The level of trust Americans have on financial institutions is alarming. The recent Gallup Poll indicates that this level of trust has taken a nose dive. The poll says that only 28% of Americans have confidence in the financial services offered by the nation’s banks.
Instantly Brand Monitor, in cooperation with Statista, found that leading banks like Wells Fargo (44%), JPMorgan Chase (40%), Citi (37%) and Bank of America (36%) have better levels of trust compared to other banks in the US.
On the contrary, the financial services of PayPal, Amazon, Google and Apple enjoy a high level of trust compared to America’s largest banks. The financial services of all these firms have secured confidence from more than 50% of Americans.
Another study by Bizrate Insights shows that the level of trust related to financial services is even lower in the case of retailers. Nearly 67% of American shoppers do not trust retailers with their payments and personal information.
Although analysts feel that banks are the most trusted when it comes to financial services, the above infographic tells a different story; Americans trust technology firms more than banks for financial services. With more payments systems being launched by technology companies and innovative secure payment authentication techniques being implemented, we might witness more Americans being inclined towards financial services provided by technology companies compared to banks and retailers.