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HindustanTimes Wed,22 Oct 2014

Personal Tech

Indians more willing to share personal info than others: study
PTI
Mumbai, May 19, 2013
First Published: 11:02 IST(19/5/2013)
Last Updated: 11:39 IST(19/5/2013)

Even as cases of financial fraud are dotting cyberspace across the world, Indians seem more forthcoming in giving out their personal information for personalised services and simplification of finance management than their global counterparts, a study by Cisco has found.

According to the Cisco report, 72% of respondents from India said they would provide more personal information to simplify management of finances compared to 56% participants agreeing globally.

The study, conducted early this year, aimed at finding out how and when consumers want to engage with their banks across multiple channels for activities ranging from account monitoring to acquiring financial advice.

Indian respondents are also concerned about security of their accounts, as 92% of them said they wanted fool-proof security against identity theft as part of more personalised financial services.

Indians also seem more comfortable in using technology for online transactions, said the report.
“Technology is driving all sectors, including banking and financial services,” Cisco director (business development) Shashank Luthra said. “As indicated by our findings, consumers today are willing to exchange private information for more personalised services.”

However, the crucial factor here will be to offer these services in a secure environment to ensure that customer gets the best service without any of his personal data being compromised with, he added.

Recently, security breaches at two Indian payment card processing companies in a $45-million global ATM heist sent ripples through the IT security world.

Data from Reserve Bank of India indicate 8,322 cases of cyber frauds were reported in 2012 amounting to Rs. 52.7 crore.

* Indians and personal finance: A comparison with world
72% of Indians would give personal info to simplify finance management against 56% of global respondents

63% of Indians feel bank has enough info on them to offer personal services; 75% of bankers agree

* Security
92% want fool-proof security of their accounts against identity theft

55% don't want bank to share personal info outside the bank, even if it improves quality of service

88% would provide bank with a fingerprint or other biometrics to protect them; globally this figure is 61%

94% of Chinese agree with this measure; Japanese least likely at 33%

* Virtual tech savvy
85% of Indians text, email or video to communicate with financial provider instead of meeting in person; globally such a confidence level is 70%

54% favour video talk on laptop, desktops over smartphones;

92% of bankers worldwide comfortable using tech to talk with clients

72% comfortable getting loan, mortgage using technology like video to communicate with their bank compared to 57% of global respondents

71% willing to open account in a completely virtual bank if it offered the best and more secure services compared to 60% of consumers globally

* Advice
95% seek advice to increase savings; 89%, financial education

72% look for assessment of financial status compared with other clients* Survey sample: 1,514 consumers, 405 bank professionals across 10 -Brazil, Canada, China, France, Germany, India, Japan, Russia, the UK and the US.


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