While technology-driven financial products, services, and institutions have the potential to benefit consumers, they can also pose new risks due to the increased availability of financial data. To better understand the consumer perspective on the use of financial data, the Financial Health Network fielded a nationally representative survey. The findings in this report describe consumer understanding of practices in the financial data ecosystem, and consumer preferences on how they would like personal data to be treated. These findings can serve as a guide to both industry stakeholders and policymakers as they seek to build trust and ensure that both practice and policy serve consumers.
Data Portability: 62% of consumers think their bank should be required to share data about them if they direct it to.
Data Privacy: Approximately 90% of consumers favor an opt-in standard for banks, tech companies, and fintech apps to share data about them.
Data Minimization: 87% of consumers favor data minimization, but only 41% think it is taking place in the market today.
Consumers’ views on data portability, data minimization, and opt-in standards do not vary with political party affiliation.
Consumer preferences for data portability, data minimization, and opt-in standards are strong across the ideological spectrum and also hold across demographic groups, including age, gender, education, race/ethnicity, and household income.
The data for this report were collected from surveys fielded using NORC at the University of Chicago’s AmeriSpeak® Panel, a randomly selected probability-based internet and phone panel. It includes a general population sample of U.S. adults ages 18 and older, and the survey was limited to those within the panel who have a personal checking account with a bank or credit union.