The European Union’s new Payments Services Directive (PSD2) allows for the sharing of financial data by institutions with consumer permission, but given it is still in its infancy, it’s no surprise that few in Europe (32%) say they are aware of this service. Some countries show relative enthusiasm, such as Germany where 61% of those who have heard of the service say they like the idea, Austria (57%) and Romania (54%).
On the other hand, 63% of the Dutch who have heard of it say they would not want their data to be shared, as do 62% of Belgians and 56% of Czechs.
The use of devices such as tablets, phones or wearables is associated with checking account balances more frequently for 63% of European consumers, and with understanding their financial goals more clearly for 43%. A third in Europe (33%) also think about money more often since they started using devices to manage their finances.
Over a third (36%) of Europeans say their main bank is being over-ambitious in introducing services on different devices, saying they do not want or need more ways to interact. Another 39% are ambivalent, not knowing or caring. Twenty-two percent say their bank is too conservative about the services they offer, wanting more ways to interact using devices.
When asked whether using devices is safe or risky, people are more divided: 67% say it is safe, while 42% labels it as risky.
The survey suggests that two-factor authentication, fingerprint recognition and a simple password are seen as most secure. But nothing was seen as truly safe. Even two-factor authentication – using two completely different types of secure credential, such as a password and receiving a text message with an additional code word or number – was only rated secure by 70% in Europe (69% in the United States). And just two-thirds of Europeans (62%) and Americans (60%) rated a password as secure or very secure.