Retail Banking Security: Consumer Behavior in Focus

Written by Jonathan Mervis | May 29, 2023 9:25:00 AM

Although many recent innovations in banking emphasize convenience, data from PYMNTS.com reveals that retail banking consumers would willingly trade convenience for more robust security measures. Even when those measures add steps to a transaction.

This playbook, ‘Retail Banking Security: Consumer Behavior in Focus’ examines consumers’ data security concerns when transacting online, preferences for convenience versus security, and willingness to share personal information with FIs to bolster online transaction security.

Key insights:

53% of Millennials and 49% of Gen Z consumers would allow their FIs to share personal and financial data with service providers to boost security.
66% of Millennials, and 52% of Gen Z consumers prioritize security over convenience when banking online.
69% of retail banking consumers fear their personal and financial data is vulnerable to digital security threats.

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