With considerable discussion around customer privacy issues, and customer engagement methods marketers use, it’s significant that three out of four (76%) online customers are dissatisfied with the strength of credit card and personal information security among retailers, according to new research from Bizrate Insights.
From its research of more than 6,200 online buyers, Bizrate Insights found a considerable lack of trust around credit card and personal information security among even the biggest online retailers and internet technology providers.
Covering all demographic segments and both genders, a customer’s own bank is trusted the most with credit card data and personally identifiable information, according to 72% of all respondents.
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Included in the research was the question> Which of the following companies do you trust with your payment and personal information?
After a person’s bank or credit union, the most trusted sources of payment and personal information are:
PayPal 48.9%
Amazon 45.4%
Apple 21.4%
American Express 21.4%
eBay 18.7%
Google 12.9%
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None of the above 12.1%
Here are some other key takeaways from the research:
Men are far more likely than women to trust Google and eBay
Generation Y is most trusting of their bank, PayPal and Amazon–with more than 50% of Generation Y trusting each
Generation X is more than 50% trusting their bank and PayPal
The only entity earning trust from at least 50% of Boomers and Seniors is their bank
American Express garners substantially more trust from older generations than from younger generations
Apple, eBay and Google are more likely to be trusted by younger generations.
“Among these tech transactional titans, it is those that have low barriers for usage and that have put consumer protection in the forefront, that have earned the greatest amount of trust,” Hayley Silver, VP of Bizrate Insights, a division of Connexity, said in the research.
The Bizrate Insights Payment Security Study No. 1 was conducted via the Bizrate Insights survey platform and offered to online buyers immediately after purchasing from the Bizrate Insights Network of more than 5,000 ecommerce retailers in the U.S. and Canada. Data from the study was collected from 6,256 online buyers between Oct. 23–28, 2014.
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