It seems consumers still haven’t come around to trusting business with their digital security. According to Euromonitor International’s Digital Consumer Survey 2020, which came out this week, just under 30% of consumers agree most companies handle sensitive consumer data responsibly.

“With more aspects of consumers’ lives unfolding on digital platforms, security concerns have become much more pronounced among connected consumers,” the report read.

Consumers’ fears over digital security and data usage have major implications for financial institutions, many of which use data to produce tailored customer experiences and offer relevant financial products. According to the Euromonitor report, the misuse of data could damage a brand’s public perception.

The Euromonitor survey found 24% of consumers felt in control of the personal information. More than half, meanwhile, said companies should not be allowed to sell data to third parties. About 45% said companies should let consumers control how their personal data is used, and only 35% said companies should collect data anonymously. Only 25% of consumers said they would trust businesses over the government to protect their digital security.

The survey gathered input from 20,000 total consumers across 20 markets around the world during March and April, when the COVID-19 pandemic caused global lockdowns. Respondents were between 15 and 74 years old and split evenly between male and female. 

Some of the biggest banks are working to secure the way they share consumer data. Wells Fargo, for example, shows customers which third parties are accessing their data through a solution called Control Tower. Customers can use Control Tower to turn data sharing agreements on and off. JPMorgan Chase, meanwhile, is trying to eliminate “screen scraping,” or the sharing of banking data through login credentials.

See also: FDX moves 12 million consumers away from screen scraping 

According to the survey, more than half of consumers would like more control over their digital security. Twenty-nine percent, meanwhile, find it overwhelming to manage the security of their digital life.

“Some consumers expect brands to tailor products and services to them, but consumers must surrender ever more personal data for such an optimised experience,” the report read. “This commercial trade-off has become much more top of mind for consumers in recent years, as a result of privacy regulations that have come into effect in developed markets worldwide.”

Bank Innovation Build, which takes place Sept. 9-10 as a virtual experience, is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. Register here.