Banking app users want more control over their personal data

Nearly one-third of US banking customers use online and mobile apps to help manage their money, according to a new survey from banking association and payments company, The Clearing House. Yet, a majority of consumers are concerned about data privacy and want more control over the financial data their apps can access.

Among banking consumers who use apps:

  • Two-thirds said they are very or extremely concerned about data privacy when using these apps.
  • About half are uncomfortable sharing payment and financial information with the apps.
  • Nearly a quarter report that they would not use an app that stores their bank account credentials, though that is what many banking apps do.
  • Fewer than two in five think the banking apps that they use sell their data to third parties or use it to generate user insights.
  • 56% would like to control which of their financial accounts and data types can be accessed by any third party.

As consumers are increasingly using fintech apps, we need to make sure their financial information is being accessed safely. Banks and fintechs need to work together to develop more secure methods for consumer-controlled data sharing.

Dave Fortney, EVP, product development and management, at The Clearing House