Trust in the financial services space is crucial: The sector ranked second in a list of industries in which trust is important to consumers, second only to health care companies.
To better understand consumer trust in financial services, Morning Consult surveyed 4,400 U.S. adults to gauge their overall trust in this industry and to learn how trust is built—and how it’s broken.
As an expansion of the Morning Consult’s Most Trusted Brands landscape report, this report provides a framework for financial services brands looking to build trust with consumers, how to avoid undermining it, and lay the foundation for our ongoing coverage of trust across key subcategories.
2 in 5
U.S. adults named financial services as an industry in which trust is most important to them.
primarily known for its banking made it into the top 15 companies in Morning Consult’s Most Trusted Brands - Financial Services: Chase. The remaining brands are predominantly payments services, insurance companies and other types of financial services institutions.
say they naturally trust banks, compared to only 36% who say the same of investment and planning firms. Consumers trust banks at an institutional level more than other types of financial institutions (such as payments, insurance or investments providers), but the drivers of that trust don’t differ significantly from those that drive trust in other financial institutions.
87 percentage points.
Consumers ranked security and protection of their personal data highest in net importance (87 percentage points) for financial services to ensure their trust. Sixty-six percent said they would stop using the bank if there was a data breach and their data was compromised.
of respondents who use a bank or credit union said they have lost trust in a bank and stopped using it as a result, compared to 15% who said the same for investments or wealth management advisors.
of respondents who have lost trust in a financial service said they still tend to trust financial institutions, roughly equal to the share of all adults (39%).