Trust, data & privacy
Consumers are protective of their data
There is Trust….
Consumers, in general, trust their banks to safeguard their data and to respond effectively when it is fraudulently used.
trust the bank to keep their data safe, with the Germans topping the list at 65% and Spain & Ukraine on the bottom with 55%.
believe their banks are doing a sufficient job in protecting them with Germany at 72%. Particular the younger generations have the highest
More than a quarter (26%) of respondents have experienced a fraudulent transaction or security breach in the last year. The younger generation have experienced more fraudulent transactions.
Of those having experienced such a breach, 59% rated the provider’s response Excellent to Good and 65% believe their provider did enough to protect them
Reducing fraud makes complex onboarding acceptable
Experienced fraudulent transaction
agree that reducing fraud is an acceptable reason for a more complex financial application with the older generation being more accepting than the younger
But also concerns….
Financial service providers are attentive to the importance of data privacy and have worked earnestly to safeguard their customer’s data. But there remains fundamental concerns from a large portion of consumers about the security of their data and the amount of data they have to share with an institution when completing an application.
are concerned about the amount of data they share with the bank when completing an application.
Acceptance of anonymous data sharing
Concerned with sharing data
are happy with the bank sharing limited anonymous data
21% abandoned because they had to provide too much personal information
21% do not trust their financial service providers from keeping their data safe from breaches
Financial service providers cannot easily get around this problem. Digital identity is a part of the solution, but the bigger issue is likely educational. Consumers need to know why financial service providers need information to meet anti-money laundering and anti-terrorism regulations . Education is necessary to retain trust.