A Bank for International Settlements (BIS) survey has found US citizens trust banks more than FinTechs, government agencies and Big Data to protect their personal data.
The survey included around 1300 people who were asked to give three groups a score of between a low score of one and a high score of seven on the topic of how well they believed they safeguarded data.
Big Tech – which included businesses such as Apple, Amazon, Facebook and Google – received a median score of two, with three-quarters of those surveyed giving a score of between one and three.
Meanwhile, government agencies and FinTechs were given a median rating of four. Banks scored a median value of five, with a quarter of respondents giving financial institutions at least a four and 25% giving them six or higher.
The survey also identified differences amongst demographic groups. Racial minorities were found to have less trust in financial institutions, while younger individuals were discovered to have more trust in FinTechs. Additionally, female, younger and minority cohorts were more concerned with the risks of data sharing on their personal safety.
A quarter of survey respondents stated that Covid-19 had made them less open to sharing data, with nearly half claiming they became less willing to share with Big Tech companies, due to identity theft and data abuse concerns.
The BIS commented that the move online during the pandemic may ‘impose disproportionate harms on some groups, which may lead to differences in digital adoption’.
The paper concluded, “Understanding and addressing these concerns through sensible regulation is essential if digital technologies are to be used in a safe and inclusive way for all in society.”
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