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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