Trust in digital services in decline

A new survey of over 14,000 consumers across 14 countries finds that most industries experienced a decline in consumer trust compared to last year.

The latest Digital Trust Index from Thales shows banking tops the index for the second year in a row, but levels of trust have fallen among Gen Z customers.

Among other findings, privacy fears are becoming a major factor in consumer decisions to abandon brands with 82 percent doing so last year, while 19 percent have been informed that their personal data has been compromised in the past year.

Banking emerged as the most trusted sector for the second year in a row. However, the research found a stark demographic shift, peaking at 51 percent of over 55s, and languishing at just 32 percent of Gen Z consumers (16-24-year-olds).

Government organizations are the only sector where trust increased compared to the previous year, with 42 percent of global citizens ranking them as a top trusted sector with their personal data, compared to 37 percent last year.

Sebastien Cano, senior vice president, cybersecurity products at Thales says, "Global trust in digital services is decreasing or remaining stagnant at best, even among highly regulated industries. One area that does not remain stagnant is the threat landscape. Consumers are more aware than ever before of online threats, and the consequences of their data falling into the wrong hands. As cyber threats evolve so does consumer skepticism, and brands must continuously adapt their security measures to stay ahead and rebuild confidence."

Amid growing concerns about data privacy, 63 percent believe that too much onus is placed on the consumer when it comes to data protection. Over a third (37 percent) say that they only shared their personal data with an organization because it was the only way to access a product or service. Only 34 percent said it was because they trusted organisations to use this data sensibly.

The eCommerce sector comes under fire too with 33 percent of consumers voicing frustration, directly caused by bad bots manipulating the customer purchasing process.

You can get the full report on the Thales site.

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