Bank Account Credentials and Third Party Applications | PYMNTS.com

Although digital payment methods are now commonly used to purchase goods and services, some consumers concerned with protecting their bank accounts and personal information may resist using third-party apps connected to their bank accounts.

In fact, 24% of consumers say they are “slightly” or “not at all” comfortable sharing their bank account credentials with third parties, according to Convenience Versus Security, a PYMNTS and MX collaboration that surveyed 2 368 consumers.

Of these cautious consumers, 60% fear theft of their money, 57% do not wish to provide their account credentials to so many providers, 51% do not think the connections are secure and 45% do not trust the third party for whom they connect.

Those consumers who are uncomfortable or uncomfortable sharing their bank details are more likely than other consumers to expect multiple features when connecting checking or savings accounts to financial apps. Of these cautious consumers, 67% expect safety, 61% trust, and 52% trustworthiness. In contrast, among other consumers – those who are somewhat or very or extremely comfortable sharing their bank account credentials – less than half expect these features.

These expectations also vary from generation to generation. In addition to expecting banking apps to be safe and trustworthy, consumers also expect the apps they use to be trustworthy. Of all consumers with third-party apps connected to their bank accounts, 52% say they expect these apps to be trustworthy, 48% want to receive notifications when there is activity in the app, 45% say apps should allow them to track transactions and 43% say apps should provide fast service.

All age groups rate these issues high, but baby boomers and seniors rate each of them the highest. Among baby boomers and seniors, 61% say reliability and notifications are important, 54% want the ability to track transactions, and 48% see speed as an important factor.

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NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

On: It’s almost time for the holiday shopping season, and nearly 90% of American consumers plan to do at least some of their purchases online, up 13% from 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers to find out more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.


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