It’s not news that data privacy is a top priority for consumers when it comes to financial.
In fact, it is so high on their priority list, that 28% said they would give up wine forever if that would guarantee protection of their financial information. Furthermore, 37% of respondents would shut down social media accounts, and 31% would cancel Netflix subscriptions.
That’s according to a recent study by payments provider World First, which surveyed executives from 500 U.S. small-to-medium size businesses (SMEs).
Additionally, the study found that SME’s are open to working with fintechs, with only 8% of respondents indicating their company is “not at all” eager to work with fintechs. Overall, 33% showed eagerness to work with fintechs in order to automate their business processes.
SMEs are more comfortable working with banks, the survey suggests. Overall, more than 60% of respondents indicated that they were eager to work with banks, and again, only 8% said they were “not at all” eager to work with banks (and if those are the same 8% of SMEs, what do you use for your banking needs?).
The full report can be accessed here.1 - Reader Likes This Post