Banks score high on data trust measure

Jamie Dimon 1, Mark Zuckerberg 0.

That is the result of a new study released by biometric technology developer SmartMetric which asked consumers how much they trusted different industries to protect their personal data.

In the survey, 91 percent of respondents said they have at least some trust in their primary bank.

That is four times the 23 percent who have the same level of trust in their social media networks.

smartCredit card companies merited a 65 percent rating, followed closely by online retailers at 58 percent.

That high level of trust needs to be fully exploited by banks as they adjust to new competitors and technology which threaten to erode their market share. Banks need to carefully vet which new platforms they partner with for fear of seeing that lead shrink.

Only 20 percent of respondents say they have a lot of trust in the companies they often do business with to keep their personal information secure. More than half (55 percent) say that level has fallen over the last 12 months.

Lack of trust may be affecting mobile wallet adoption, SmartMetric said in a release. Only two percent of Americans actually use digital wallets, even though 13 percent of smartphone owners have a digital wallet app.

SmartMetric shared the results of a June Gallup poll which asked people choosing not to use digital wallets why they will not in the next year. The biggest reason was security concerns (55 percent), followed by lack of knowledge, negligible benefits, and low retailer acceptance.