Study: Fear of data breaches stifling bank innovation

Study: Fear of data breaches stifling bank innovation

Posted March 19, 2020
Study: Fear of data breaches stifling bank innovation

  • One in three banks or insurers don’t have privacy plans in place to safeguard their customers’ data, despite findings suggesting 70 percent of consumers won’t do business with a company they can’t trust to keep their data safe.
  • Part of the problem is firms are more concerned with guarding themselves against the impact of a data breach than realizing any financial benefits of using the data and are more likely to put resources into protecting the customer data they have than use it to tailor specific products and services that might benefit clients.

    Compliance Week – Neil Hodge | March 19, 2020