A recent Accenture study reveals that 58% of banking customers are concerned about cyber risks when banks offer tailored products and services. Despite banks increasing their cybersecurity investments by 140% over the past two years, consumer trust remains fragile due to concerns over data security across third-party providers and the broader banking ecosystem.
The global survey, which polled 49,000 respondents across 39 countries, found that while 81% of customers trust their primary bank to safeguard their data, trust in other banks, technology vendors, and banking service providers drops by more than half. Only 28% of respondents feel their bank effectively communicates its cybersecurity practices, highlighting a major transparency gap.
Cyber threats are also evolving rapidly, and banks are struggling to keep pace. Accenture’s research found that deepfake attacks targeting both customers and employees surged by 243% over the past year, making them the most frequently observed cyber threat. Additionally, 74% of banking executives report difficulties in maintaining digital trust amid rising fraud risks, while only 40% of customers fully trust their bank to be transparent.
Despite the increasing threats, only about 10% of banks surveyed have implemented all 58 cybersecurity best practices that Accenture identifies as crucial for customer trust. To bridge this gap, Accenture recommends three key actions for banks:
- Proactive and transparent communication. Banks must integrate transparency throughout the customer lifecycle by demonstrating how data is protected at each touchpoint. This includes offering dynamic personal cyber risk scores, educating customers on emerging threats like deepfakes, and embedding security governance from the outset.
- Embedding cybersecurity into customer experience. Customers expect secure personalization across all platforms, yet only 12% of banks comfortably meet this demand without compromising security. Banks should embed security at the core of customer interactions by establishing a secure digital core, leveraging proactive threat intelligence, and implementing adaptive authentication measures.
- Empowering the ecosystem. Employees, third-party vendors, and customers must all be equipped to detect and counter cyber threats. With 85% of deepfake attacks attributed to cybercriminals, empowering employees through training and AI-driven threat detection tools can significantly reduce risks.
As cyber threats grow in sophistication, the banking industry must prioritize both security and transparency. Strengthening trust through proactive measures will be essential for ensuring customer confidence in the evolving digital banking landscape.
