FILIPINOS GENERALLY trust banks with their personal data but security remains their top concern for financial firms, according to a recent report by Unisys.
In its 2019 Asia Pacific Banking Insights study, the American technology company said Philippine clients mostly trust lenders with their personal information. In particular, 42% of respondents said they trust banks, double the 21% who said they are comfortable with sharing their data with the government.
“Philippine banks currently enjoy a high level of trust from their customers based on their ability to protect the sensitive personal data in their care,” Ian Selbie, industry director for financial Services for Unisys Asia Pacific, was quoted as saying in a statement.
Nine percent said they trust international card networks, while those who said they trust telecommunications firms and e-commerce shops stood at three percent each. Meanwhile, around 14% of respondents said they do not trust any of these institutions.
The online survey covered 5,000 consumers across the Philippines, Taiwan, Hong Kong, Australia and New Zealand about their concerns in using banking services.
Filipinos’ trust in banks is the highest compared to other nations, with New Zealand following with 41%. Hong Kong residents trust their government the most, while a big chunk of Australians and Taiwanese said they trust no one.
The report also noted that the main concern of Filipino depositors is their bank’s focus on data security, followed by fast and efficient service.
Meanwhile, half of local clients said they are “very comfortable” about using voice, face or fingerprint scan to verify their identity while using mobile banking applications, versus the 13% who said they are not comfortable.
Of those who are not confident with using biometrics, 58% said such data may still be stolen but are irreplaceable.
The Unisys Security Index also revealed that 88% of local clients fear identity theft the most, referring to the use of their stolen data to access their accounts. Some 87% of respondents signalled wariness about the impact of natural disasters, while 86% said they are afraid of card fraud.
On bank services, Filipino customers said they are annoyed the most by long lines in bank branches, followed by the repetitive nature of bank transactions across platforms or touch points. — Melissa Luz T. Lopez