Canadians happy to share personal info to access lower rates

Most people are willing to share with their bank or insurance provider

Canadians happy to share personal info to access lower rates
Steve Randall

Canadians are aware of the importance of protecting their personal data, especially when it relates to their finances, but could do more to protect it.

But despite concerns about fraud and identity theft, they are also willing to be a little more open with their information when it can unlock better pricing for services such as banking, insurance, or even gym memberships.

An Accenture survey of more than 2,000 Canadians as part of a global Financial Services Consumer Study, reveals that more than half of respondents would share personal information to receive competitive or lower prices; get faster, easier loan approvals; and receive location-based personal offers.

However, when asked if they would share financial data, the percentages fall to closer to 25%.

"Canadian consumers are willing to sharing their personal data in instances where it makes their lives easier but remain cautious of exactly how their information is being used," said Robert Vokes, managing director of financial services at Accenture in Canada. "With this in mind, banks and insurers need to deliver hyper-relevant and highly convenient experience in order to remain relevant, retain trust and win customer loyalty in a digital economy."

Data breaches are a concern
The survey found that 72% of Canadian consumers are very cautious about the privacy of their personal data. Data security breaches were the second-biggest concern for consumers, behind only increasing costs, when asked what would make them leave their bank or insurer.

A recent TD survey shows that most people are taking steps to protect their personal data and boost their resilience against online risks.