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Financial Health Network Report: Financial Data – The Consumer Perspective

Financial Health Network | Jun 24, 2021

Report on Financial data the consumer perspective - Financial Health Network Report:  Financial Data - The Consumer Perspective

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.

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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.

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NCFA Jan 2018 resize - Financial Health Network Report:  Financial Data - The Consumer Perspective The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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