Spotlight

US Neobank Digital Trust 2022

How Consumers Rank Trustworthiness of the Top 4 Neobanks

Report by Maria Elm  | Sep 13, 2022
Download
Report
Share
Table of Contents
Executive Summary
Neobanks Must Make Trust Their Top Priority
Neobanks’ Digital Trust Results Were Mixed
How Neobanks Performed in Key Digital Trust Categories
Read Next
Sources
Media Gallery
About This Report
Neobanks face a widening gulf with incumbents on digital trust. These disruptors must prioritize ways to build up this key commodity amid unprecedently difficult market conditions.
Topics
Banking
United States
Table of Contents
Executive Summary
Neobanks Must Make Trust Their Top Priority
Neobanks’ Digital Trust Results Were Mixed
How Neobanks Performed in Key Digital Trust Categories
Read Next
Sources
Media Gallery

Executive Summary

The four largest US neobanks by number of customers—Chime, Varo, Current, and Aspiration—generally scored lower than incumbent banks in the 2022 edition of Insider Intelligence’s US Banking Digital Trust Benchmark study. Finding ways to build trust will help neobanks ride out existential threats, like loss of venture capital funding, in the years ahead.

Key Question: What drives the neobanks’ performance across each of the key dimensions of digital trust?

Leading Providers US Digital Banking Users Would Trust Most to Provide Them with Banking Services, 2021 & 2022 (% of respondents)
E-Mail ChartDownload

KEY STAT: Of the US digital banking users we surveyed, fewer considered “another ‘digital-only’ bank” to be the provider they’d trust most to supply them with banking services this year than in 2021. Neobanks must bridge this widening trust gap with incumbent financial institutions (FIs), and especially with alternative providers like Big Tech and payments players.

Here’s what’s in the full report

1file

Exportable files for easy reading, analysis and sharing.

12charts

Reliable data in simple displays for presentations and quick decision making.

Table of Contents

  1. Executive Summary
  2. Neobanks Must Make Trust Their Top Priority
  3. Neobanks’ Digital Trust Results Were Mixed
  1. How Neobanks Performed in Key Digital Trust Categories
  2. Read Next
  3. Sources
  1. Media Gallery

Charts in This Report

Leading Providers US Digital Banking Users Would Trust Most to Provide Them with Banking Services, 2021 & 2022 (% of respondents)How High-Trust and Low-Trust US Digital Banking Users Perceive and Interact with Their Bank, June 2022 (% of respondents)
US Financial Institutions Rankings Across Digital Trust Categories, June 2022 (rank out of 14, score out of 100)Digital Trust Scores of US Neobanks, 2021-2022 (score out of 100)
US Digital Banking Users' Security Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)Features That Would Make US Incumbent Bank and Neobank Users Feel Most Secure When Using Digital Banking, June 2022 (% of respondents)
US Digital Banking Users' Privacy Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)Types of Information That US Incumbent Bank and Neobank Users Do Not Want Their Bank to Use for Personalization Purposes, June 2022 (% of respondents)
US Digital Banking Users' Reputation Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)US Digital Banking Users' Reliability Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)
US Digital Banking Users' Feature Breadth Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)US Digital Banking Users' Ease of Use Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)

Access All Charts and Data

Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, included at no extra cost.
Gain Access to EMARKETER →
Log in to EMARKETER

authors

Maria Elm

Contributors

Ona Koehler
Senior Director, Benchmarking
Na Li
Director, Primary Research
Tiffani Montez
Principal Analyst, Banking
Daniel Ramirez
Researcher, Financial Services