Philippine Banks Must Step Up Security Measures to Maintain Customer Trust
A recent study by Unisys Corporation has highlighted the importance of data security in maintaining customer trust for Philippine banks. The study found that 63% of Filipinos prioritize the safety and security of their personal data when engaging with banks, making it the top concern among bank customers.
Customer Trust in Banks
The survey revealed that Philippine bank customers have a high level of trust in banks to protect their personal data, with 42% citing that banks are the organization they trust most to share their personal data with. This is more than twice the number of people who trust government (21%) or card networks (15%) with the same information.
Biometric Authentication
The study also showed that Filipinos have a strong appetite for using biometrics to access banking services, with 85% being comfortable using voice, face, or fingerprint to verify their identity when accessing mobile banking apps. However, only half are comfortable with behavioral biometrics, such as tracking their online behavior, citing data security concerns.
Addressing Long Queues
The study highlighted the importance of addressing long queues at bank branches, with 49% of Filipinos citing this as the most annoying thing about their bank. However, there is a generational difference, with younger Filipinos being less concerned about queues and more concerned about their credit card being frozen due to suspected fraudulent transactions.
Security Measures are Crucial
The Unisys study emphasizes that financial institutions must prioritize security measures to maintain customer trust and ensure the success of digital banking initiatives. “Filipino banks will need to actively work to maintain their customers’ trust over time,” said Ian Selbie, Industry Director of Financial Services at Unisys Asia Pacific.
Key Takeaways
- 63% of Filipinos prioritize the safety and security of their personal data when engaging with banks.
- 42% of Filipinos trust banks most to share their personal data with, more than twice the number who trust government or card networks.
- 85% of Filipinos are comfortable using biometrics for authentication, but only half are comfortable with behavioral biometrics.
- Addressing long queues at bank branches is crucial for maintaining customer satisfaction.
- Financial institutions must prioritize security measures to maintain customer trust and ensure digital banking initiatives succeed.