Accenture: 6 in 10 customers are willing to share private information with insurers and banks in exchange for lower prices

4 April 2019 — Cosmin CONCEATU
A recent survey by Accenture of 47,000 participants across 28 markets shows that more than three-quarters of all respondents are willing to share personal data to insurance companies and banks to receive benefits, such as personalized offers and discounts.

The survey was conducted online from May-June 2018. The included survey participants were required to have a bank account and at least one insurance policy. The research covered multiple age groups and income levels.

The survey was spread around the globe, including 28 countries from North and South America, Europe, Africa, Asia and Australia. One finding shows that the appetite of customers for sharing personal data was different from one country to another. The highest willingness of customers to share data with financial service providers was in China (67%). In European countries, where GDPR began to take effect in first half of 2018, consumers were more reserved about sharing personal data.

"In Europe, where open banking regulations compel banks to share data with third parties, customers are much more reluctant to share their data. We are still in the early stages of Europe's burgeoning Open Banking revolution, and I expect consumer attitudes there to evolve as banks invest in and offer more relevant services," said Piercarlo GERA, Senior Managing Director in Accenture's Financial Services.

Insurance customers survey results on sharing personal data:
  • 64% are interested in receiving adjusted car insurance premiums based on their safe driving habits;
  • 52% would like to get life insurance premiums adjusted to their healthy lifestyle;
  • 79% would provide information about income, location and lifestyle habits to their insurer, if they believe it would help reduce the possibility of injury or loss to their insurers;

Banking customers
survey results on sharing personal data:
  • 81% would be willing to share income, location and lifestyle habit data for rapid loan approval;
  • 76% would like to receive personalized offers based on their location, such as discounts from a retailer;
  • 51% want updates from their bank on how much money they have until their next pay day;
  • 57% want savings tips based on their spending habits;

Based on 4 different scenarios, survey participants said:
  • when receiving competitive/lower prices:
    • 59% would share more data,
    • 24% a little data,
    • 17% no personal data;
  • when receiving faster and easier loan approvals:
    • 53% would share more data,
    • 28% a little data,
    • 18% no personal data;
  • when getting personalized offers based on location:
    • 53% would share more data,
    • 23% a little data,
    • 24% no personal data;
  • when getting personalized offers that could help them reduce risk of injury or loss:
    • 53% would share more data,
    • 26% a little data,
    • 20% no personal data.

The full study can be found here: 2019 Accenture Global Financial Services Consumer Study

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