Data breach. These two words strike great fear in the hearts of financial institution leaders everywhere. And there’s a good reason—there is no greater risk to consumer confidence in a financial institution than a data breach. But, bank technology is getting smarter, and initiatives like EMV (i.e., “chip cards”) are making your customers’ data more secure than ever before.
With new digital technologies cropping up by the minute, it’s no surprise that data security is a hot topic at financial institutions across the country. So, to get a first-hand perspective on consumer attitudes toward bank security, technology and services, CSI recently engaged global market research firm Harris Poll to conduct an independent consumer poll of more than 2,000 randomly selected consumers, age 18 and above, nationwide. What we learned may surprise you.
Banks Get an A+ on Educating Customers on EMV Security
Despite magnetic-stripe cards being the standard for more than 40 years, and some difficulty in the initial implementation of EMV technology, consumers overwhelmingly trust chip-card technology. To be exact, 82 percent of respondents said that they strongly or somewhat agree that chip cards are more secure than mag-stripe cards for in-store transactions.
Interestingly, trust in EMV technology increases among respondents as they get older. While 75 percent of millennials felt strongly about the security capabilities of EMV, confidence in it grew in older age ranges: 83 percent among those age 45-54 and 86 percent of those age 55-64. That level of trust jumps all the way to 88 percent among respondents who are aged 65 and older.
Take a closer look at the data.
This is good news for financial institutions, which have spent significant time, energy and resources working to educate and familiarize consumers with this new technology. In CSI’s 2016 Banking Priorities Study, more than 60 percent of banking executives polled indicated they intended to increase spending on EMV implementation.
Get the Full Report
According to our survey, the hard work and investment has paid off for financial institutions. And while trust in EMV technology is high, it’s still a priority for banks like yours to continue implementing the latest security measures and technologies designed keep consumer data secure and safe.
Find out how, and get more insight on consumer attitudes regarding EMV and other digital technologies and bank offerings by downloading the 2016 Consumer Survey Report.
Derrick Bretz leads strategic product development and quality improvement initiatives within CSI Payment Services. In his role, Derrick enhances payment and commerce experiences and customer education through the use of data analytics. Having helped develop CSI’s initial mobile offerings, Derrick continues to provide leadership on mobile commerce initiatives. His diverse background in the financial industry gives him a solid understanding of emerging payment technologies and their impact on the payments ecosystem.