55% Indians rather lose their wallet than their phone: KPMG report

In the second edition of Me, my life, my wallet, KPMG continued an exploration of the multidimensional customer and emerging behaviour of consumers around the world.

This year’s edition survey reveals 55 percent of consumers would rather lose their wallet than their phone.

This year’s survey was 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 organisations and institutions around the world, namely; trust, data, wealth and retirement, generational surfing, the customer of the future and the B2B customer.

Going by the report, 75 percent Indian consumers trust technology companies, 62 percent wealth management companies, 62 percent power & utility firms, and 75 percent trust banking.

The least trusted entity is the government at 51 percent, a high figure compared to the global average (37 percent).

Another interesting outcome of the survey was that 58 percent of consumer view brands on social media that “offer deals or discounts.”

Globally, 38 percent of consumers are anxious about the unauthorised tracking of their online habits by companies, governments, and criminals; 47 percent in India.

Also, globally, 51 percent of consumers are anxious about identity theft, while in India it is 52 percent.

The report also shows that globally, almost a quarter (24 percent) of consumers said they would not trade their data compared to 13 percent in India.

Consumers in India are more trusting with their data than consumers in other markets.

Globally, 37 percent consumers do not trust anyone with their social media data and again in India, this rate is just 13 percent.

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.”

A slew of companies has not yet fully grasped the concerns consumers have about sharing their data, or how this could affect consumer loyalty, he said.

He said businesses are increasingly looking to monetise the data they hold – whether that’s what they put in the shopping basket, how many times a week one exercise, or what they choose to watch.

Commenting on the survey, 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.”