New Data: 42% of US Consumers Worry About Security of Bank Account Credentials Shared with Third Parties

Banking convenience was once considered stopping at an ATM to grab cash or check the balance in an account. These days, many third-party portals and apps now offer unrivaled connectivity between bank accounts and merchants, redefining banking convenience.

The ubiquity of the internet and powerful, convenient mobile apps have made life much easier for consumers doing everything from ordering a pizza, booking a ride or paying for an airline ticket.

Digital payment methods are now routinely used to purchase goods and services, yet much of today’s complex digital payments and banking ecosystem depends on something that has been the cornerstone of most consumers’ financial lives for centuries: bank accounts. The anytime, anywhere convenience of new technologies and payment methods consumers enjoy relies significantly on their willingness to share their bank account credentials with third parties.

Consumers crave the convenience of the connected economy, but they still want to know that their money is safe. They need to trust that their payments will go off without a hitch the next time they tap their digital wallets.

“Convenience+Security: Key Consumer Findings On Third-Party Financial Aggregation,” a PYMNTS and MX collaboration, examines consumers’ views about granting third-party apps access to their banking credentials. The report’s findings are based on a survey of 2,368 consumers who hold primary checking or savings accounts in the United States. The survey was conducted from Aug. 11 to Aug. 13 and was designed to learn more about consumer sentiment toward granting third-party access to banking credentials.

PYMNTS’ research found that while many consumers accept having their bank account details shared with third parties, some are concerned about protecting their bank accounts and personal information and may resist using third-party apps that connect to their accounts.

Most consumers take advantage of banking portals’ and apps’ convenience and connectivity. These new ways of banking, shopping and paying have become an accepted part of daily life, and consumers have developed a high degree of comfort and familiarity with them. This comfort has been acquired through years of use and still depends on banks’ and third parties’ ability to provide secure connections and protect personal information and financial assets.

Consumers want to trust that their banks are protecting their accounts and personal information. They want to know that any third-party app or financial service connected to their bank accounts and providing payments and related financial services will offer the same level of protection.

To learn more about bank customers and their use of third-party financial apps, download the report.

About the Report

“Convenience+Security: Key Consumer Findings On Third-Party Financial Aggregation,” a PYMNTS and MX collaboration, examines consumer sentiment toward granting third parties access to their banking credentials.