Australians trust the banks to do the right thing with private data they collect despite recent scandals in the financial services sector, according to sentiment analysis by Deloitte.
Deloitte’s latest privacy index shows that banking and finance, government and higher education bodies are the most trusted with private information.
Social media, mainstream media and real estate companies are least trusted.
The banks have recently been hit by a series of allegations including manipulation of the bank bill swap rate, unfair life insurance claim rejections and poor financial advice.
However, the banks came out on top of the latest Deloitte Australian Privacy Index 2016 which found that consumers trust organisations which use their information reliably and respectfully.
People want adequate security measures when their information is submitted via publicly available means.
“Privacy for today’s Australian consumer is inextricably linked with trust,” says Tommy Viljoen, Deloitte’s national lead partner, Cyber Risk Services.
“Australians, whether millennials or baby boomers, want to be confident that the organisations with which they entrust their personal data, are reliable, and that they treat their information with respect.
“We want to know our information is secure when it is submitted via publicly available means, such as a website or mobile app. And we also want to know how our information will be used.”
Of the 1,000 participants in the survey, 94% said they value trust over convenience, whether using a website or a mobile app.
Banking and finance organisations overtook government as leaders in privacy this year. The energy sector came in third followed by insurance and telecommunications.
Here’s how the industries rate:
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