Consumers overwhelmingly trust FIs with personal data: Accenture

April 29, 2015

NEW YORK (4/29/15)--Consumers trust their financial institutions to safeguard their personal data far more than any other type of organization, according to a recent report from Accenture.

Based on a survey of more than 4,000 customers of retail financial institutions, the "Banking Shaped by the Customer" report found that, when asked which type of company best secured their data, 86% said their financial institutions.

The next most-common response was "payment companies" at 7%.

"Despite the many threats that banks face, they still possess competitive advantages that are critical in today's digital world," said Dave Edmondson, senior managing director for Accenture's North America Banking practice.

CUNA continues to urge Congress to enact legislation that would require merchants to adhere to the same strict data protection standards credit unions and other financial institutions must meet.

Surveys conducted by CUNA in the aftermath of the massive Target and Home Depot breaches found that credit unions suffered nearly $90 million in costs related to those two breaches alone, despite the fact that the breaches occurred at merchants' stores.

Additional findings from the report:

  • Millennials switch their primary financial institution at nearly double the rate of other demographics, at 18% over the last 12 months compared with 10% for consumers ages 35 to 54;
  • More than 80% of consumers said they would not leave their primary financial institution if their institution closed the local branch; and
  • Nearly 80%--a 10% increase from 2014--of consumers consider their relationship with their financial institutions to be transactional, not necessarily for the purpose of having access to financial advice.