Payments data: do consumers want banks to keep them in a safe or turn them into gold?

Abstract

For policymakers seeking to protect financial stability and financial institutions, it is key to know consumers’ attitudes towards payments data usage. This article provides detailed insight into these attitudes based on unique surveys held among Dutch consumers. Attitudes towards payments data usage by banks and the related factors depend on the purpose of the data use. For example, most people do not mind if their payments data are being used to enhance security but do not want these data to be shared with restaurants to get special offers. The selling of payments data by banks to other companies would result in a significant decline of trust in banks.