the physical location of their bank at least once a week, 76% Use their mobile phone or tablet to check their bank accounts at least once a week.

About 66% use their gadgets to interface with banks/insurance to know  about their products and services.

The Report said "Around 67% of Indian consumers said they like their bank, marginally over the 62% global average". 

The Data/information was part of Accenture's global "Financial Services Consumer" study, which was depended on a survey of 47,000 consumers in 28 markets, including 2,000 Indian consumers.

"There is strong evidence that consumers in India are ready to share important personal data to improve their lives and to get very focused on  services and offers " said Piyush Sing an overseeing executive at Accenture who drives its Financial Services practice in Asia-Pacific and Africa.

"There is an ocean of emerging opportunities with data analytics. And personalization, but banks and insurance companies also need to pay full attention to the growing concerns about data privacy and security, and make that a top priority as they invest in new technologies and digital services," Singh noted.