NEW DELHI: Indian consumers might be more trusting with their data than their compatriots around the globe, but they seem to trust tech companies and banks more than the government.A survey by KMPG released on Monday shows that while over 37 per cent of global consumers don’t trust anyone with their social media data, the figure stands at only 13 per cent for Indian consumers. The figures stand at 31 per cent and 10 per cent, respectively, for mobile data.
However, Indian consumers trust technology companies (75 per cent), banking firms (75 per cent), wealth management companies (62 per cent) and power and utility firms (62 per cent) the most, while the government comes in last, at just 51 per cent. Trust in government, however, is significantly higher among Indians than the global average, which stands at 37 per cent.
Indian consumers are also much more willing to trade their data with entities for a variety of benefits. According to the survey, which took into account responses from 3,000 people in the country, 87 per cent of Indian consumers are willing to trade their personal data to a company for better customer experience and personalisation (26 per cent), better products and services (24 per cent), and better security (21 per cent).
But, Indians are also more anxious about the potential for malicious use of data. While globally, 38 per cent of consumers are anxious about unauthorised tracking of their online habits by companies, governments, and criminals, the number stands at 47 per cent in India. And, while 51 per cent of consumers are anxious about identity theft globally, 52 per cent of Indian consumers are worried about the same.