Findings from PYMNTS show a gap in businesses’ and consumers’ degree of trust in business technology. Greater transparency in how data is handled will establish the trust necessary for wider adoption of open banking.

Digital trust—the confidence that bank customers have in their providers’ digital channels—is a precious commodity for banks. As competitive and cybersecurity threats abound, trust will be their advantage to lose.

Fraud management is critical to retaining US customers’ digital trust: A FICO survey found that 28.7% of respondents would drop their bank if they aren’t pleased with how they handle fraud incidents.

Competition from fintechs and consumer brands is compelling leading banks and technology providers to revise their strategies. These fintechs and brands are scaling and evolving rapidly on top of banking as a service (BaaS) and open banking infrastructure. We’ve spoken with executives at financial institutions, fintechs, and vendors about how to thrive in an ecosystem that’s reshaping financial services.

People trust their gut, but AI doesn’t have one: Executives are guarded about AI adoption for high-level use. There’s a path forward, but given the risks, C-suite caution is wise.

The big takeaway: The emphasis on digitization in finance is undeniable, but companies must learn to balance the line of technological innovation and consumer trust. Our Banking Digital Trust Report highlights the threats to consumer trust posed by cybercrime, breaches, and PR disasters. Investors’ trust has been shaken by the events of the past week.

Banks that don’t readily report cybersecurity incidents risk undermining consumers’ trust, per our 2021 Banking Digital Trust Report. It shows that cybersecurity was the highest-ranked out of six factors surveyed, and 78.7% of respondents deemed it “extremely important.”.

Banks must tell regulators about cyber incidents within 36 hours and inform consumers “as soon as possible.” This transparency will speed up response to breaches and improve consumers’ trust.

Federally insured credit unions can team up with third-party digital asset providers and keep members who want to explore this asset class within their ecosystem.

Over the past year, US banks built up a consumer trust advantage over competitors such as neobanks and tech companies, according to our second annual “Banking Digital Trust Report.” from Insider Intelligence. The largest US banks have come to customers’ aid in a time of crisis, and customers have rewarded that flexibility with greater trust in their primary financial institutions.

Digitally native competitors offer branchless banking services. Tech giants like Google and Apple are ramping up their financial services plays, and they have vast audiences to draw from. If they continue to build banking products and services without physical distribution points, banks may close more branches in favor of putting more resources toward bolstering digital customer interactions.

First it helped students with scholarships, now it’s branched out into debit cards. Fostering trust with Gen Zers and helping grow their financial literacy could pay off.

In this report, we explore how digitization is reshaping the banking CMO’s role, responsibilities, and priorities through exclusive interviews with 10 banking industry CMOs in the US and Canada.

Adoption will require time and trust. Consumers are caught up in the “quantified self” movement, using fitness wearables like Apple Watch, Google Fitbit, or Amazon Halo to gain biometric feedback, which are self-directed. Some are encountering AR, VR, and sensors as digital therapeutics or remote patient monitoring devices, which are provider-directed.

Consumers are growing frustrated with ineffective digital ads: A new survey shows that the ad industry’s lack of a proper targeting solution is alienating consumers.

Our exclusive primary research survey reveals which platforms US social media users feel most comfortable buying on, and why trust is essential for the future growth of social commerce.

Nearly 75% of executives say that since the start of the pandemic, they’re having a harder time establishing and maintaining customer trust. With the right knowledge, companies can effectively navigate today’s trust landscape.

Banks also need to address what Nilesh Vaidya, global industry head, retail banking and wealth management at Capgemini Financial Services, called “the disparity and striking inconsistency between a customer’s digital and physical banking experiences.”.