An Analysis of Privacy Concerns in Finance Apps in Germany, Australia and the USA

This project explores the role of smartphones and financial apps in managing finances and the associated privacy concerns due to the sensitive data they collect. It emphasises the need for clear privacy policies and an understanding of users' privacy interests to enhance app security and trustworthiness. The study involved analysing 1.2 million reviews from 15 financial apps, focusing on privacy-related issues. These reviews were translated, classified into privacy subcategories, and analysed both quantitatively and qualitatively.

A significant finding is that users primarily have concerns about the extent and justification of permissions required by the apps. However, it's noted that only about one percent of all reviews express data protection issues. Additionally, the thesis developed a prototype tool that summarises an app's privacy situation through questions. This tool's effectiveness was assessed through a user survey, revealing a 56% reduction in reading time and a notable improvement in user understanding of privacy policies.

Based on these insights, the study offers various recommendations for app developers to address privacy concerns and enhance user understanding. This research highlights the importance of addressing user privacy issues in the development of financial apps in the digital age.

Paper:  An analysis of privacy regulations and user concerns of finance mobile applications

Project lead

Omar Haggag

Collaborators

Alessandro Pedace (University of the Bundeswehr Munich), Prof John Grundy, Shidong Pan (Data 61)