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Consumer attitudes toward data privacy and security are undergoing rapid change. Already established trends, driven by the ongoing digital transformation of the financial services industry, dramatically accelerated in 2020 thanks to the impact of the worldwide pandemic. The pace of change has introduced new complexities and concerns around how organizations protect customers’ private financial data, as the widespread adoption of fintech tools comes hand-in-hand with an increased risk of fraud and identity theft.
This study from Arizent — parent company of American Banker, PaymentsSource, National Mortgage News, Digital Insurance and Financial Planning — explores consumers’ attitudes.
Key findings include:
- Roughly one-half of U.S. adults do not widely trust most financial services providers to protect their personal data or financial information.
- Yet few consumers are actively educating themselves about companies’ data privacy policies or taking personal measures to protect themselves.
- Most business leaders see a well-executed data privacy strategy as a centerpiece for driving customer trust and transforming the business. However, few consumers are sharing personal information with financial services providers for the promise of a better customer experience, access to lower-cost, new products and services, or for personalized offers and communications.
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