Ponemon Institute Releases Results of 2011 Most Trusted Companies for Retail Banking Study
TRAVERSE CITY, Mich., July 11, 2012 /PRNewswire/ — Privacy and information security research firm the Ponemon Institute announced the results of the 2011 Privacy Trust Study for Retail Banking, measuring consumer perceptions of trustworthiness for retail banking institutes. In its ninth 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.
Overall, average privacy trust scores declined slightly in 2011 compared to 2010, which Ponemon Institute believes, at least in part, is due to the economic crisis and increased regulation in the U.S. financial services industry. U.S. Bank has ranked in the top five for the ninth straight year and has been number one for the past six years. For the first time, Ally Bank has joined the top 5 list of Most Trusted Retail Banks for Privacy (tied with BB&T). Following is the list for 2011 and 2010.
2011 2010 ---- ---- 1. U.S. Bank (Minneapolis) 1. U.S. Bank (Minneapolis) 2. Fifth Third Bank (Cincinnati) 2. Regions Bank (Birmingham) 3. PNC Bank (Pittsburgh) 3. PNC Bank (Pittsburgh) 4. Citizens Bank (Providence) 4. Citizens Bank (Providence) 5. BB&T (Winston-Salem) 5. JP Morgan Chase (New York) 5. Ally Bank (Detroit) -------------------------
“Customer trust and loyalty in retail banks is dependent upon the perception that the institution is taking every measure to protect their personal information, said Dr. Larry Ponemon, chairman and founder, Ponemon Institute. As revealed in this and past studies, a significant number of customers will abandon their relationship with the bank if their personal information is lost or stolen.”
The 2011 Privacy Trust Study for Retail Banking was conducted from December 2011 to January 2012 and derived from a final sample of 5,571 surveys returned from U.S. adult consumers. For a copy of the report, please contact firstname.lastname@example.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.
SOURCE Ponemon Institute