Javelin Strategy & Research’s annual survey of consumers about their attitudes toward privacy and data collection has revealed an interesting, seemingly contradictory tendency: Consumers, while generally much more concerned about the collection of their personal information and data, are not leaving banks and credit unions in search of better privacy assurance policies.
As this report demonstrates, however, continuing inaction can’t be counted on by financial institutions. Javelin believes that a combination of privacy fatigue and privacy calculus—that is, burnout from the steady drumbeat of data breaches and a subsequent adjustment in what information consumers reveal and how it is revealed—is at the root of this inaction. FIs would be well advised to monitor their customers’ attitudes and align their policies accordingly now rather than suffer attrition later.
Key questions discussed in this report:
- How are consumers' concerns around privacy and data collection changing?
- Why are consumers more concerned about privacy but less likely to act on those concerns?
- How are customer loyalty, trust and privacy aligning to create opportunity and future concern for financial services?
Apple Pay, AT&T, Comcast, Facebook, Google Pay, Instagram
Learn More About This Report & Javelin
IoT devices allow more convenient customer and business interactions, but the privacy and security costs can be too high, especially for financial institutions and small businesses...
Corporate belt-tightening and a scary economy for consumers will keep digital banking strategists keenly focused on improving access to digital customer service and building engage...
The identity protection services market in the United States has grown 69% since 2020, yet untapped potential remains. To realize that potential, IDPS providers and financial insti...