ABA Survey: Americans Trust Banks Most to Safeguard Personal Data

Banks are more trusted than healthcare companies, nonbank payment providers and the government to keep their information secure and private, according to a new ABA/Morning Consult poll—the seventh consecutive time banks have topped the list. Forty-nine percent of consumers across all age groups said they trusted banks the most, while 27% said they trusted healthcare companies, 12% said they trusted nonbank payment providers (such as Apple Pay, Venmo and Paypal) and just 9% said they trust the government.

“This survey reinforces the trust consumers have in America’s banks to keep their money safe and to provide the financial services and convenience they want and need,” said ABA President and CEO Rob Nichols. “It’s encouraging to see that adults across generations appreciate the commitment America’s banks have made to protecting customer information.”

The survey also found that by a greater than three-to-one margin, U.S. adults prefer their banking services to be delivered by a bank versus a technology company. Just 17% of those surveyed said they’d prefer to have banking services provided by a technology company with a financial services division, compared to 56% who said they prefer to receive financial services from a bank. Meanwhile, nearly three-fourths of consumers said it mattered to them whether the company handling their finances was regulated like a bank.

The survey also examined consumers’ attitudes about FDIC insurance. Seventy-four percent said they valued the protection of an FDIC-insured deposit account “some” or “a lot,” and for almost four in 10 consumers, having FDIC insurance that guarantees the safety of their money was the highest priority when determining where to deposit their money.