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If you feel insecure while shopping online, rest assured you’re not alone. According to a study, the majority of Indians feel jittery about the security of their financial details while they are shopping on the web. The report claims that almost 82% of people who transact online fear that their banking details like credit or debit card information are unsafe.
Most Indians aren’t ok with sharing their personal information like their buying habits with banks or financial institutions due to the fear of it being misused. This is despite the fact that banks not only can offer personalized shopping offers but can alert them in case of unauthorized shopping activities from their accounts.
On the other hand, over 73% of Indians were found to be ok with sharing their extremely personal details like location data or travel habits with the government agencies for emergency support. The Aarogya Setu application, that was unveiled during the pandemic, has made people realize that sharing details with the government and health care agencies is the only way to get urgent medical attention
People want access to better services like a smaller queue at the airport or getting their driver’s licenses quickly and to get other government benefits by sharing travel habits or personal details. Furthermore, the study reveals that over 70% of Indians are happy to share their health records with insurance companies to get personalized recommendations around health insurance or addressing potential medical issues.
This behavioural study reveals that while most Indians prefer transacting online or want to go cashless due to the new normal, they are aware about cyber risks and fraudulent activities that can cause monetary losses. This also means that banks and financial institutions still have a long way to go to build trust among the users.
Based on this data, Indian financial organizations need to act fast to ensure that their digital platforms are secure and assure the consumers about the safety of their money and personal data. Similarly, Authorities managing public utility services like airports now have the data in place suggesting the need to offer value-added services to frequent travelers.
Aside, the findings also highlight the scope of improvements in public utility services, however, the willingness to share personal details with agencies is a welcome change. People now realize that to avail emergency medical or safety support they must trust the government agencies.