Consumers are willing to share income, location, lifestyle habit data in exchange for tailored offers.
Nearly half of banking consumers in Hong Kong have expressed willingness to share significant personal data like location data and lifestyle information with financial firms in exchange for more personalised banking services, according to a survey from consulting firm Accenture.
As many as 81% Hong Kongers have expressed willingness to share income, location and lifestyle habit data for rapid loan approval whilst 79% are open to do so to unlock personalised offers based on their location. Similarly, nearly half of 46% want their bank to provide updates on how much money they have until their next pay day and 63% want savings tips based on spending habits.
The trend can also be observed in insurance as 83% have expressed willingness to share data with their insurer if it could help reduce the possibility of injury or loss. In a breakdown, 70% are interested in receiving adjusted car insurance premiums based on safe driving and nearly half (49%) are open to share data in exchange for life insurance premiums that are tied to a healthy lifestyle.
“There’s strong evidence in Hong Kong that consumers are willing to share significant personal data to improve their lives and get very targeted services and offers, but here, as in many countries around the world, concerns about data privacy and security are very high,” Ravinder Chhabra, managing director at Accenture and Financial Services practice lead in Hong Kong said in a statement.
The proportion of consumers with a larger appetite for data sharing is notably higher in Asia at 81% in Indonesia at 74% in Thailand. China and India also post the same high openness rates at 67% and 69% respectively.
On the other hand, more consumers in Europe were more skeptical of sharing their data amidst the General Data Protection Regulation (GDPR) that kicked into effect in May. Only 40% of consumers in the UK and Germany have expressed willingness to share data with banks and insurers in exchange for personalised services.
“Consumers in Asia are clearly more willing than in other parts of the world to share some level of personal data, but they also have high expectations to get something in return, so financial firms need to understand that and deliver the goods,” Gordon said.
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