Business Insider recently released the latest version of their “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”. And it’s no surprise that Security, Privacy, and Reputation are the top factors that consumers weigh as they judge how they trust their financial institutions. 

Reinforcing the importance of trust when evaluating any topic associated with finance, banking customers with a high degree of trust in their financial institutions are far more likely to use mobile banking apps to make deposits and perform other banking functions.  The study found that 37 percent of customers with a high degree of trust in their bank used mobile banking at least once a week vs. 21 percent of customers who did not have a high degree of trust in their financial institution. 

Trust, in turn, creates greater customer loyalty.  Those customers with a high degree of trust in their bank were more than twice as likely to open their next account at that bank. 

Respondents who rated their bank above average in digital trust ratings were satisfied at higher rates than those with below-average digital trust (47.7% versus 23%) and used mobile and online banking weekly at increased rates (37.3% versus 21.1%, and 31% versus 17.2%, respectively). Respondents who ranked their bank high in digital trust also considered themselves likely to open their next account at the bank at more than twice the rate of those with low trust (22.6% versus 10.4%).

These statistics underscore the importance of ensuring your brand protection strategy addresses mobile apps and app stores.  If you’d like to learn about best practices in incorporating a mobile app component into your brand protection strategy, please click here to download your guide.

 

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