Consumer Increasingly Concerned About Privacy of Banking Apps, Survey Says

Consumer Increasingly Concerned About Privacy of Banking Apps, Survey Says

A new survey by The Clearing House showed that a growing number of Americans are becoming more  concerned about their privacy when using banking apps.

Around two-thirds of the respondents said that they are worried about their privacy when using such apps, while as much as half said that they are uncomfortable using their financial information on the apps. Meanwhile, around 25% said that they would not use an app that stores sensitive banking information, and another 40% think that fintech companies are probably selling their data.

Commenting on the survey insights, VP of product development and management at The Clearing House Dave Fortney says that banks and fintechs need to work together to develop more secure methods of data sharing that gives back control to the consumer.

 

Source: Financial Regulation News

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