Javelin outlines trust in banking by examining the two key components of reliability and goodwill.
San Francisco, CA, June 5, 2017: Banking is fundamentally an industry of trust. Building and retaining customers’ trust is vital to the survival and success of a financial institution. Trust has two components: reliability and goodwill. The inaugural edition of 2017 Javelin Trust in Banking Leader awards is based on the 2017 Trust in Banking report, which provides financial institutions deep insights into these most important aspects of the relationships with their clients and identifies concrete steps that can be taken to strengthen the degree of trust that customers have in their respective financial institutions.
Javelin ranked 17 of the largest FIs in the U.S. according to the level of trust accountholders reported for each bank or credit union they identified as their primary FI. Navy Federal Credit Union, Regions, and USAA (in alphabetical order) distinguished themselves as overall leaders in trust, by establishing both reliability (how well accountholders believe their FI keeps their commitments) and goodwill (how well accountholders believe their FI looks out for their customers’ best interest) among their customers.
“Trust is the bedrock upon which financial services relationships are built. Trust is not simply given and cannot be taken for granted. Rather it must be earned through actions that demonstrate a commitment to being a good partner in consumers’ financial lives”, said Al Pascual, Senior Vice President, Research Director and Head of Fraud & Security at Javelin Strategy & Research.
View complete list of 2017 Javelin Trust in Banking Leaders award winner
Consumer data in this report is based on information collected in two random-sample panel surveys:
1) November 2016 survey of 5,028 consumers. For questions answered by all 5,028 respondents, the maximum margin of sampling error is +/- 1.40 percentage points at the 95% confidence level.
2) May 2016 survey of 10,639 consumers. For questions answered by all 10,639 respondents, the maximum margin of sampling error is +/- 0.95 percentage points at the 95% confidence level.
Financial institution rankings were derived from responses to questions about reliability and goodwill by respondents identifying each bank or credit union as their primary financial institution.
Related JAVELIN Research
• Digital Banking Maturity Path
• Turning Digital Banking into a Financial Journey Starts with the First Paycheck
About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.