Philippine bank customers ranked data security as the issue that matters to them most when choosing their financial institution, according to new research from international IT firm Unisys.
More importantly—of the five Asia-Pacific countries included in the survey that included Australia, Hong Kong, New Zealand and Taiwan—Filipinos had the highest level of trust in banks to protect customer data.
According to the study, 42 percent of Filipinos cited banks as the organization they trusted most to share their personal data with. This was twice the number of people who trust government (21 percent) or card networks (15 percent) with the same information.
“Philippine banks currently enjoy a high level of trust from their customers based on their ability to protect the sensitive personal data in their care,” Unisys Asia-Pacific financial services industry director Ian Selbie said.
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The results were published on Wednesday in the company’s 2019 Asia-Pacific Banking Insights.
“As open banking is rolled out across Asia, allowing banks to more easily work with third parties to provide new services to customers, they will need to demonstrate that they are protecting their customer data across all parties involved in the banking service supply chain,” he explained.
