Americans Trust Banks Most to Keep Their Information Safe

Americans trust banks most to keep their information safe ... 

By a large margin over other industries and in every age group:

• 49% Banks
• 27% Healthcare providers
• 12% Non-bank payment providers (such as ApplePay, Venmo and Paypal)
• 9% The government
• 1% Telecom companies (such as Sprint, Verizon, and AT&T)
• 1% Major retailers

• 57% Gen Z (1992-2012)
• 43% Millennials (1981-1996)
• 49% Gen X (1965-1980)
• 50% Baby Boomers (1946-1964)

... and, by a 3 to 1 margin, prefer banks over tech companies to handle their finances.

• 56% want their banking services to to be through a traditional financial company such as a bank versus 17% want their banking services to be through a tech company with a financial services division
• 74% want the company handling their finances to be regulated like a bank

FDIC-protected deposit accounts are highly valued by consumers.

3 in 4  value the protection of FDIC-insured deposit accounts “a lot” or “some”

Americans’ highest priority when selecting an account to place their money:

1. FDIC insurance
2. Best in-person customer service
3. Best mobile app experience

Source: Morning Consult, on behalf of American Bankers Association, conducted an online survey of 2,200 U.S. adults from Oct. 1-2, 2020