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, and also found that more than 70 percent of Thai consumers would share that data for benefits including more-rapid loan approvals, discounts on gym memberships and personalized offers based on current location.
At the same time, however, people believe that privacy is paramount, with more than four out of five consumers (83 percent) saying they are very cautious about the privacy of their personal data. In fact, data security breaches were the biggest concern for consumers in Thailand, tied with increasing costs, when asked what would make them leave their bank or insurer.
"There's a growing appetite in Thailand for personalization of products and services based on targeted consumer financial data," said Nontawat Poomchusri, country managing director and financial services practice lead for Accenture in Thailand.
"The large number of people willing to share their data for more efficient services at better prices underscore the role of digital technologies in the distribution of financial services here. 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."
Thai consumers showed strong support for personalized insurance premiums, with 87 percent interested in receiving adjusted car insurance premiums based on safe driving and 73 percent in exchange for life insurance premiums tied to a healthy lifestyle, the highest rates in the world for those options. The vast majority of consumers (95 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, 94 percent of consumers would be willing to share income, location and lifestyle habit data for rapid loan approval, and 93 percent would do so to receive personalized offers based on their location, such as discounts from a retailer. Nearly three-quarters (77 percent) of consumers want their bank to provide updates on how much money they have until their next pay day, and 78 percent wanting savings tips based on their spending habits.
"Thai consumers are willing to share significant personal data to improve their lives and get very targeted services and offers, more than many other people around the world, underscoring the huge opportunities for banks and insurers in the country," said Piyush Singh, a managing director at Accenture who leads its Financial Services practice in Asia-Pacific and Africa. "The opportunities emerging in Thailand are huge, but banks and insurers also need to pay close attention to growing concerns about data privacy and security and make that a top priority as they invest in new technologies and digital services."
Appetite for data sharing differs around the world
Appetite 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 even higher in Southeast Asia, with 81 percent of respondents in Indonesia and 74 percent in Thailand saying the same. Half (50 percent) of consumers in the U.S. and only 42 percent in Australia said they were willing to share more data for personalized services, and in Europe — where the General Data Protection Regulation took effect in May — consumers were more skeptical. For instance, only 40 percent of consumers in both the U.K. and Germany said they would be willing to share more data with banks and insurers in return for personalized services.
The full report can be downloaded at accenture.com/FSConsumerStudy2019.
Methodology
Accenture surveyed 47,000 respondents across 28 markets: Argentina, Australia, Belgium, Brazil, Canada, Chile, China and Hong Kong (SAR), Colombia, France, Finland, Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Peru, Netherlands, Singapore, South Africa, Spain, Sweden, Thailand, United Arab Emirates, the United Kingdom and the United States. Respondents were required to have a bank account and an insurance policy and covered multiple generations and income levels. The survey was conducted online during May and June 2018. About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world's largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 477,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.