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Survey: US adults count safety of financial data as top concern

The greater their household income and education level, the more concerned consumers are likely to be about privacy, says a report by Computer Services Inc.

October 30, 2015

According to a new survey from Computer Services Inc., a provider of end-to-end financial technology solutions, 80 percent of consumers cite their bank's ability to ensure the safety of their financial information as their greatest concern.

"The survey results indicate that even 'digital natives' who commonly share their information freely are becoming increasingly aware of and focused on the protection of their own financial data," said George McGourty, president of financial services at CSI. "Because consumers are more in tune with the importance of data security than ever before, financial institutions must actively strive to provide customers with peace of mind through advanced security capabilities and protocols."

Conducted on behalf of CSI by Harris Poll, the survey ran online from Aug. 7–11 and garnered responses from nearly 2,100 U.S. adults.

The survey revealed that consumers' concern about protecting financial data increases with both income and education. Of adults with household incomes of $100,000 or more, 84 percent said that the security of their financial information was the greatest concern with regard to their bank, as did 85 percent of college-degreed respondents.

According to CSI, banks and credit unions have a number of options at their disposal to protect themselves and their customers from falling victim to potential attacks — and to prevent customer turnover should an attack occur.

The company said that financial institutions are best served by a two-pronged approach:

• proactively protect against evolving security threats; and
• develop a plan of action for response in case a security breach should occur.

A detailed report of the survey's findings is available for download from the CSI website.