A survey of bank customers in multiple countries found that most trust their main bank to keep their personal data secure but don’t always extend that trust to other institutions, such as nonbanks.
The survey by professional services firm Accenture found that 81% of bank customers in the U.S. and 16 other countries trust their banks to keep their data secure. That figure dropped to 58% for other traditional banks and 45% for other digital banks. Customers placed less trust in other institutions, with 44% of respondents saying they trusted technology companies to secure their data and 45% saying they trusted other financial services providers.
The survey also found that a single data breach can erode customer confidence in an institution. Sixty-two percent of respondents said they would lose confidence in their bank after a breach, with 43% saying they would stop engaging with the institution.
