TRAVERSE CITY, Mich., Oct. 25, 2016 /PRNewswire/ -- Privacy and information security research firm, Ponemon Institute, announced the results of its 12th annual Privacy Trust Study for Retail Banking, measuring consumer perceptions of trustworthiness for retail banking institutes. First conducted in 2004, 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 consumers' trust.
An important finding in this year's study is the growing confidence consumers have in the privacy commitments of their banks. Since 2009, trust in banks' privacy commitments steadily declined from 44 percent to 34 percent of consumers surveyed. The downward trend was broken last year when 38 percent of consumers surveyed say they have trust in the privacy and data security practices of their bank. This year, 41 percent of consumers surveyed believe their bank is committed to ensuring the privacy of their personal information is protected.
"Based on our research on retail banking, the industry is devoting more resources to the protection of consumers' personal information," said Dr. Larry Ponemon, chairman and founder, Ponemon Institute. "In turn, consumers are becoming more savvy about the privacy commitments of banks and other financial institutions."
It is also noteworthy to announce that U.S. Bank is the only bank to rank in the top five for all 12 years and has been number one for the past 10 years. This year, Fifth Third Bank ranked second and BB&T is third. PNC Bank and Citizens are tied.
Most Trusted Companies for Retail Banking
1. U.S. Bank (Minneapolis)
2. Ally Financial (Detroit)
3. PNC Bank (Pittsburgh) (Tied)
4. Wells Fargo (San Francisco) (Tied)
5. BB&T (Winston-Salem)
6. Fifth Third Bank (Cincinnati)
1. U.S. Bank (Minneapolis)
2. Fifth Third Bank (Cincinnati)
3. BB&T (Winston-Salem)
4. Ally Financial (Detroit)
5. PNC Bank (Pittsburgh) (Tied)
6. Citizens (Providence) (Tied)
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.
The 12th Privacy Trust Study for Retail Banking was conducted over a 12-month period and derived from a final sample of 5,875 surveys returned from U.S. adult consumers. The survey covered such topics as the disclosure quality of privacy policies and other related notices, customer outreach activities for privacy and data security, online experience with a special focus on privacy and data security, perceptions about advertising, promotions and marketing and overall perceptions about the bank's services, especially customer contact experience.
"At U.S. Bank, we want to be our customer's most trusted choice," said Dan Burks, Enterprise Chief Privacy Officer at U.S. Bank. "We earn that trust through our commitment to providing the highest level of protection for our customer's privacy and the security of their data. Keeping personal information safe and sound is imperative to our business and we take great responsibility in our role as a financial institution."
About Ponemon Institute
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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SOURCE Ponemon Institute