#13 | Protim — Future of Data Sharing

By Soumitro Datta, Dhriti Agarwal, Prajna Nayak & Dharmesh Ba

Published in

D91 Labs

17 min readMar 10, 2021

This interview was conducted as a part of ‘Future of data sharing’ sponsored by Facebook. In this series, we interviewed participants around their access, adoption, and usage of financial products along with their perception of data sharing to financial institutions.

Disclaimer: The income range was self-reported by the participant. D91 Labs does not request the participants to disclose their exact income.

Short Story

28-year-old Protim is a clerk at a construction company. He has been in Kolkata since birth and lives with his parents. After completing his B.Com, he has been working in the same firm for the last 4–5 years. Protim plans to invest in an LIC policy, increase his RD deposits and renew his FDs instead of breaking them. He is also looking for opportunities to invest in the share market and mutual funds. Eventually, he wants to own or be the Managing Director of a company and have people working for him.

Banking

Protim has 2 bank accounts. He opened the first one with State Bank of India after he started working. It is his personal account and he has a debit card linked to it.

He had linked this account to Paytm. Now he only uses Google Pay that is linked to the SBI account with a different number.
Protim opened a second account with HDFC Bank. It is his salary account. He has not linked the account to any UPI apps or digital wallets. He withdraws cash from this account as and when he needs it.
He visits the bank twice a month — to deposit his salary

Why did you open a personal account with SBI?
In case I lose my job, I could transfer my money into my personal account, so it doesn’t get stuck. I opened my account with SBI because my father recommended that it is good to have an account with a government bank. I myself did not know how good or bad it was at that time, I just went and opened the account.
When you get your salary, how do you use it?
I am updated via text message when I get my salary. Within 2–3 days, I go to SBI and since SBI does not accept requisition slips, I transfer the amount to the bank’s branch itself. I keep 10% for my expenses in my HDFC account and transfer 90% to my personal SBI account. SBI is my savings account but I withdraw cash from there if there is a need for additional cash. I think if I punch my card to withdraw and deposit money regularly, it is good for keeping the account active.
Do you have the HDFC or SBI bank app on your phone?
I don’t have the Yono app. The bank sent me several letters asking me to download the app because they were understaffed and said I could do all kinds of shopping with it. I didn’t like the idea of doing everything, including lifestyle, on the app linked to my bank account so I didn’t install it. If I haven’t purchased something, but the amount is debited, how will I trace it? What will I do? My experience with PayTM has given me this fear.
Is there any reason that you have not linked your HDFC account on any UPI apps?
Linking the HDFC account would have helped me but it is an office account and you are never sure there won’t be a problem. I asked the accountant at my office but even they didn’t know and asked me to go and ask the bank about it. The bank staff said that it was okay to link a personal account wherever, but not an office account. Linking the SBI account has been helpful because I can use my savings to pay my LIC premium or even buy shares or something in the future.

Payment Modes

Protim’s most preferred payment mode is via debit card. He uses it to pay large bills at shops.
He withdraws money from the ATM twice a month. He usually opts for cash on delivery while shopping online.
Protim does not own any credit cards.
He uses Google Pay occasionally. He is scared of trying Net Banking due to a bad experience with PayTM.

“It is okay to use Google Pay for payments of less than ₹5000. For amounts greater than that, I will use cash. That said, I haven’t heard of anybody facing problems using Google Pay. But many people have had issues while using PayTM.”

You mentioned that you had a bad experience with PayTM. Could you elaborate?
I had installed the PayTM app and linked it to my SBI account. It was convenient to pay at shops. But in 2019, I transferred ₹1200 and it got debited from my account but not credited in theirs. I contacted PayTM, they registered my complaint and asked me to wait. I still don’t know where that money is. I don’t use PayTM, anymore and have uninstalled it from my phone. Now, I’m using Google Pay. There is no problem with it and I have also got reward vouchers for Myntra and Amazon.
When you made payments on PayTM, did you use the digital wallet?
Yes, I would transfer approximately ₹1000–1500 monthly and pay from the wallet at stores and hotels. The ₹1200 that I lost was during one of these transfers.
You mentioned that you are scared of Net Banking and Mobile Banking. Why is that?
I am scared of trying Net Banking because I had a problem with PayTM. These days, there are instances of cheating everywhere. Earlier, I lost a relatively small amount. What if I lost more money next time? Secondly, the worst thing about SBI is that they do not send a transaction SMS notification instantly. Once I made a sizeable payment at a doctor’s clinic and got a text message confirmation only the next morning.

