24% of Consumers Are Uncomfortable Sharing Bank Account Credentials With Third-Party Apps

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

Among these cautious consumers, 60% are worried about theft of their money, 57% do not want to provide their account credentials to so many providers, 51% do not believe that the connections are secure and 45% do not trust the third party to which they are connecting.

These consumers who are slightly or not at all comfortable when it comes to sharing their bank about details are more likely than other consumers to expect several features when connecting checking or savings accounts to financial applications. Among these cautious consumers, 67% expect safety and security, 61% want trust and 52% want reliability. In contrast, among the other consumers — those who are somewhat comfortable or very or extremely comfortable about sharing their bank account credentials — fewer than half expect those features.

These expectations vary across different generations too. In addition to expecting banking apps to be safe and trustworthy, consumers also expect the apps they use to be reliable. Among all the 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 let them track transactions and 43% say the apps should provide speedy service.

All age groups rate these issues highly, but baby boomers and seniors cite the highest rating for each of them. 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.