Banks have been getting all sorts of bad press for the way they have behaved and the Labor Party has seized on public discontent and called for a Royal Commission.
The banks and financial services industries have been caught up in allegations of manipulation of the bank bill swap rate, unfair life insurance claim rejections and poor financial advice which has left people feeling ripped off.
But according to Deloitte Australian Privacy Index 2016, banks are among the most trusted institutions in Australia.
The index showed that banking and finance, government and higher education bodies were the most trusted with private information.
The least trusted are social media, mainstream media and real estate companies
“Privacy for today’s Australian consumer is inextricably linked with trust,” says Tommy Viljoen, Deloitte’s national lead partner, Cyber Risk Services.
“Australians, whether millennials or baby boomers, want to be confident that the organisations with which they entrust their personal data, are reliable, and that they treat their information with respect.
“We want to know our information is secure when it is submitted via publicly available means, such as a website or mobile app. And we also want to know how our information will be used.”