Trust in Technology Companies vs. Banks
Firms such as PayPal and Amazon garner a level of trust with consumers almost as high as banks in general, Bain & Company’s a 2018 survey of 151,894 consumers in 29 countries finds.
The survey found that 54% of respondents would trust at least one technology company with their money more than banks, with a higher share among younger cohorts. See Gerard du Toit, Katrina Bradley, Stanford Swinton, Maureen Burns, Christy de Gooyer, and David Phillips (2018), “In Search of Customers Who Love Their Bank,” Bain & Company. Similarly, a 2015 Gallup poll showed that a larger share of Americans have a positive opinion of technology companies than of banks. See Niall McCarthy (2015), “Americans Trust Tech Firms More Than Banks for Finance,” Forbes, June.
From: “Fintech and market structure in financial services: market developments and potential financial stability implications” (February 2019), by FSB (Financial Stability Board)