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US Neobank Digital Trust 2022

How Consumers Rank Trustworthiness of the Top 4 Neobanks

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About This Report
Neobanks face a widening gulf with incumbents on digital trust. These disruptors must prioritize ways to build up this key commodity amid unprecedently difficult market conditions.
Table of Contents

Executive Summary

The four largest US neobanks by number of customers—Chime, Varo, Current, and Aspiration—generally scored lower than incumbent banks in the 2022 edition of Insider Intelligence’s US Banking Digital Trust Benchmark study. Finding ways to build trust will help neobanks ride out existential threats, like loss of venture capital funding, in the years ahead.

Key Question: What drives the neobanks’ performance across each of the key dimensions of digital trust?

KEY STAT: Of the US digital banking users we surveyed, fewer considered “another ‘digital-only’ bank” to be the provider they’d trust most to supply them with banking services this year than in 2021. Neobanks must bridge this widening trust gap with incumbent financial institutions (FIs), and especially with alternative providers like Big Tech and payments players.

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Table of Contents

  1. Executive Summary
  2. Neobanks Must Make Trust Their Top Priority
  3. Neobanks’ Digital Trust Results Were Mixed
  1. How Neobanks Performed in Key Digital Trust Categories
  2. Read Next
  3. Sources
  1. Media Gallery

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authors

Maria Elm

Contributors

Ona Koehler
Senior Director, Benchmarking
Na Li
Director, Primary Research
Tiffani Montez
Principal Analyst, Banking
Daniel Ramirez
Researcher, Financial Services
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