Banking Day

Banks shred cred on privacy

14 May 2019 7:17am

Financial services firms have seen “the biggest loss in trust in privacy, analysis by Deloitte has found.

In an echo of the broader trust crisis revealed in a number of recent studies, financial has dropped from second place in 2018, and first in 2016 and 2017 to ninth, Deloitte’s Privacy Index 2019 concludes.

This is not a finding that banks and others are now DIStrusted.

“Financial services has seen the biggest loss in trust in privacy, but is still in positive territory, meaning more consumers trust than distrust financial services brands with their personal information.”?
Technology brands were the most trusted brands for privacy in this year’s report, followed by real estate, energy and utilities.

On the upside, the report found the financial sector was the best performing industry, on one criteria in the study, with 94 per cent of finance apps providing a privacy policy.

For this edition of the Deloitte Privacy Index the firm “investigated the publicly available privacy policies of Australia’s top 100 consumer brands that have a consumer facing
mobile app.

Roy Morgan Research Ltd conducted the consumer survey on behalf of Deloitte.

Article by: Banking Day staff

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