Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 58 Survey Findings Willingness to share personal data with a trusted third-party (which the participant authorizes) for non-banking services Data privacy and protection of personal information is one of the most important criteria for customers in adopting banking services. At the same time, customers also value the convenience of a seamless flow of information between different parties to support transactions. For example, when planning a holiday, an individual may start with flight and hotel reservations followed by buying foreign currency and travel insurance. These transactions are currently made separately by switching to different platforms (e.g., airline, hotel, and bank websites), even though all of the transactions are conducted online. With the support of OpenAPI, they can be consolidated into a single simplified process by transmitting an individual’s data across platforms. Respondents were asked if their banks should be allowed to share their data with a trusted third-party that is authorized by them. Of the respondents, 42.8% totally disagree with sharing their personal data, while only 11.5% totally agree or agree. There is a high level of unwillingness to share personal information simply for convenience. Most prefer that their personal information stays with the bank. It is clear that the public prefers data security and privacy over convenience, and is reluctant to share their personal information to third-parties, even with their own consent. Exhibit 29 Willingness to share personal data with a trusted third-party (which the participant authorizes) for non-banking services [1 - Totally Disagree ...... 5 - Totally Agree]