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