CRIF has been keeping a finger firmly on the financial pulse to explore how consumers are engaging with their banks and financial providers.
'Banking on Banks Report 2024: Trust and Data' reveals how 7,000 consumers across Italy, Germany, France, the UK, Austria, and the USA approach data sharing and the role of financial providers in building trust.
Key themes include concerns in data sharing including a general lack of trust, particularly due to rising fears of online fraud, which makes consumers hesitant to share their financial data.
Generational and regional differences also play a role, with younger individuals and Americans being more open to data sharing, as they better understand its benefits in accessing suitable products and services.
To address these issues, financial institutions need to improve communication about the advantages of data sharing to build consumer confidence and offer relevant products.
Less than half (47%) of UK consumers trust their provider to use their data effectively to give them the most relevant products and services
The figure is higher in Italy (71%) and the US (69%), whilst younger people have more confidence that financial institutions will use their data to provide relevant products and services (62% of 18-24 year-olds).
It seems that providers still have much to do to put in place internal processes and security measures to instil genuine confidence amongst their customers when it comes to handling data appropriately.
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