The Story: According to research from Capgemini featured in Business Insider, a vast majority of banking customers are willing to share their personal data with their bank. Among the 86% who approve of data-sharing, 36% specify that they will only give data to their bank with no third-party permissions, and 26% will share data if they know how it is being used.
The Takeaway: Though most customers are not opposed to banks collecting and using their personal data, it’s crucial that FIs disclose to their customers how that data will be used. Customers know — and expect — companies to collect their purchase data to help them and provide relevant products to their needs. An important insight that can be gleaned from this research is the fact that 36% of customers do not trust third parties but DO trust their bank. FIs can use this sentiment to their advantage to continue to build trusting relationships with their customers.
Source: Insider Intelligence, “Transparency Is Vital for Earning Digital Trust,” January, 2022