Consumers are suspicious of how companies collect their personally identifiable information and are actively looking to ensure their data is not misused. A recentfound that 70% of Americans suspect companies collect data without their permission. Adding to that, 90% support new privacy regulations at the state and/or federal level.
Conducting business in the face of mounting consumer concern over data privacy requires transacting with trust. However, that doesn’t mean fintechs don’t have tools available for collecting data—with customer consent.Providing a smooth, streamlined onboarding experience is a critical pillar in driving more revenue and ensuring customer loyalty. With privacy concerns changing the digital landscape, fintechs need a way to responsibly collect PII.