People happy to share personal data for better pricing,service

 

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)