Have you considered using a UPI app to pay for your online shopping?
I think it is better to limit transactions on UPI apps. India might have become digital but Digital India still has a lot of problems. When you turn on the TV, they keep talking about issues people are facing — ‘I invested my money over there and then it disappeared’. The bank wants to be notified within 24 hours but message notifications only come the next day. It is not reasonable for me to update my passbook or take a mini-statement from my ATM every day, right?
Do you have passbooks for both your accounts? What do you use it for?
There is no updated passbook for the HDFC account. I update the SBI passbook every 2 months at an eBank facility near my house, without going to the bank. I track how much money has been deposited and debited from the account.
Do you keep a separate record of your expenses and major payments?
No, I don’t keep any record. Since I am a salaried employee, my monthly expenses are mostly fixed — ₹5000 on groceries every month. It gets debited from my HDFC account. I only use my SBI account if I have to make a relatively large payment.

Expenses

Protim stays in a family house so he doesn’t need to budget for rent. Protim’s regular monthly expenses include utility bills, groceries, medical bills, subscriptions and memberships.
He usually buys groceries 1–2 times a month at shopping malls. During COVID-19, he started relying on the local grocery shop because everything else was closed.
Protim pays for electricity, certain groceries and transport via Google Pay linked to his SBI account. He uses the SBI debit card to pay for his parents’ doctor visits. He withdraws cash from his HDFC account and uses it for all other expenses.
During the COVID-19 lockdown, Protim’s overall expenses have reduced and he is accumulating some money in his HDFC account.

Earlier, Google Pay used to give better cash rewards so I downloaded it. But now, they are giving more vouchers and do a lot of funny stuff — if a product is worth ₹300, they list it on Amazon for ₹400 and give you a ₹100 voucher.
Why don’t you make bill payments on Google Pay?
In the past, I never had a problem with Google Pay. But once I used it to pay for a gas cylinder via a payment link sent by the gas company. But the delivery man did not receive the payment and was taking the cylinder back. I paid again in cash and after writing a letter to Indane, got the refund 3–3.5 months later. Now I make my payments in cash.
Have you used your debit card to make any online payments?
No, I haven’t because it has problems. You have to enter your card number, PIN and CVV but you’re not supposed to share those details with anyone. I even asked a lawyer about this. I keep getting messages like ‘You can win ₹1000–2000 if you share your account number’ but I have never even thought of replying. Unless you are affluent, like a businessman, using these money transfer modes is quite risky.
You mentioned that your friends have lost money to fraud. How did that happen?
I know 2–3 people in my social circle who have lost up to ₹50,000! One of them got a phone call from someone claiming to be from his bank. They needed asked for his PIN but my friend cut the phone without disclosing any information. Within half an hour, there were 2 debits of ₹25,000 from his account. He only got the text message updates the next morning. The bank is under the impression that he himself performed those transactions and even after visiting 2 police stations to file a complaint, he didn’t get his money back. Similarly, I heard that ₹84,000 vanished from a school teacher’s account. Also, when you make purchases from salesmen, they ask you to give a missed call to a toll-free number for verifying the purchase and people have lost money after that. If these security issues of Digital Services are not resolved, it is very difficult to expect more people to use these services. So I am extra cautious with the digital medium. Several advertisements encourage it, but no one is talking about these problems.
How do you make payments at Big Bazaar and Spencers?
If there are any offers at Big Bazaar, I use Google Pay. Otherwise, I pay in cash. Sometimes, I purchase a voucher booklet and save ₹100–200. I also have a Big Bazaar card where reward points accumulate and I have availed them many times. You can also deposit money in this card, but I don’t use this feature.
Have you booked tickets online for yourself and your friends?
No, I haven’t used BookMyShow because I stay engaged in work and don’t have the time to learn how to use things like that.

Loans

Protim took a personal loan from SBI to start his own business in 2015–2016, before he started working. Once he got a job, he repaid the loan.
He purchased a double-door fridge on EMI basis from Bajaj Allianz. He doesn’t plan to use that feature again.
Protim doesn’t plan to take any more loans in the future and doesn’t use any Pay Later options.

