The Banking Digital Trust Report 2020: How consumers rank the top 10 US banks on Security, Privacy, Reputation, Reliability, Feature Breadth, and Ease of Use

Executive Summary

Digital trust is the confidence that consumers place in their banks' digital channels — and that confidence is being tested more than ever by pandemic-related branch closures, digital banking outages, and fraud schemes. This study benchmarks banks according to consumer trust in their digital channels and uncovers steps banks can take to improve their standing.

Three Key Questions This Report Will Answer:

  • How are individual banks’ brands perceived by consumers as they’ve begun to digitize? Where do they rank among their rivals in terms of the trust people have in them?
  • Which of banks’ digital, data, and privacy policies are working to their advantage, and which are working against them – and how can they modify/fix them? Why does a bank rank where it does on digital trust?
  • What should banks bear in mind for the future as their digitization deepens: how can they improve/sustain the trust people have in them and their digital practices?

WHAT'S IN THIS REPORT? Business Insider Intelligence's first Banking Digital Trust Report uses a survey of 2,055 US consumers to explore how six key factors influence consumer trust in banks' digital services: Security, Privacy, Reputation, Reliability, Feature Breadth, and Ease of Use. With branches closing and call centers overwhelmed, digital channels are becoming the first option for many bank customers during the pandemic. For banks, strengthening trust in those channels is vital. In this report, we benchmark how customers perceive the top 10 US banks across the six key pillars of digital trust. Our digital trust rankings of each bank are a weighted cumulative score generated from customer perceptions of their banks within each category. Our study also contains actionable survey data that reveals how banks can improve their consumer perceptions within each category.

Here’s what’s in the full report

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authors

Maria Elm, and Dan Van Dyke