In today’s digital world, where banking happens at the tap of a screen, keeping customer data safe is more important than ever. Banks have poured significant resources into cybersecurity—boosting investments by 140% over the past two years, according to Accenture’s research. Yet, despite these efforts, many customers still feel uneasy about the safety of their personal and financial information. Let’s dive into why this trust gap exists, what’s at stake, and how banks can become true guardians of trust by making cybersecurity a cornerstone of their relationship with customers.
The Trust Gap: What Customers Are Feeling
Accenture’s 2024 Banking Consumer Study, which surveyed 49,000 people across 39 countries, revealed a striking concern: 58% of banking customers worry about the security of their data, especially when banks offer personalized products or services. While 81% of customers give their own bank high marks for data security, fraud protection, and privacy, that trust doesn’t extend to the broader banking ecosystem. Faith in other banks, technology vendors, and third-party providers drops by more than half, according to the study.
Why the disconnect? Customers want to know that their data is safe not just within their bank but across the entire network of partners and vendors that make modern banking possible. Adding to the challenge, only 28% of customers feel their bank clearly explains how it protects their data, based on Accenture’s Guardians of Trust Survey. This lack of transparency leaves customers feeling vulnerable, especially as banks rely more heavily on third parties to deliver innovative services.
New Tech, New Risks
Banks are racing to keep up with customer expectations, adopting cutting-edge technologies like generative AI and open banking frameworks to offer faster, more personalized services. But this speed comes with a cost. According to the Guardians of Trust Survey, which included 600 banks worldwide, 83% of banks struggle to align cybersecurity with the rapid pace of tech adoption. When banks prioritize getting new products to market over embedding security from the start, they open the door to new risks.
The rise of AI-powered cyber threats makes this even more urgent. Deepfake attacks—where criminals use AI to create convincing fake videos or audio—have skyrocketed by 243% in the past year, making them the top threat reported by banks. A staggering 85% of these attacks are linked to cybercriminals, showing just how sophisticated and widespread these dangers have become. Customers, meanwhile, are left wondering if their bank can keep up.
The Compliance Trap
For many bank executives, cybersecurity feels like a box to check rather than a way to build stronger customer relationships. This “compliance mindset” often leads to a reactive approach, where security is seen as a cost rather than a competitive advantage. The problem is compounded because third-party vendors, who play a growing role in banking operations, don’t face the same regulatory scrutiny as banks. Yet, banks remain responsible for the risks these partners introduce.
This creates a tricky situation: banks outsource services to innovate quickly, but they can’t outsource the responsibility for keeping customer data safe. Constant monitoring of third-party risks is essential, but it’s tough when those activities happen outside the bank’s direct control. As a result, 74% of banking executives say they struggle to maintain digital trust amid rising fraud risks, and only 40% of customers fully trust their bank to be upfront about data protection.
Why It Matters: The Cost of a Breach
Trust is hard to build and easy to lose. A single data breach can undo years of goodwill. Accenture’s research shows that 62% of customers lose confidence in their bank after a breach, and 43% stop engaging entirely—taking their business elsewhere. In an era where loyalty is already hard to come by, these numbers are a wake-up call.
On the flip side, banks that prioritize cybersecurity see real rewards. Those leading the way—about 10% of the banks surveyed—have adopted 58 cybersecurity best practices identified by Accenture. These “guardians of trust” experienced 58% fewer data breaches over the past three years and saw customer retention rates 1.5 times higher than their peers. Robust security isn’t just about avoiding disaster; it’s a proven driver of growth and loyalty.
Three Steps To Close the Trust Gap
So, how can banks rebuild trust and show customers their data is in safe hands? Based on Accenture’s research, here are three practical steps to make cybersecurity a strength rather than a source of worry:
1. Be Open and Honest About Security
Customers want to know how their data is protected—not just by their bank but across the entire banking ecosystem. Banks should communicate clearly and often about their cybersecurity practices, from how they secure transactions to how they vet third-party partners. For example, banks could provide customers with tools like personal cyber risk scores to help them stay proactive about their own security. They could also educate customers about emerging threats, like deepfakes, in simple, relatable ways.
Transparency should be woven into every customer interaction, from onboarding to ongoing account management. By showing customers exactly how their data is safeguarded at every step, banks can build confidence that extends beyond their own walls.
2. Make Security the Heart of the Customer Experience
Cybersecurity shouldn’t be an afterthought—it needs to be baked into every product, service, and partnership from day one. Customers expect seamless, secure experiences across all platforms, but only 12% of banks can deliver this without compromising security, according to the survey. To get there, banks need to foster collaboration between their technology, business, and security teams, as well as their third-party partners.
This means building a secure digital core with strong cloud setups, using advanced tools like proactive threat intelligence to monitor risks, and adopting adaptive authentication methods that keep customers safe without slowing them down. By making security a shared responsibility across the ecosystem, banks can create experiences that are both innovative and trustworthy.
3. Empower Everyone to Fight Cyber Threats
From bank employees to third-party vendors to customers themselves, everyone has a role to play in staying ahead of cyber threats. With deepfake attacks on the rise, banks need to equip their workforce with the training and tools to spot and stop these threats. AI-driven detection systems can help, but human vigilance is just as critical.
Banks can also empower customers by offering resources like regular security updates, fraud prevention tips, and easy-to-use tools to monitor their accounts. When everyone in the ecosystem feels confident and prepared, the entire system becomes stronger.
The Path Forward: Trust as a Competitive Edge
In a world where cyber threats are evolving faster than ever, banks can’t afford to treat cybersecurity as a back-office function. It needs to be front and center, shaping how customers experience and perceive their bank. By being transparent, embedding security into every touchpoint, and empowering their ecosystem to stay vigilant, banks can turn cybersecurity into a powerful tool for building trust.
The stakes are high, but so are the opportunities. Banks that step up as guardians of trust will not only protect their customers but also set themselves apart in a crowded market. Strong security isn’t just about keeping the bad guys out—it’s about inviting customers in and keeping them for the long haul.
Want to learn more? Check out the executive summary of Accenture’s Guardians of Trust 2024 research or reach out to discuss how your bank can close the trust gap.
About the Guardians of Trust 2024 Survey
Our findings come from two surveys conducted in October 2024:
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A consumer survey of over 1,400 banking customers across 17 countries.
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A banking survey of 600 security executives from banks with assets above US$50 billion, also spanning 17 countries.
Countries included: Australia, Brazil, Canada, Germany, Spain, France, India, Italy, Japan, Mexico, Singapore, Saudi Arabia, South Africa, Netherlands, UAE, United Kingdom, and the United States.
