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Bank’s Best Customers Now Willing to Trade Convenience for Security
Fueled by rising digital threats, security stands top of mind for retail banking customers. Nearly 7 in 10 worry about their personal and financial data vulnerability when engaging with online financial services.
PYMNTS’ latest research found that this security concern is prevalent across demographics, particularly among high-income earners and millennials. Consumers are exhibiting a fundamental shift in their preferences: Security now trumps convenience.
These are some of the key findings from “Retail Banking Security: Consumer Behavior in Focus,” a PYMNTS and Entersekt collaboration. This report sheds light on consumers’ worries about data security when transacting online, the balance between convenience and security, and the willingness to share personal information to enhance online transaction security. This report is based on a census-balanced survey of 2,584 United States consumers conducted between Sept. 26, 2022, and Oct. 3, 2022.
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