Majority of Consumers Are Comfortable Sharing Personal Data with Their Bank
Even as the financial sector incorporates Big Data into regular operations, it is essential that banks and other institutions keep communication channels open with their customers. According to recent research, consumers are willing to trust their banks, which is why those businesses must have strong data security plans in place.
According to a study by Infosys, of 5,000 individuals surveyed, 89 percent said that they are comfortable sharing personal data with their bank. Furthermore, 87 percent of respondents said they expect that their chosen financial institution will mine data in order to protect them from criminals.
Narayan Sivaram, a global client partner at Infosys, told the news source that communication is key in this scenario. Banks need to be clear with customers about what they plan to do with their information once they gather it. Consumers are going to be more willing to share information to protect their accounts and data as opposed to giving personal data for other reasons, he said.
Additionally, Sivaram explained that customers expect their bank to be proactive and communicative with them, especially through alerts and emails. Financial institutions must be clear in seemingly invasive techniques, even if it is to create a more customized experience for the consumer.
“For banks to share information with other organizations without customers having a say would leave them vulnerable to consumers’ expectation on data security,” he said.
When financial institutions have comprehensive fraud protection software, paired with the necessary data aggregation software, they can ensure that customer data remains safe. Even as Big Data becomes more common, banks can still keep sensitive information safe and create a customized experience for all clients.