Data as a currency in the Italian banking sector

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What is the average customer's propensity to share their personal data in exchange for some financial benefit?

According to Accenture’s “Global Banking Distribution & Marketing Consumer Study,” data can be used as a true currency.

In fact, most customers are well aware of the value of their data and are willing to give it up to get something in return, a sort of incentive, a reward. Banks – but also Public Administrations , Insurance Companies and even Utilities – that offer real value for their customers’ data can gain greater trust and loyalty from them.

According to a 2021 Experian report “ Business and Consumer Report ”, an attempt afghanistan consumer email list was made to shed light on the decision-making process people follow when asked to share their data to access a service. The results are: 46% of Italian consumers say they are willing to allow companies to access their financial information in the event of an online request.

One in five (in Italy 22%) disagrees. However, many of those who were initially reluctant are willing to reconsider their decision if there was an actual exchange of value, as previously mentioned. Specifically, 37% of Italians would reconsider if this guaranteed a faster application process, and 38% would do so even if, in exchange, they could secure a better rate or have a greater possibility of accessing credit.

50% of Italian respondents say they trust banks to entrust them with their personal data. However, there is a discrepancy between the views of consumers and businesses. When asked if they agree with the statement “customers trust us to use their data to serve them better,” 85% of Italian financial services companies responded positively.