Why did you take the personal loan from SBI? Did you consider any other option?
It was my own bank and my father has an account there so he knows the staff well.
Were you offered the 0% EMI payment scheme at the showroom while buying the fridge?
Yes, a Bajaj Allianz salesman offered to charge a pretty basic EMI so I gave him 5 cheques and the money was auto-debited.
You mentioned that you don’t want to take a loan or buy anything on EMI basis again. Why is that?
I would like to cover all my own expenses and requirements in the future. I took the loan before I started working and I had to pay ₹20,000 extra as interest. They say it is 0% EMI but they do have additional charges. In addition to the ₹70,000 for the fridge, I paid an extra ₹2000 for the EMI. Now, if there’s anything I need, I would prefer to buy with my own money.

Investments

Protim took an RD with the Post Office in 2019 to save up some money and get additional interest on it. He pays for it in cash since the Post Office doesn’t have an auto-debit system. He withdraws money from his RD during pujas.
His employer created a PF and makes deposits on Protim’s behalf.
Protim used to invest in Mutual Funds but he stopped after incurring losses. He plans to invest in Mutual Funds if there is a guaranteed return.
He has some gold investments.

“As a middle class household, we get bracelets, chains or rings made sometimes. Everyday in the newspaper, I see the price of gold increasing like anything. Whoever has gold today will become a lakhpati tomorrow.”
Why did you make this RD with the post office?
It is very close to my office. Nobody recommended it to me but my father used to save this way so I started doing it myself. I deposit ₹500 every month and save ₹6000 every year plus some additional money.
You mentioned that you incurred losses in Mutual Funds. Can you share a little more about this?
In 2019, the trading department of my office advised me to invest in Reliance Mutual Funds. I invested a bulk amount of ₹45,000 and planned to keep it for a short time to get a good return. Later, I saw advertisements say ‘these investments were subject to market risks and one should read the documents carefully before investing’. I didn’t know this back then. Jio had some problem and its share market started falling. When the share prices fell abruptly from ₹200 & 250 to ₹12–20, I immediately sold my shares. I lost ₹19,000 but I wanted to save whatever I could, before I lost everything.
Have you ever invested in the Stock Market?
I am planning to. When I made inquiries about it at the Unit Trust of India, they told me to start a Demat account. For a monthly charge, a private company offered to set up my Demat account and track the varying prices of the shares so I won’t have to do it continuously. I have a full-time job, so it is not possible to continuously monitor shares. But if I switch it off, the price of a share might rise or fall. I plan to start investing but first, someone needs to tell me how the shares are behaving.
Have you checked how much money has accumulated in your PF?
No, I have never thought of checking it before. These details are on the monthly pay slip. I can total the amount across my pay slips but I don’t need money at present, so let it grow. Someday, I will go and check how much has accumulated.
Have you invested in any Chit Fund?
I was thinking about investing in Chit Funds because companies like Saradha and Rose Valley had done a lot of advertising in Kolkata. They guaranteed a double return if I deposited ₹500–1000 every month for 10 years. I felt that was odd — how can they give this return if a bank cannot? Then the problems with those Chit Funds hit the news, those companies shut down and those who put their money into it are sitting on the footpath now.

Insurances

Protim has two 20-year term life insurance policies with LIC. The quarterly premiums are auto-debited from his SBI account.
He hasn’t felt the need to get health insurance because his employer provided him with Employee State Insurance which is accepted in most hospitals. It also covers his parents. The monthly premiums are auto-deducted from his salary.
Protim bought Bajaj Allianz’s 10-year vehicle insurance for his 2-wheeler from the showroom.

Why did you take these LIC policies?
The plans will mature in 20 years. People in Kolkata aspire to ‘double’ their money but I will just take the money and deposit it in the post office which will give me a return that I can use every month. I pray to God that LIC doesn’t become a private company because it might affect the returns I get when my policies mature.
Did anyone recommend the LIC policy to you? How did you decide on auto-deductions?
There is an agent in our neighbourhood who said banks only give a basic rate of return but LIC will get you a lump-sum amount when the policy matures. You can use it to start a business, cover emergency health expenses or invest elsewhere and double it. He first convinced me to invest in one Life Insurance policy, then another one after 2 months. He came home and helped me make both the policies. He only suggested that I activate auto-debit but I have had problems with ECS auto-debits. There was some problem with my KYC and 2 months later, I noticed that the last 2 ECSs hadn’t been cut. The agent took new Aadhar and PAN card copies and an additional ₹925 to restart my policies.

Technology

Protim has 2 mobile numbers and uses a wide variety of social media and communication apps.
He uses Whatsapp for voice calls and recordings, video calls and work and usually texts in English.
Protim stopped using PayTM after a bad experience. He now uses Google Pay and plans to use the BHIM app too.
He has hidden his ‘last seen’ on Whatsapp and locked his profile on Facebook. He doesn’t use Facebook to log in to other apps, including Instagram because he thinks his account might get hacked.

