Recent study finds U.S. consumers trust financial institutions over fintech

The Story: As reported in Finextra, a recent study from BIS shows that U.S. consumers trust financial institutions over fintech, government agencies and Big Tech (Google, Amazon, Facebook, and Apple) to protect their data.

The Takeaway: Trust has always been important for financial services, but in a post-COVID environment with historic levels of consumer bank switching and with more fintech players entering the market seemingly every day – it’s more critical than ever to foster trust. People who trust their FIs are proven to be more loyal and engaged consumers, creating opportunities for banks and credit unions to reinforce, grow and deepen relationships by communicating in a way that reinforces consumer confidence and commitment to people’s long-term financial well-being.

Source: Finextra, “Americans trust banks over fintechs and Big Tech with personal data,” May 28, 2021