US banks are facing a consumer crisis of faith amid market turmoil. The trust-building actions banks take now will determine how their customer relationships fare in the future.
US financial institutions (FIs) are struggling to maintain consumer trust in an increasingly volatile market environment. That trust is even more precarious in digital channels, where there’s less human touch and greater fraud risk. This third annual study reveals the weakest points in FIs’ trust and steps they can take to build trust amid crisis.
3 KEY QUESTIONS THIS REPORT WILL ANSWER
How do 14 top banks and neobanks compare across the key dimensions of digital trust in consumers’ eyes?
What do consumers see as the weakest points in banks’ trustworthiness?
What can FIs do to improve customer trust in their digital channels?
WHAT’S IN THIS REPORT? An analysis of features and attributes that inspire the most customer trust in their banks’ digital channels, an overview of perceived weak spots in banks’ trustworthiness by customers, and data-driven recommendations banks can take to improve their digital trust.
KEY STAT: Traditional FIs will face tougher competition for customer loyalty going forward: Consumers no longer consider their current primary bank or credit union as the provider they’d trust most to supply them with banking services. PayPal now holds the top spot.
Here’s what’s in the full report
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Table of Contents
Executive Summary
Key Findings
Action Points
FIs That Step Up in Today’s Crisis Will Reap Trust in the Long Term
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Types of Information That US Digital Banking Users Do Not Want Their Bank to Use vs. Believe Their Bank Uses for Personalization Purposes, June 2022 (% of respondents)
Types of Information That US Digital Banking Users Do Not Want Their Bank to Use vs. Believe Their Bank Uses for Personalization Purposes, June 2022 (% of respondents)