More Indians trust banks with their personal data than US, UK and Australia: Report

According to the survey data, 68 per cent Indians surveyed said that they trust their banks with personal data.

Data privacy has been questioned many times and it has been noted that many people have been reluctant to give out their personal details. In such times, it was found that more Indians trust their banks while handing out their personal data. The confidence among Indians with banks having their personal data is more than people in nations like the US, UK and Australia, said MoneyTransfers, taking in account data provided by YouGov. The survey was conducted across counties to establish which countries have the most and least trusted banking services.

According to the survey data, 68 per cent Indians surveyed said that they trust their banks with personal data. Similar response (68 per cent) was received from Germany too where people trusted banks. Both countries were placed on the third rank in comparison to other countries as “they believe banks and financial service providers are competent and ethical in their management of personal data.”

The trust factor was found to be higher than in countries like Australia and the US, UK where 57 per cent, 45 per cent and 59 per cent people, respectively, had faith in their banks when it comes to providing personal data.

It is to note that Poland was the top country where 85 per cent of the people have put their trust in banks and financial service providers with their personal data. This was followed by Indonesia, where 70 per cent of people were confident that banks and financial service providers can diligently handle their personal data. Other countries surveyed included China, France, Denmark, Italy, Spain, Sweden, Mexico, United Arab Emirates, Hong Kong and Singapore.

While conducting the survey, people were simply asked if they trust banks and financial service providers with their personal data. More than 2,250 individuals from each country were given the survey questions and asked about their trust in banking services.