For many consumers, peace of mind starts with trust – trusting that your bank will keep your money safe and help you feel secure about your financial future. Has today’s world of what feels like never ending cyber-attacks, breaches and bank collapses sparked new concerns about this trust?
According to a survey by TEAM LEWIS, most consumers still maintain confidence in their banks. In fact, more than three in four (77%) of respondents expressed trust in their financial institutions. This trust is highest among older consumers, over the age of 55, with 85% reporting confidence in their banks.
The Impact of Bank Collapses
While overall trust remains stable, the survey also highlights how high-profile bank failures, such as the collapse of Silicon Valley Bank, shook the confidence of some consumers. A quarter (25%) of respondents reported a decrease in trust in financial institutions due to these events. Despite this, 68% of consumers stated that their trust has remained unchanged over the past year, showcasing resilience in an ever-changing financial world.
Social Media Regulations and Privacy
Shifting gears from banks to another key institution, social media platforms, public opinion seems divided. The survey reveals that nearly three in five (59%) consumers favor increased regulation of social media platforms. However, among younger adults (aged 18 to 34), nearly two in five (39%) prefer that no changes be made to current regulations, reflecting generational differences in attitudes toward social media oversight.
Another critical issue in the social media landscape is user privacy. Confidence in social media companies’ ability to protect user privacy varies sharply with age, and overall confidence is low. However, more than three in five (66%) consumers agree that social media companies should be required to disclose their content moderation practices. This highlights a growing demand for transparency in how platforms handle, store, and regulate user content.
Looking Ahead
As trust in both financial institutions and social media platforms continues to evolve, today’s consumers are paying close attention to both regulation and transparency from institutions. Whether it’s their bank or social media platforms, consumers want to be able to trust the security and have confidence in the institutions they choose to interact with every day.
Trust isn’t just important for banks and social media platforms – it’s also a critical factor for marketers. Consumers, rightfully so, are more discerning than ever and building brand trust is essential for companies to foster long-term relationships. Transparency, authenticity, and clear communication are key. Today’s brands and marketers must not only deliver on promises but also align their values with those of their audience. In a world where trust can so easily be lost, especially through misleading advertising or data privacy concerns, brands that prioritize honesty and customer-first strategies are more likely to succeed.
Methodology
This Research Roundup feature is brought to you by our market research division within TEAM LEWIS.
TEAM LEWIS surveyed 1,050 individuals aged 18 and older across the United States. The sample was census-balanced across age, race, gender, and region. Responses were collected in an online survey platform from March 30 to April 4, 2023. The respondents were independently sourced from Op4G
For more information on upcoming trends, insights in the industry, and how we can help, contact us today by emailing [email protected].
