Hearts & Wallets released a survey on Wednesday that identified which financial institutions consumers were more likely to trust.
Regional bank SunTrust and insurance bank USAA were among the top performers, with two-thirds of consumers surveyed giving them high marks in trust. Hearts & Wallets noted that those firms earned consumers trust despite being in the bank category, which consumers rated poorly overall.
“Trust should be an important success metric to all providers,” Laura Varas, CEO and founder of Hearts & Wallets, said in a statement.
Varas said that Hearts & Wallets’ ongoing research has shown that “higher trust is related to higher consumer saving, a greater willingness to seek help, more openness to new solutions and better financial health.”
She added, “Both consumers and the industry benefit by increasing trust. Although the trust recipe is complex, consumer understanding of how a company earns money is number one of several drivers of trust.”
The survey measured consumer trust in financial institutions across multiple business models, including banks, investment firms and retirement plan providers. It asked more than 5,000 households about the level of trust they had in various financial institutions, and whether they would invest in them or recommend them to someone else.
The report found that the average consumer uses 1.8 financial institutions, and 70% of consumers have a relationship with a bank.