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.

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.

Wells Fargo rolls out 10-year plan to help unbanked communities: The initiative includes revamping 100 branches with a mix of digital and in-person financial assistance—giving Wells Fargo a competitive edge over neobanks in building trust among potential customers.

On today's episode, we discuss whether a federal privacy law is still expected this year, some case studies of how companies are building trust in emerging technologies through privacy, and some best practices on how to differentiate on privacy. We then talk about major retailers' Q1 earnings, why Google is opening a brick-and-mortar store, and whether kids being able to shop online by themselves will catch on. Tune in to the discussion with Insider Intelligence senior analyst Sara M. Watson and analyst Daniel Keyes.

Shifting consumer attitudes and new regulations have raised the stakes on personal data protection. Today, privacy is more than a compliance concern—it’s a key opportunity for differentiation. This is particularly true for emerging tech platforms and applications that rely on users’ trust to grow.

For banks to cement this favorable customer sentiment and bolster their bottom lines going forward, the value of digital trust cannot be overstated. Per our exclusive survey data, digital trust—the confidence that consumers place in their banks’ digital channels—correlates with higher levels of customer satisfaction, engagement, and brand loyalty.

Coming in at No.1 confirms that it’s the preeminent neobank in the US—but it still could use a national banking charter to help build trust and hang onto its growing customer base.

Lower receptivity to advertising on social could indicate a deficiency of trust. According to a January 2021 YouGov survey that asked which advertising types are deemed trustworthy, US adults were least likely to cite social media advertising. Just 19% said they find ads on social media either very or somewhat trustworthy. Consumers in other global markets had higher levels of trust.

Privacy is more than just a compliance concern—it’s an opportunity for differentiation. This report features four case studies that highlight how emerging technology platforms are establishing privacy and trust to gain a competitive advantage.

The bottom line: Ring‘s transparency measures may marginally improve trust, but its bevy of police partnerships could present a longer-term challenge to building back reputational trust with consumers.