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Monday 23 July 2018

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Financial sector ‘most trusted with personal data’

Written by Michelle Stevens
06/03/2018

Banks and credit card providers are the most trusted holders of personal data, according to a new consumer survey.

The financial sector out-ranked social media networks and tech firms such as Amazon in the poll of 2,000 Britons, conducted by ComRes Global on behalf of ForgeRock.

The research found that 82 per cent of consumers trusted banks and credit card companies to store and use their personal data responsibly, compared to 63 per cent who said the same of social platforms.

In terms of who gave users the most control over their data, Amazon topped the survey with 60 per cent, followed by banks and credit card companies (58 per cent), and mobile phone operators (51 per cent).

However, given the new era of Open Banking, only a third of respondents said they would be happy to share their data in order to get a more personalised service, and just over half (53 per cent) reported that they would not be comfortable for their personal information to be shared with a third party under any circumstances.

Six in ten consumers would stop using a company’s services completely if it shared data without their permission. Although only a third of respondents knew how to remove personal data that they had shared online.

“Our survey suggests that British consumers are concerned about how much of their digital identities have been shared online, and how that information might be used by businesses. Given a choice, the majority would prefer to share less,” said Eve Maler, vice president of innovation and emerging technology in ForgeRock's office of the CTO.

“This should be a concern for businesses, since many brands rely on data from consumers to drive revenues and inform business decisions. Organisations need to take notice of these concerns and focus on building trust and brand loyalty by giving consumers greater visibility and control over how their data is being collected, managed and shared.”



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