Why did you deactivate ‘last seen’ on Whatsapp?
Because it’s okay if they see whether I have seen the message or not, but there is no reason for anybody to see when I have been online.
Do you review the terms and conditions of apps you use? Have you ever denied them access to your camera, contacts or location?
I read privacy policies to ensure that they don’t get any more information than required. I tried denying Google Maps access to my location, but the app did not open after that. They only let you use the app when you give permission.

Data Sharing and Privacy

Protim prefers taking a personal loan from a government bank or a private bank.
He would be open to taking it from a private company if he has trouble securing the loan from banks and there is an urgent requirement.
Protim would not like to take a loan from an app.

We asked the participant what kind of data they would be interested in sharing across the different types of loan providers to borrow a personal loan.

Protim feels it is a must to share personal, KYC, financial and investment details to get a loan.
His opinion on openly sharing data are in contrast with his careful use of social media and communication apps.

If you could share your social media profile while applying for a loan, would you?
No. If I am unable to repay the loan and they put out this information , everyone including my friends in America will think I am fake or a cheat without knowing what the reason is.

To further cross their statements we asked the participants to choose from two different types of loans based on their varying data requirements and captured their thoughts.

Given a choice, Protim will be very selective of the information he shares with the lender. He is willing to share his Driver’s Licence and Voter ID but not his Aadhar, social media profile or prolonged bank statements.

He is not willing to share his data with third parties, even if he is given their details.

Because our PM says ‘one country, one Aadhaar’ — all my bank transactions, PAN card and Driving License are linked to my Aadhaar. If there is a problem when I take the loan, I might lose money from my account. Even if I close this account and open another one elsewhere, it will be traceable. I am ready to pay a higher rate of interest to get a choice of what ID I want to share.

Why don’t you want to share your bank statement for a prolonged period?
If I get some additional money from somewhere, I will put it in the bank. If the lenders see it, they might want me to make the repayment faster. There will always be that apprehension in the mind.

Goals and aspirations

Protim’s dreams of owning or being the Managing Director of a company and having people working for him.

Do you have any short term goals in the next 2–3 years that require financial planning?
I want to take another LIC policy and increase my monthly RD deposits by ₹500. I also want to continue my FDs instead of breaking them for expenses. I am also open to invest in the Share Market and Mutual Funds if I come across a good offer.
Do you have any long term goals in the next 10–15 years that require financial planning?
Before I started working, LIC had offered a policy to invested 1 lakh at once and get back 5–8 lakhs after 10 years. If I had money in hand at that time, I would have probably gone for it. If there are any such policies in the future, I would certainly invest in them after verifying the details.

Credits

Interview and transcribed by Soumitro Datta
Analysed and written by Dhriti Agarwal
Visualised and edited by Prajna Nayak and Dharmesh Ba

Future of Data Sharing:

‘Future of Data Sharing’ aims at designing a playbook for consented sharing to enable financial services in India. The objective of this research is to develop a design toolkit with the upcoming public infrastructure Account Aggregators as the main theme in focus. The toolkit will host resources and assets around designing better user experiences for data sharing and data portability.

Future of Data Sharing is sponsored by Facebook and executed in collaboration with D91 Labs, DICE, Parallel Labs, TTC Labs and Sahamati.

Future of Data Sharing by D91 Labs is licensed under CC BY-SA 4.0

About TTC Labs:

TTC Labs is a cross-industry effort to create innovative design solutions that put people in control of their privacy. Initiated and supported by Facebook, and built on collaboration, the movement has grown to include hundreds of organisations, including major global businesses, startups, civic organisations and academic institutions.

Look up our Research Series

About the Research

This documentation is a result of the in-person interview, along with the participants’ consent. The interviews might be conducted in their native languages and translated to English in the best possible way to reach a large audience.

Disclaimer: The identities of people and places in this documentation have been changed to honour the privacy of the participants.

About D91 Labs

This research was executed and documented by D91 labs. D91 labs is an open-source initiative by setu.co to help Bharat build great fintech products. We organise and publish user research, insights, and frameworks for fintech in India. Please follow us on medium for more exciting stories and insights on Bharat.

Psst! We are looking for collaborators and contributors to D91 labs. If you are interested, please drop your details here, and we will reach out to you.