80% of Consumers Have a Third-Party Financial App Connected to Their Bank Account

Money By Pymnts December 17, 2021

Pymnts.com writes a new feature this month about the large number of Americans that have a third-party financial app connected to their primary bank account.

Eighty percent of consumers have connected a third-party financial app to their bank accounts, according to the website. However, they say, “not everyone is comfortable connecting their bank accounts to third-party apps.”

The website went on to identify four groups of consumers who have different sentiments.

Those “slightly” or “not at all” comfortable sharing their bank account credentials with third parties had four key concerns: 60% said they were worried about the theft of their money, 57% said they didn’t want to share their information with too many third-party providers, 51% said they didn’t trust in the security of the connection with a financial app provider, and 44% said they didn’t trust the third party at the other end of the connection.