Survey: Can Consumers Trust Banks?

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26th September 2013 13:12 - Financial Services

According to new research from Interxion, a leading European provider of carrier-neutral colocation data centre services; two thirds (68%) of British consumers trust banks to keep their data safe, far more than retailers (15%) and charities (9%).

However, when respondents were asked which sector they thought was the most trustworthy, only one in ten said the financial services, which came third after healthcare (26%) and charity (14%).

Although research suggests that better customer intelligence through big data could deliver £73.8 billion to the UK economy by 2017, organisations still need to get their heads around the changing and sometimes contradictory consumer attitudes to their personal data. A third (31%) of respondents stated that they would be extremely concerned if their bank details were stolen, yet almost four in ten have shared a PIN number with a colleague, friend or family member.

In addition, the survey found that a fifth (17%) of the UK would sell their bank details, passport details or internet passwords for just £5,000. Among respondents, it was the 55+ age group who were most cautious with their data, over nine in ten (96%) were unwilling to sell their passport data, compared with 89% of 18-24 year-olds.

Doug Loewe, UK Managing Director, Interxion said:

“In a world where data is becoming ever more valuable with real time data mining, organisations need to take note of changing consumer attitudes to sharing their personal information… If businesses are to reap the rewards of data then it’s crucial to maintain consumer trust, particularly as data security is an issue that continues to hit the headlines.”

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