The report is based on an online survey of 4,013 bank customers in North America. About 70% of respondents were based in the US and the remaining 30% were based in Canada.
Despite 23% of respondents reporting financial data hacks, consumers are still willing to share their data in order to receive better service from their bank. About 63% of respondents are willing to give their bank direct access to personal information.
Respondents give access to information such as mortgage, credit card and student loan data in order to let their bank use it to present them with suitable products and services. Respondents want banks to use the information to provide them with lower prices, faster service, such as rapid loan approval, more relevant advice and personalized offers based on location.
The experts in cybersecurity say that this is a riding problem. In fact, the National Association of Federal Credit Unions urged congress to pass legislation that would require stricter standards for retailers in the fight against hacking.
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