Americans are banking and shopping in odd places these days. According to the online survey conducted by Harris Poll on behalf of Feedzai, a big data science company that uses real-time, machine-based learning to prevent fraud, nearly one-half (46 percent) of smartphone bankers are banking from their mobile phones in the bedroom. Additional findings show nearly one-third (30 percent) bank while in the bathroom and 13 percent while driving. Among online smartphone shoppers, 4 percent of them are shopping on their mobile phones while crossing the street or standing in line (18 percent).
Released today, the survey “2015 Consumer Banking and Shopping Behaviors: Sentiment on Personal Data” also reveals that Americans are equally as cautious about data breaches this year as last year. So it may not be a surprise that consumers are willing to give a financial institution access to their personal data in exchange for protection.
“People use their smartphones as a tool to shop and bank, even in the most liberal places, and leave behind an ever growing trail of digital data. Yet, consumers are still concerned about safety,” said Nuno Sebastiao, CEO of Feedzai. “As consumers begin to shift their behavior, we are right there as it happens—using artificial intelligence—to ensure that their financial information is being protected from the bad guys.”
Findings from the “2015 Consumer Banking and Shopping Behaviors: Sentiment on Personal Data” survey include:
You did what, where?! Multi-tasking in odd spots.
Smartphone users have been multi-tasking in unusual places.
- While making a banking transaction on their smartphone, 30 percent have done so in the bathroom, 13 percent while driving, and 46 percent are mobile banking from their bedrooms (this number increases to 60 percent for millennials between 18-34 years old). One-fifth (20 percent) of millennials have made a mobile banking transaction at a bar or while driving.
- Twenty-six percent of online mobile shoppers have shopped while in the bathroom. Eight percent of 18-34 year olds have shopped on their mobile phones while crossing the street.
Men are more transparent when it comes to sharing their data.
Almost one-fourth (23 percent) of Americans would allow a financial institution access to their social network account, 29 percent would give access to online activity, and nearly one-third would give access to their mobile phone data (31 percent) in exchange for protecting their personal financial information from being stolen. Women are more likely than men to hold their data close to their chest.
- Men across the board are more willing than women to share their mobile data (34 percent versus 28 percent), online activity (32 percent versus 26 percent) and social networks (26 percent versus 20 percent) in exchange for this sort of protection.
- Overall, in all three categories, 27 percent of males would be willing to give up their data versus 19 percent of women.
- Almost half of males age 35-44 (45 percent) would allow institutions access to online activity, but only about a quarter of females the same age would do so (27 percent).
Going to the bank is a chore…for some.
Three in five (60 percent) Americans still enjoy going to their bank's branch; however, more than one in 10 (12 percent) would rather go to the DMV than their bank’s branch.
- But banking behavior seems to be rapidly changing; 57 percent go to their bank’s branch significantly less than they did two years ago.
- Seventy percent agree that doing transactions at a physical bank is safer than online or mobile, but over half (55 percent) prefer doing their banking online or via mobile.
Another breach, another day.
Americans revealed that, although data breaches have been prevalent over the last year, it hasn’t changed their shopping behavior.
- Seventy-seven percent of consumers said they have not changed their shopping behavior as a result of recent data breaches. Last year, even though consumers were hit with high profile data breaches such as the Target and Neiman Marcus breach, even less consumers changed their shopping behavior at 73 percent.
- Over half of consumers indicated data breaches are to be expected as part of the experience of shopping with credit/debit cards (56 percent). Last year, 51 percent of consumers said the same.
Cash or credit? It depends.
While cash was once king and Americans believe it’s the safest way to make a purchase, fewer are using cash in 2015.
- Over half of Americans believe cash is the safest way to purchase something (55 percent) while only one in five (22 percent) believe paying with credit cards is safest.
- However, only 36 percent of consumers said they are using cash for more of their purchases in light of data breaches.
- More than half of Americans (56 percent) still think it's safer to use credit cards in physical stores than online when shopping. In the Midwest the number spikes to 64 percent.
This survey was conducted online within the United States by Harris Poll on behalf of Feedzai from March 19-23, 2015 among 2,024 U.S. adults age 18 and older, among whom 706 have ever banked on their smartphone and 716 have ever made an online purchase on their smartphone. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
Every day, the world produces petabytes of data, and Feedzai enables businesses to accurately analyze this information to keep their customers’ data and transactions safe at any place and in real-time. Customers use Feedzai’s Fraud Prevention That Learns™ software to predict and prevent payment loss when shopping in store, online or via mobile devices by detecting fraud through deep historical analysis and behavioral data. Feedzai’s customers, consisting of payment networks, processors, banks and retailers have found that Feedzai's machine learning software detects fraud by as much as 10 days earlier than other solutions and exposes up to 60 percent more fraud cases with lower false alarms. Feedzai is a global company with US headquarters in San Mateo, and is backed by OAK HC/FT, Sapphire Ventures, Data Collective and other international investors. To learn more about Feedzai, visit .