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.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. Data security breaches were the second-biggest concern for consumers in India, behind feeling like their complaints are not dealt with in an acceptable manner.“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.”76 percent Indian consumers were 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. 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 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, a managing director at Accenture who leads its Financial Services practice in Asia-Pacific and AfricaAppetite 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 higher in Southeast Asia, with 81 percent of respondents in Indonesia and 74 percent in Thailand saying the same. Comparatively, half the consumer surveyed in the US and 42% in Australia would be willing to share data for personalised services. In Europe, where the General Data Protection Regulation took effect in May, only 40 percent would be willing to share information.