The Future of Payments

www.atkearney.com Banks, Regulators, and Digital Giants: Who Has the Consumer’s Trust? The key question is whether banks can find ways to operationalize their trust advantage and address consumers’ data privacy concerns and needs. Where is consumer data privacy on your strategic agenda? To learn more about the consumer data privacy marketplace and opportunities to help your customers manage data privacy, email insight@atkearney.com or visit www.atkearney.com/financial-services . As retailers, banks, and other financial institutions grapple with the consequences of protecting customers’ private information, the question of who should be responsible for data privacy and security is more important than ever. Recent A.T. Kearney research finds that Americans are divided about how their data should be used and whether digital providers’ use of that data is an invasion of privacy. Furthermore, many Americans lack confidence in US data privacy and security regulations. Yet through it all, banks remain in a position of trust when it comes to personal data, especially in comparison to digital service providers. Consumer views on parties responsible for protecting data privacy and security who selected each option as an institution that should exercise leadership in addressing concerns related to data privacy and security among banked consumers Question: If actions were required to protect your interest as it relates to data privacy and security, which of the following institutions would you look to, to exercise leadership to address any concerns on the topic you may have? Select all that apply. Source: A.T. Kearney Qƒ „…†‡ Consumer Digital Behavior Study (N=‡,…‘ƒ) Consumers look ƒirst to banks to exercise leadership in addressing data privacy and security concerns. Banks …†% Regulatory agencies ˆ‰% Government/ Congress Retailers Digital service providers (e.g., Twitter, Facebook, Instagram) Š‹% Œˆ% Ž‹%