Banks and credit unions are the most trusted financial institution, according to a new survey released this morning by Morning Consult, with 61% of consumers saying they “naturally trust banks.” By comparison, 51% tend to trust insurers, 48% tend to trust payment companies and 36% tend to trust investment and wealth management providers. The figure for all companies among those surveyed was 43%.
More than seven in 10 said they trust depository institutions a lot or some of the time, the highest among financial services providers. The survey found that consumers ranked security and protection of their personal data the highest in importance for financial services to ensure their trust; nearly 90% said data privacy and security are important in their decisions to choose financial services providers.
The survey of 4,400 U.S. adults also found that despite the economic fallout from the pandemic, 14% of U.S. adults said their trust of financial services companies had grown in the past year.