Banking Sector Tops Consumer Digital Trust, Finds Thales

Business Wire India
 

• 2024 Thales Digital Trust Index reveals that banking, healthcare and government services are the most trusted sectors when it comes to sharing personal data
• Media & entertainment, social media and logistics companies are languishing at the bottom of the industry rankings
• Over a quarter (26%) of consumers have abandoned a brand in the past 12 months due to privacy concerns

which reveals that the banking sector is most trusted when it comes to protecting personal data and delivering trusted digital experiences. Thales surveyed 12,426 consumers globally about their relationship with online brands and services, what privacy expectations they demand, and how brands can earn their trust.

 

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Commenting on the findings, Danny de Vreeze, Vice President, Identity and Access Management at Thales said: “Consumers place more trust in banking, healthcare and government services when it comes to sharing their personal data – a universal trend we’ve seen across all the markets surveyed. This is perhaps unsurprising when considering how highly regulated these industries are, the types of information they are responsible for handling, and the measures they have put in place to keep consumer data secure.

 

“While businesses are subject to international data privacy laws no matter the sector, those further down the rankings have been subjected to fewer directives directly addressing both data security and privacy. As more businesses grow their digital presence, there are lessons to be learnt for non-regulated industries too, as consumer preferences are evolving.”

 

Climbing the Digital Trust Index

 

The research revealed that the vast majority of customers (89%) are willing to share their data with organizations, but that does come with some non-negotiable caveats.

 

More than four in five (87%) expect some level of privacy rights from the companies they interact with online. The biggest expectation is the right to be informed that their personal data is being collected (55%), closely followed by the right to have their personal data erased (53%). Other privacy rights identified by the report include:

 

• 39% expect the right to correct their personal data
• 33% expect the right to request a copy of their personal data
• 26% expect the right to move data from one platform to another

The findings reinforce that the right to privacy and security is non-negotiable. Over a quarter of consumers (29%) have gone so far as to abandon a brand in the past 12 months because it demanded too much personal information. Over a quarter (26%) also abandoned a brand or service because of concerns about how their personal data was being used.

 

Security and Experience Equals Trust

 

In addition to demands for privacy, the research highlights that organizations must also deliver a seamless online experience to earn the trust of their customers.

 

Advertising pop-ups were called out as their number one frustration (71%), closely followed by password re-sets (64%) and having to re-enter personal information (64%). Complex cookie options were also named as a top frustration by 59% of those surveyed.

 

On top of this, the research found that today’s consumers are increasingly time-conscious, with over a fifth (22%) stating they would give up on an online interaction within a minute if they’re having a frustrating experience.

 

“There is no longer an either/or – customers want both security and seamless interactions. This challenges businesses to introduce the necessary friction to online interactions for security and privacy purposes, however it cannot be too much that it creates a bad user experience. Thankfully, cornerstones of modern Customer Identity Access Management, such as Progressive Profiling, Bring Your Own Identity, Consent & Preference Management and Risk-Based Authentication, can all help readdress this balance. The relationship between trust and user experience is the foundation of successful online interactions. The imperative is clear: organizations must uphold an unwavering commitment to both data security and user experience to build a future where trust enables digital interactions,” Danny concluded.

 

About the Research

 

The research was conducted by Censuswide in collaboration with The Red Consultancy on behalf of Thales. The research surveyed 12,426 adults across Australia, Brazil, Canada, France, Germany, Japan, Singapore, South Africa, the Netherlands (NL), the United Arab Emirates (UAE), the United Kingdom (UK), the United States of America (USA). Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles.

 

About Thales

Thales (Euronext Paris: HO) is a global leader in advanced technologies within three domains: Defence & Security, Aeronautics & Space, and Digital Identity & Security. It develops products and solutions that help make the world safer, greener and more inclusive.

The Group invests close to €4 billion a year in Research & Development, particularly in key areas such as quantum technologies, Edge computing, 6G and cybersecurity.

Thales has 77,000 employees¹ in 68 countries. In 2022, the Group generated sales of €17.6 billion.

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¹ Excluding the Transport business, which is currently being divested

 

 

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