Bank account credentials and third-party apps |



Although digital payment methods are routinely used today to purchase goods and services, some consumers, concerned about the protection of their bank accounts and personal information, may opt out of using third-party apps that are linked to their bank accounts.

According to Convenience Versus Security, a collaboration between PYMNTS and MX that surveyed 2,368 consumers, 24% of consumers say they feel “a little” or “not at all” comfortable giving their bank account information to a third party.

Of these cautious consumers, 60% are worried about their money being stolen, 57% do not want to share their account details with so many providers, 51% do not believe the connections are secure and 45% do not trust the third party provider to connect them.

These consumers, who are uncomfortable or uncomfortable with sharing their banking information, are more likely than other consumers to expect multiple functions when they combine checking or savings accounts with financial applications. Of these cautious consumers, 67% expect security, 61% want trust and 52% want reliability. In contrast, fewer than half of other consumers – those who are comfortable, or very or very comfortable with sharing their bank account information – expect these features.

These expectations also vary between generations. Not only do consumers expect banking apps to be safe and trustworthy, they also expect the apps they use to be reliable. Of all consumers with third-party apps connected to their bank accounts, 52% say they expect these apps to be reliable, 48% want notifications when there is activity in the app, 45% say the apps should allow them to track transactions and 43% say the apps should provide fast service.

All age groups rate these topics highly, but baby boomers and seniors each give the highest ratings. Among baby boomers and seniors, 61% say reliability and notifications are important, 54% want the ability to track transactions, and 48% rate speed as an important factor.



Above: It’s almost time for the Christmas shopping season, and nearly 90% of US consumers plan to do at least some of their purchases online – 13% more than in 2020. PYMNTS surveyed more than 3,600 consumers as part of the Holiday Shopping Outlook 2021 to Learn more about what is driving online sales this holiday season and the impact of product availability and personalized rewards on retailer preferences.



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