Borrowers largely unaware of data privacy rules Study
The Hindu Business Line [
Kolkata
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Bengaluru
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Chennai
,
Delhi
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Kochi
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Mumbai
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Pune
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Hyderabad
Dec 19, 2023 | Page No.: 4 | Position: Middle Center | Source: KR Srivats | Sq Cm: 269 | AVE: 57731 | PR Value: 288655
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Borrowers largely unaware of data privacy rules Study provider Home Credit rowing increased by 5 per online shopping for per- KR Srivats Only 18 per cent of bor- ® POOR cent making it a total of 19 sonal purchases 44 per New Delhi rowers understand the data AWARENESS per cent middle-class bor- cent of these borrowers privacy rules with the ma- Only 18 per cent of rowing to expand or start a rely on online banking for Consumers of financial jority of them 88 per cent new business he said financial transactions More products especially loan having just a superficial un- borrowers understand than half 54 per cent are borrowers in India remain derstanding of the subject the data privacy rules DIGITALISATION comfortable with mobile largely uninformed about About 60 per cent of bor- with the majority of The HIB Study was conduc- banking for day-to-day fin- data privacy regulations rowers are worried about them 88 per cent ted across 17 cities includ- ancial updates despite ongoing efforts a how their personal data is having just a ing Delhi-NCR Mumbai Another major highlight new study has revealed collected and used by lend- superficial Kolkata Chennai is the growing acceptance Buoyancy in the eco- ing apps 58 per cent of understanding of the Bengaluru Hyderabad of the digitalisation of fin- nomy is reflected at the these worried borrowers subject Pune Ahmedabad Luc- ancial services According ground level bringing pos- also feel that lending apps know Jaipur Bhopal Patna to the HIB 2023 over one- itivity to the entire envir- collect more data than re- Ashish Tiwari CMO Ranchi Chandigarh Ludhi- fourth of borrowers opted onment However organisa- quired Ashish Tiwari Home Credit India Since 2021 the trend in ana Kochi and Dehradun for online channels for tions need to work to help Chief Marketing Officer borrowing has shifted from The sample size is ap- availing loans people better understand Home Credit India told running households to buy- proximately 1 842 borrow- Loans initiated through data privacy and finance businessline sharing the brings the need for en- ing consumer durables such ers in the age group of 18- telecalling increased by 3 management says the findings of the study hanced financial literacy as smartphones and home 55 years with an average per cent while loans latest edition of How India Data privacy is the new and awareness on data pri- appliances 44 per cent in income of 131 000 per through POS bank branches Borrows HIB Study 2023 section that has been added vacy guidelines among the 2023 month saw a decline by 4 per cent conducted by Home Credit in this year s edition be- consumers Tiwari added While consumer durable Most of the borrowers in The online shift is very India a local arm of inter- cause it is a more prevalent The key takeaway from loans decreased by 9 per the study are online-savvy strong and will only get national consumer finance subject Our study clearly the latest study is that cent business-related bor- with 48 per cent relying on stronger Tiwari said