US Banking Digital Trust Benchmark 2022

What Consumers Value Most, and How 14 Banks and Neobanks Deliver

Report by Maria Elm  | Aug 26, 2022
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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
Leaders in Digital Trust
No. 1: Security
No. 2: Privacy
No. 3: Reputation
No. 4: Reliability
No. 5: Feature Breadth
No 6: Ease of Use
Methodology
Survey Demographics
Appendix
Read Next
Sources
Media Gallery
About This Report
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.
Topics
Banking
US
Table of Contents
Executive Summary
Key Findings
Action Points
FIs That Step Up in Today’s Crisis Will Reap Trust in the Long Term
Leaders in Digital Trust
No. 1: Security
No. 2: Privacy
No. 3: Reputation
No. 4: Reliability
No. 5: Feature Breadth
No 6: Ease of Use
Methodology
Survey Demographics
Appendix
Read Next
Sources
Media Gallery

Executive Summary

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

  1. How do 14 top banks and neobanks compare across the key dimensions of digital trust in consumers’ eyes?
  2. What do consumers see as the weakest points in banks’ trustworthiness?
  3. 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.

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

  1. Executive Summary
  2. Key Findings
  3. Action Points
  4. FIs That Step Up in Today’s Crisis Will Reap Trust in the Long Term
  5. Leaders in Digital Trust
  6. No. 1: Security
  1. No. 2: Privacy
  2. No. 3: Reputation
  3. No. 4: Reliability
  4. No. 5: Feature Breadth
  5. No 6: Ease of Use
  6. Methodology
  1. Survey Demographics
  2. Appendix
  3. Read Next
  4. Sources
  5. 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)
Capital One's Scores Across US Digital Trust Categories, June 2022 (score out of 100)Chase's Scores Across US Digital Trust Categories, June 2022 (score out of 100)
Citibank's Scores Across US Digital Trust Categories, June 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 Digital Banking 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 Digital Banking Users Do Not Want Their Bank to Use vs. Believe Their Bank Uses 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' Perception of Their Banks' Corporate Ethics, June 2022 (% of respondents)US Digital Banking Users Reliability Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)
Features That US Digital Banking Users Have Avoided in Online vs. Mobile Banking Due to Reliability Concerns, June 2022 (% of respondents)US Digital Banking Users' Feature Breadth Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)
Features that US Digital Banking Users Find Insufficient in Online vs. Mobile Banking, June 2022 (% of respondents)US Digital Banking Users' Ease of Use Perceptions, by Bank, June 2022 (rank out of 14, score out of 100)
US Digital Banking Users’ Attitudes Toward Select Mobile vs. Online Banking Features at Their Banks, June 2022 (% of respondents)Demographic Summary of Respondents, US Banking Digital Trust Benchmark 2022, June 2022
Online vs. Mobile Banking Features that US Digital Banking Users Started Using for the First Time, June 2022 (% of respondents)Leading Methods Used by US Digital Banking Users to Research Before Opening Their Most Recent Financial Account, 2021 & 2022 (% of respondents)

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authors

Maria Elm

Contributors

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