This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers. To receive the full story plus other insights each morning, click here.Despite concerns around the privacy of their data, 60% of consumers would be willing to share personal data, such as location data and lifestyle information, with financial service providers if it results in lower pricing on products or benefits like gym membership discount,peran Accenture report based on a survey of 47,000 banking and insurance customers across 28 markets.Here are some of the key takeaways from the report:Consumers are willing to share their data with financial institutions (FIs) in exchange for improved services.Among the surveyed consumers, 81% said they would be open to sharing more information with banks for faster and easier loan approvals. And when it comes to insurance, 79% of consumers would be willing to give more data access if it would reduce the chances of injury or loss.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. And personalization that helps with money management was one of the most desired services among respondents: 57% said they want saving tips based on their spending habits and 51% said they want updates on how much money they have left until their next pay day.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. This is particularly surprising for the UK, which leads the global open banking movement, in which consumer-permitted data is shared between two or more financial service providers. Likely, this skepticism in the UK and Germany is tied to the introduction ofGDPRin May 2018.Unsurprisingly, age and tech-savviness also generate significant attitude divergence on data sharing.Almost all of the respondents (95%) classified as "pioneers" by Accenture, defined as typically tech-savvy millennials or Gen Zers, are willing to share more data. This is compared with just over half (55%) of "traditionalists," who are typically over the age of 55 and tend to be tech avoiders.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 actionmost notably in the UK withOpen Banking. But many incumbent FIs are built on legacy IT infrastructure, with their data often generated and stored across different systems. As open banking gains more traction globally and consumers continue to demand more tailored services that meet their needs, the pressure is on for incumbents to transform their outdated and siloed systems, or otherwise run the risk of obsolescence.Interested in getting the full story' Here are two ways to get access: 1. Sign up for the Fintech Briefing to get it delivered to your inbox 6x a week. >> Get Started2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to the Fintech Briefing, plus more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More NowSEE ALSO:PERSONAL FINANCE MANAGEMENT: How banks should use personalized services to increase customer satisfaction and compete with fintechsJoin the conversation about this story
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