A new Accenture report found 60% of consumers would be willing to share personal data with financial service providers in exchange for benefits and discounts:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.
Customers are also willing to share information with service providers to receive personalized propositions, especially for money management. Seventy-six percentof consumers would share their information to receive personalized offers based on location, like discounts from retailers.
Despite global consumers' broad desire for data sharing, there was significant divergence across geographies. China, with 67% of customers, was the highest when it came to consumer willingness to share more data in exchange for personalized services. The UK and Germany were the lowest, with only 40% of consumers in both countries willing to share more data with banks and insurers.
For banks and insurance firms that are able to leverage technology to deliver tailored services, these findings are a boon. More and more incumbents have been looking to tap into their vast troves of transactional data to gain a competitive advantage, in many instances driven by regulatory action — most notably in the UK with. But many incumbent FIs are built on legacy IT infrastructure, with their data often generated and stored across different systems.
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