Survey: Majority of Fintech Users Want Control Over Third Party Access to Financial Data

Two surveys of the American public conducted this year confirm what many have known for a while now: people care about privacy. The surveys released recently by Pew Research Center and The Clearing House polled on Facebook and Fintech apps (respectively) contained some data that we thought we would highlight for privacy professionals building the case for greater spending on protections within their organization or clients.

The Fintech survey conducted by The Clearing House was especially interesting because it demonstrated that the majority of Americans want control over data sharing and they prefer that control to be either through a permissions dashboard or in-app mechanism rather than speaking to a customer service representative. Clarip offers its enterprise clients a consent management platform that enables them to capture granular permissions on data sharing.

The survey of 2,000 U.S. banking customers in Q1 2018 found:

– 51% would like to provide explicit consent to every third party that seeks to access their data

– 56% using fintech said they would like to determine which of their financial accounts and data types can be accessed by a third party.

Overall, the percentage of people that cared about their privacy in the context of their financial information was high:

– 89% overall said they are concerned about data privacy and data sharing, with 99% of fintech users at least somewhat concerned about the issue.

However, users of fintech apps don’t necessarily have a complete understanding of the privacy practices of the mobile applications that they are using:

– 47% of fintech users were less likely to use a fintech app after being told that many gain consent to use data for purposes other than operating the app.

Consumers want a dashboard mechanism for exercising control over third-party data access to their financial information:

– 50% of consumers would like to have a permissions dashboard that they can access through their bank.

– 47% would like to have a dashboard within their fintech app.

– Only 29% want to speak to a customer service representative at their bank.

The IAPP survey on the state of privacy technology released a few months ago indicated that consent management was not as popular as data mapping and other privacy technology on the list of corporate priorities at many organizations. However, with results like those from this survey, organizations may need to move it up the list quickly based on consumer demand.

Users are simply not going to tolerate poor privacy practices for too much longer. The Pew Research Center survey on Facebook contained two stats that demonstrate that the Cambridge Analytica scandal has caused privacy to resonate among users:

– 74% of US adults who use Facebook have either adjusted their privacy settings, taken a break from checking for several weeks, or deleted the app from their phone.

– 44% of users ages 18 to 29 say they have deleted the Facebook app from their phone in the past year.

After Facebook released its first quarter results following the Cambridge Analytica scandal, many people concluded that users don’t care about privacy. As you can see, the survey results paint a much different picture from the national sample of 3,413 American adults taken between May 29th and June 11, 2018.

More from Clarip

Get our comprehensive white paper on the California Consumer Privacy Act of 2018.

Improve Data Privacy for GDPR or CCPA with Clarip

The Clarip team and enterprise privacy management software are ready to meet your compliance automation challenges. Click here to contact us (return messages within 24 hours) or call 1-888-252-5653 to schedule a demo or speak to a member of the Clarip team.

If compliance with the California Consumer Privacy Act is your focus until 2020, ask us about our CCPA software. Handle automation of data subject access requests with our DSAR Portal, or provide the right to opt out of the sale of personal information with the consent management software.

Need to improve your GDPR compliance solution? Clarip offers modular GDPR software that can fill in gaps in your privacy program. Choose from the data mapping software for an automated solution to understanding your data collection and sharing, conduct privacy risk assessments with DPIA software, or choose the cookie consent manager for ePrivacy.

Click here to contact us (return messages within 24 hours) or call 1-888-252-5653 to schedule a demo and speak to a member of the Clarip team.

Other Blog Posts with Survey Data:

Survey: Half of UK Small Business Owners Confused by GDPR
IAPP Survey on Data Mapping, DPIAs, ROPAs & DSARs after GDPR
KPMG Survey: Consumers Expect Businesses Will Protect Their Data Privacy
Poll: Data Privacy Top Issue for Companies
Harris Poll Finds Less than Half Trust Big Tech with Personal Data
Survey: 88% of Irish Businesses Optimistic About GDPR Compliance
Forrester Study: Customer Privacy is a Competitive Differentiator for 75% of Businesses
Privacy Survey Details Jump in Data Mapping, Privacy Audits
Survey: Data Privacy Top Concern for Potential Customers and Business Partners
Survey: Only 35% of Companies Can Show GDPR Compliance
Survey: Majority of UK Consumers will Exercise Data Subject Access Rights in Next Year