Ponemon Institute Releases Results of 2013 Most Trusted Retail Banks

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U.S. Bank Earns Top Honors; Wells Fargo Joins the Top Five

Privacy and information security research firm, the Ponemon Institute, announced the results of the 2013 Privacy Trust Study for Retail Banking, measuring consumer perceptions of trustworthiness for retail banking institutes. In its 10th year, the study examines how issues related to consumer privacy and data security, and the ways in which retail banking institutions address those issues, translate to consumer opinion.

Despite financial woes in the economy, the majority of consumers in this study still see its primary banking institution as committed to protecting their personal financial information. Ponemon Institute research has revealed that there are specific factors that contribute to a trusted relationship. These are the perceived financial stability of the bank, the quality of customer service, a respectful approach to advertising with easy opt-out features, rigorous online identity and authentication procedures and a stated or implied commitment to stand behind the customer in the event of identity theft or other related crimes.

Results suggest the average privacy trust scores for retail banking institutions are trending downward over the past decade, which Ponemon Institute believes, at least in part, is due to a rash of data breach incidents and the use of emerging technologies such as mobile payments.

U.S. Bank has ranked in the top five for 10 straight years and has been number one for the past seven years. For the first time, Wells Fargo has joined the top 5 list of Most Trusted Retail Banks for Privacy (tied with PNC). Also noteworthy is Ally Bank’s performance, which moved up from fifth to second place.

The 2013 Privacy Trust Study for Retail Banking was conducted from April to July 2013 and derived from a final sample of 5,559 surveys returned from U.S. adult consumers. For more information about the report, please contact research(at)ponemon(dot)org.

About the Ponemon Institute
The Ponemon Institute© is dedicated to advancing responsible information and privacy management practices in business and government. To achieve this objective, the Institute conducts independent research, educates leaders from the private and public sectors and verifies the privacy and data protection practices of organizations in a variety of industries.

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Susan Jayson

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