A new report by Accenture reveals that customers in North America overwhelmingly trust their banks over other institutions to manage their personal data securely.
The report titled ‘Banking Shaped by the Customer" was based on a survey of over 4,004 retail bank customers in the US and Canada, which found that 79% consumers define their banking relationship as transactional or commoditised in contrast to advice-driven or offering high-margin products and services.
According to them, their relationship with their bank is defined by simple transactions such as paying bills and receiving statements pertaining to checking-account.
When the respondents were asked about the type of company they trust, 86% of them selected banks and financial institutions.
Payment companies were selected by 7% of the respondents, while 2% voted for mobile phone providers and 2% for consumer technology companies.
The survey highlighted only 1% of consumers saying that they trust social media providers to manage their data.
Accenture North America Banking practice senior managing director Dave Edmondson said: "Despite the many threats that banks face, they still possess competitive advantages that are critical in today’s digital world.
"At the same time, our report highlights several trends that are causing significant challenges for banks and should serve as a call to action for them to focus more on improving customer perceptions and gaps in their digital offerings."
During the survey, 70% of consumers said they went to other sources to purchase auto loans, 61% selected brokerage accounts, 53% opted for registered retirement accounts, 52%voted for financial advice and 52% for home mortgage loans.
In the survey, about 70% of the respondents (2,803) were in the US and 30% (1,201) were in Canada.