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Consumer Viewpoints on Financial Data

Consumer Viewpoints on Financial Data

Research from the Financial Health Network reveals that consumers stand to benefit from technology improvements to financial products, services, and institutions; however, these improvements also invite new risks due to the growth in financial data available.

Research from the Financial Health Network has offered many insights into the impact of technology on personal finance in the United States. In recent years, technology has changed how consumers interact with financial services providers, and digital channels have become the hub of consumers’ financial lives.

This transition has given rise to new types of financial products, services, and institutions that can significantly benefit consumers. However, this new paradigm is associated with increased consumer financial data, bringing new risks for consumers, financial institutions, and policymakers to consider.

To better understand consumers’ perspectives on the use of their financial data, the Financial Health Network fielded a nationally representative survey. The findings in this report describe consumers’ understanding of practices in the financial data ecosystem, and consumers’ preferences on the handling of their personal data. These findings can serve as a guide to industry stakeholders and policymakers as they seek to build trust and ensure that both practice and policy serve consumers.

 

See the latest at finhealthnetwork.org

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