Report: Banks Are Most Trusted to Safeguard Data

​Banks are the institutions customers trust most to safeguard their personal data, according to a report yesterday​ from Accenture that also saw banks’ relationships with their customers becoming less branch-dependent and more transactional.

Eighty-six percent trust their bank “over all other institutions” when it comes to data security. Seven percent said they trusted payments providers most, and one or two percent each said they most trusted mobile phone companies, online retailers, technology companies, social media networks and broadband providers.

The report also found that customers are becoming less dependent on their local bank branch. Only 19 percent said they would switch to a different bank if their local branch closed. Forty-three percent said they would use a different branch; 16 percent said they would primarily switch to other channels of their primary bank, such as ATMs and online banking; and 11 percent said they do not use a branch at their primary bank.

However, as customers become less invested in the branch user experience, they are increasingly relying on their bank for transactional purposes such as paying bills and managing cashflow, compared to “relationship-driven” services such as financial advising, personal loans and brokerage. Nearly eight in 10 reported that their bank relationship is defined by transactional activities, up eight points from 2014 to 2015.