Banks less trusted than supermarkets – Consumer NZ survey
By alexandreFinance
Banks less trusted than supermarkets – Consumer NZ survey
A recent survey by Consumer NZ has found that New Zealanders trust supermarkets more than banks when it comes to handling their personal information. The survey asked 1,413 people about their experiences and opinions regarding data privacy practices of different industries.
Out of the respondents, only 32% said they trust banks, while 56% said they trust supermarkets to keep their personal information safe. The survey also revealed that many people do not read privacy policies before sharing their personal information with different companies.
The Reasons Behind the Lack of Trust in Banks
One of the most significant reasons behind the lack of trust in banks is the increasing number of data breaches in recent years. These incidents have made people more cautious about who they share their personal information with. In addition, banks are often seen as more focused on profits than on customer welfare.
Moreover, many respondents felt that banks were not transparent enough about how they collect and use their customers’ data. Customers want to know what data is being collected, who it is being shared with, and why it is being collected. Banks need to be more forthcoming and open about these practices if they want to regain their customers’ trust.
Another reason behind the lack of trust in banks is their reputation for poor customer service. Many people feel that banks do not care about their customers and only cater to the wealthy. This perceived lack of empathy and understanding from banks has made people more willing to take their business elsewhere.
The Rise of Supermarkets as Trusted Guardians of Personal Data
The Consumer NZ survey showed that supermarkets are emerging as trusted guardians of personal data. This is likely due to their focus on customer service and a willingness to go the extra mile to meet their customers’ needs.
Supermarkets have also been quick to adopt new technologies that improve the customer experience, such as online shopping and personalized marketing. This has made them more in tune with their customers’ needs and more responsive to their concerns about data privacy.
Furthermore, supermarkets have been more transparent about their data collection practices than banks. They have introduced clear privacy policies that outline what data they collect, how they use it, and who they share it with. This transparency has gone a long way in building trust with their customers.
What Banks Can Do to Regain Customers’ Trust
Banks need to make significant changes if they want to regain their customers’ trust regarding data privacy. One of the first things they can do is to be more transparent about their data collection practices. Banks need to provide clear privacy policies that are easy to understand and explain exactly how they handle their customers’ data.
Another thing banks can do is to invest in customer service. They need to show that they care about their customers and are willing to listen to their concerns. A human touch can go a long way in building trust with customers.
Finally, banks need to prioritize customer welfare over profits. They need to show that they are willing to take tough decisions that benefit their customers, even if it means sacrificing short-term profits. This will help build a long-term relationship of trust with their customers.
The Consumer NZ survey shows that there is a significant lack of trust in banks when it comes to handling personal data. Banks need to work hard to regain this trust by being more transparent, investing in customer service, and prioritizing customer welfare over profits. Meanwhile, supermarkets are emerging as trusted guardians of personal data due to their focus on customer service, transparency, and willingness to adapt to new technologies.
Ultimately, companies that prioritize their customers’ welfare and build long-term relationships of trust will be the ones that succeed in the long run.
