- This is a preview of Business Insider Intelligence US Banking Digital Trust Report 2020.
- The full report is available to Business Insider Intelligence corporate customers. To learn more about this report, email Business Insider Intelligence Client Services at email@example.com.
The U.S. banks with the highest levels of digital trust in 2020 are PNC, Chase and Citibank. This emerges from the first study by Business Insider Intelligence on Banking Digital Trust. Digital trust is the trust that consumers place in the digital channels of their banks – and this trust is more important today than ever. Sparks like the corona virus pandemic Branch closings, digital banking Failures, and Fraud programsTrust is tested on several levels.
Building digital trust could unlock valuable benefits for banks, including greater satisfaction, engagement, and customer lifetime value. Respondents who rated their bank as above average in terms of digital trust ratings said that they would likely open their next bank account more than twice as often as those with low confidence (22.6% vs. 10.4%) .
Despite the high digital trust of their customers, banks are still exposed to the looming threat from technology giants: The provider, who was named by the highest percentage of the respondents as one of their most trustworthy banking service providers, was Fintech PayPal (43.1%), which displaced the respondents. Primary bank (42.5%).
In order to help banks maintain and strengthen customer trust, our Banking Digital Trust 2020 study asked 2,055 US bank customers which factors play the greatest role in determining the level of trust in the use of digital banking channels, namely: security , Data protection, reputation, reliability, functionality and user friendliness.
We asked respondents to rate their bank's performance in relation to each of these factors and used these rankings to determine which banks had the highest level of digital trust overall. We also looked at our survey results to give banks data-driven insights on how to improve trust across the six factors. This study only looked at the top 10 customer-facing banks in the United States by asset size.
Here are the top three banks in digital trust overall:
PNC exceeded its weight and achieved the highest digital trustworthiness. Although the bank is in the middle in terms of asset size, it achieved the highest customer grades in the three main categories of the study: security, data protection and reputation. The bank's strong lead in these heavily weighted categories and second place at Feature Breath were enough to offset their average customer ratings in the usability and reliability categories.
- Rank: 1
- Result: 87.3 out of 100
Chase was a top contender in all six pillars of truthst, second overall. The bank took second place in terms of security and reliability and third place in terms of reputation, functionality and user-friendliness. Chase's strong digital trust in reliability, functionality and ease of use should benefit from its industry leadership IT budget – The bank reportedly spent $ 11.4 billion on technology in 2019 alone.
- Rank: 2 ..
- Result: 86.2 out of 100
Business Insider Intelligence
Citibank took third place overall in the digital trust category, achieved top marks in the reliability category and achieved first place in the security and data protection categories. The bank's strong results in the two most important categories of digital trust, data protection and security, have helped it rank third overall despite its seventh place in reputation – a category in which all major banks had problems.
- Rank: 3 ..
- Result: 85.9 out of 100
Business Insider Intelligence's Banking Digital Trust study evaluates how secure customers are using their digital channels, and analyzes what banks need to do to maintain and increase trust levels. The study is based on a January 2020 flash survey that narrowed down the six key factors that determine customers' digital trust, and a February to March 2020 study of 2,055 respondents that identified their bank based on these six Assess factors.
The full report is available to Business Insider Intelligence corporate customers. To learn more about this report, email Business Insider Intelligence Client Services at firstname.lastname@example.org. The Banking Digital Trust study includes the following categories: Bank of America, BB&T, Chase, Capital One, Citibank, PNC, SunTrust, TD Bank, US Bank and Wells Fargo. It also contains additional data on Ally Bank, BBVA USA, Chime, NFCU, USAA and Varo Money.