The news: Increasing cybercrimes, political uncertainty, and a bleak economic outlook all have an impact on consumers’ choices of how they will manage their money and who they’ll trust to do it. Our research shows that banks and financial institutions (FIs) in the US are at a pivotal moment in their journey to earn the trust of their customers.
Our annual report US Banking Digital Trust Benchmark, now updated for 2022, ranks banks and neobanks by their degree of consumer digital banking trust and identifies the key features banks and FIs should focus on to earn and maintain the trust of their digital customers. The report surveyed 1,961 US digital banking users between May and June 2022.
Key stat: Digital banking consumers’ preferences are changing when it comes to who they’re trusting with their banking needs. For the first time, consumers ranked PayPal above their current bank or credit union as their most trusted provider for banking services.
Factors influencing trust: The benchmark report asked for respondents’ input on five major components to building digital trust. Here’s what the participants value, what they feel is lacking, and what’s on their minds.
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Go deeper: Find out which bank topped our charts in digital trust, and how other banks and digital challengers stacked up in our benchmark review by clicking here.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.