Over 40% of consumers in India trust entities to protect personal data: Survey
Only two out of five (41%) consumers in India trust organisations offering digital services to protect their personal data, said a study sponsored by technology giant Microsoft and conducted by research firm IDC.
“The upside for organisations with a trusted digital platform is tremendous as India is one of the largest and fastest-growing digital services markets in the Asia Pacific, and almost all of the transactions and interactions here would be digital in the near future,” said Keshav Dhakad, group head and assistant general counsel, corporate, external and legal affairs, Microsoft India.
IDC surveyed 459 consumers in India and found out that clients feel that security (86%), privacy (85%) and compliance (82%) are their top priorities. Consumers also have the highest expectations of trust from financial services institutions, followed by education institutions and retailers, the survey said.
The report revealed that that close to half of the consumers (46%) in India have had their trust compromised when using digital services. More than half (51%) of the respondents indicated that they would switch to another organisation while 32% would reduce the usage of the digital service.
Further, nearly one out of three (32%) consumers will stop using the digital service altogether. Moreover, only seven per cent of consumers prefer to transact with an organisation that offers a cheaper but less trusted digital platform. Close to 73% of consumers highlighted that they would recommend a trusted digital service to others even if the cost is higher, the survey added.