Consumers in the UK are still cautious about sharing their personal bank data, despite craving for more innovative services from their banks, according to a report by technology provider NCR.
Around half (47%) of the respondents said they would be comfortable only when their banks collect the bare minimum of data. While overwhelming 91% of the respondents said they want banking services to be innovative and modern.
Demand for customised service was also found to rise, with 49% of respondents interested in banking loyalty programmes in collaboration with retailers, 46% interested in financial advice services that keep track of their spending habits, and 39% open to a service prompting them during important personal events.
The study also revealed growing importance of security for consumers, with 58% of respondents found open to using biometric authentication methods mainly because of their security quotient.
NCR vice president and general manager of self service and branch Joe Gallagher said: “As consumers increasingly look beyond traditional banking services, it is important for banks to reassure consumers that their personal data will be protected and safe. It is vital that consumer data will be used in a way that they are happy with, especially as third-party technology increasingly plays a role in the banking innovations they expect.”