Fifty-five percent of Indians would rather lose their wallet than their phone: KPMG Report

The survey included nearly 25,000 consumers across Brazil, Canada, China, France, India, the UAE, the UK and the US

KPMGReport

In the second edition of Me, my life, my wallet, KPMG continued its exploration of the multidimensional customer — what’s truly driving behavior and choices — and how this is set to change as the customer of tomorrow emerges. Building on the first edition’s unique and multilayered research methodology developed by KPMG Innovation Labs with an even more ambitious research endeavor, drawing on new insights from across the KPMG network.

This year’s edition is based on ethnographic interviews and an online survey, conducted during 2018, by GLG and Foresight Factory on behalf of KPMG International for Me, my life, my wallet.

The survey included nearly 25,000 consumers across Brazil, Canada, China, France, India, the UAE, the UK and the US. The research explores six key themes of critical importance to organizations and institutions around the world, namely; trust, data, wealth and retirement, generational surfing, the customer of the future and the B2B customer.

It also provides an in-depth look at STEP (Social, Technological, Economic and Political) events influencing consumers of today, tomorrow and highlights emerging patterns of behaviour around the world.

Commenting on the report, Arun M. Kumar, Chairman and CEO, KPMG in India said, “The Indian consumer is difficult to understand, and as the online revolution progresses beyond the big cities and starts gaining momentum in the country’s heartland, they are getting more complicated still.The rewards for companies who take time to learn, though, are substantial.”

Highlights:

  • In India, consumers trust technology companies (75%), wealth management companies (62%), power & utility firms (62%), banking (75%) the most. The least trusted entity is the government at 51%, a high figure compared to the global average (37%). ·
  • 87% would trade their personal data to a company for:
  1. better customer experience and personalization - 26%
  2. better products and services – 24%
  3. better security – 21%
  • 58% will most likely view brands on social media that “offer deals or discounts”
  • 55% would rather lose their wallet than their phone
  • Globally, 66% of consumers are interested or very interested in technology – this leaps in the fast-growing economies of China (81%), and India (83%) ·
  • Globally, 38% of consumers are anxious about unauthorized tracking of their online habits by companies, governments, and criminals; 47% in India ·
  • Globally, 51% of consumers are anxious about identity theft; 52% in India· Globally, almost a quarter (24%) of consumers say they would not trade their data, this falls to 13% in India
  • Consumers in India are more trusting with their data than consumers in other markets. Globally, 37% of consumers don’t trust anyone with their social media data, in India 13%. Globally, 31% of consumers don’t trust anyone with their mobile data, in India 10%.

Speaking about the report, Harsha Razdan, Partner and Head, Consumer Markets, KPMG in India said “Consumers are anxious, with younger generations feeling it the most. They like new technology but are concerned about handing over personal data, and what that could mean for their privacy and security. Our research demonstrates that organizations should be aware of the heightened awareness people have about the value of their data; they want to feel that they are in control at every stage of the business relationship."

He continued, “Many companies haven’t yet fully grasped the concerns consumers have about sharing their data, or how this could affect consumer loyalty. Yet more and more businesses are looking to monetize the data they hold – whether that’s what we put in our shopping basket, how many times a week we exercise, or what we choose to watch. Consumers are more aware of the value of their data, and businesses need to be responding to this new, tech-driven, data-savvy type of customer.”

Adding to this, Abhijeet Ranade, Partner and Head of Customer & Channels, Management Consulting, KPMG in India said, “With digital services moving from the big cities into India’s heartland, the type of growth that we will witness will change." “The consumer in a second-tier city will be very different to the one in Mumbai and the rural consumer is different again. This makes the Indian market yet more complex he added

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