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Bank Security Measures Top Priority for Filipino Customers, Study Reveals
Manila - A recent study by Unisys Corporation has found that security and safety of data are the most important issues for Philippine bank customers.
Study Background
The study, titled “2019 Asia Pacific Banking Insights: Trusting in the Banking Experience,” surveyed over 2,000 banking customers across five countries in Asia Pacific, including the Philippines, Australia, Hong Kong, New Zealand, and Taiwan. The survey aimed to understand what Filipino bank customers value most when engaging with their banks.
Security and Safety Top Priority
The study found that 63% of Filipino respondents consider security and safety of customer data as the most important factor when engaging with a bank. This is compared to only slightly more than half (54%) who prioritize efficient service and issue resolution.
Trust in Banks
The study also revealed that Filipinos have high levels of trust in banks, with 42% citing them as the organization they trust most to share their personal data with. This is twice the number of people who trust government (21%) or card networks (15%) with the same information.
Biometrics and Data Security
The study found that Filipinos are comfortable using biometrics to verify their identity and authorize financial transactions. Eight in 10 respondents (85%) are comfortable using voice, face, or fingerprint recognition to access mobile banking apps, while slightly less (64%) are comfortable using voice recognition when calling the bank’s call center.
Generational Differences
However, the study also found that there is a generational difference in attitudes towards biometrics and data security. Younger Filipinos aged 18-34 years old are less concerned about long queues at banks compared to older respondents, but they are more concerned about their credit cards being frozen due to suspected fraudulent transactions.
Implications for Philippine Banks
The study’s findings suggest that Filipino banks will need to demonstrate a strong commitment to protecting customer data as open banking becomes increasingly prevalent in the region. “Philippine banks currently enjoy a high level of trust from their customers based on their ability to protect sensitive personal data,” said Ian Selbie, industry director at Unisys Asia Pacific. “However, with the increasing use of biometrics and open banking, banks will need to demonstrate that they are protecting customer data across all parties involved in the banking service supply chain.”
Key Takeaways
- Security and safety of customer data is the top priority for Filipino bank customers.
- Filipinos have high levels of trust in banks, citing them as the organization they trust most with their personal data.
- Biometrics are widely accepted by Filipinos as a means to verify identity and authorize financial transactions.
- There are generational differences in attitudes towards biometrics and data security.
- Filipino banks must demonstrate a strong commitment to protecting customer data as open banking becomes more prevalent.