Data Privacy and Security 2021: Fear, malaise, and eroding trust
Data Privacy and Security 2021: Fear, malaise, and eroding trust
Report Summary
The ongoing digital transformation of the financial services industry has made it faster and more convenient than ever for people to manage their money. However, those same innovations have introduced new concerns around how organizations protect customers’ private financial data. Widespread adoption of these fintech tools comes hand-in-hand with an increased risk of fraud and identity theft.
This study from Arizent — the parent company of American Banker, PaymentsSource, National Mortgage News, Digital Insurance, and Financial Planning — uncovers troubling mismatches between consumer attitudes toward data privacy and the data policies of many financial institutions.
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- Roughly one-half of U.S. adults do not widely trust most financial services providers to protect their personal data or financial information.
- Despite a fairly low incidence of data breaches, the potential of these incidents to drive customers away is high.
- Yet few consumers are actively educating themselves about companies’ data privacy policies or taking personal measures to protect themselves.
- Most business leaders believe that their data privacy strategies are a competitive advantage and describe their organization’s data privacy strategy as a centerpiece for driving customer trust. Yet few consumers say they are willing to share personal information with financial services providers for the promise of a better customer experience, access to lower costs, new products and services, or for personalized offers and communications.
of business leaders say consumer behavior is a top data privacy risk
of U.S. adults do not trust most providers to protect their personal data or financial information
of customers say they will leave in the event of a data breach
