US Trust and Loyalty in Financial Services Consumer Report 2025
The foundation of long-term banking relationships lies in the trust customers place in their financial institutions.
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EXECUTIVE SUMMARY
- What you need to know
- Outlook for trust/loyalty in financial services
- Opportunities
- Refine universal trust pillars, while highlighting culturally-resonant value adds
- Graph 1: reasons for trusting one’s financial services providers, by race and ethnicity, 2025
- Altruistic efforts can elevate trust to higher levels with multicultural adults
- Young adults are highly trusting of generative AI for financial and product guidance
- Graph 2: AI-driven bank switching, by generation, 2025
- With AI becoming the first touchpoint for advice, FIs must focus on being the most actionable partner for enabling such guidance
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THE MARKET
- Market factors
- Economic volatility will shape consumer trust in the near-term
- Graph 3: change in financial situation over the past 12 months, by financial situation, 2025
- AI-led financial decision-making spells risk for young adults
- Life milestones drive a greater reassessment of providers across young adults
- Graph 4: timing to consider new financial services relationship, by generation, 2025
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THE CONSUMER
- Switching consideration in the past year
- Switching is most likely to happen where value feels most tangible
- Graph 5: products consumers have switched their primary provider for in the past year, 2025
- Align value propositions with the differing needs of each credit band
- Graph 6: products consumers have switched their primary provider for in the past year, by self-reported credit score, 2025
- Periodic forgiveness and flexibility resonate with subprime users
- Graph 7: ideal features of a new credit card, by financial situation, 2025
- Types of institutions consumers switched to
- Target switching behaviors where it’s already happening
- Graph 8: financial institutions consumers have switched their primary provider for in the past year, 2025
- Adapt value propositions to generational priorities
- Graph 9: financial institutions consumers have switched their primary provider for in the past year, by generation, 2025
- Top reasons for trusting providers
- Trust in FIs is rooted in stability and familiarity
- Graph 10: top reasons for trusting one’s financial services providers, 2025
- Brands converting safety and tenure into tangible value
- Tailored support will reinforce trust among affluent consumers
- Graph 11: reasons for trusting one’s financial services providers, by household investable assets, 2025
- Trust in financial brands
- Amex, Capital One and Chase continue to anchor consumers’ trust in legacy banks
- Graph 12: consumers’ trust in banks, 2023-25
- Trust follows familiarity in the P2P world
- Graph 13: consumers’ trust in P2P brands, by generation, 2025
- Timing to consider a new provider
- Personal life transitions create engagement opportunities
- Graph 14: timing to consider new financial services relationship, 2022-25
- Act as a partner during economically difficult times
- Tailor engagement around the decision-making of financially struggling consumers
- Graph 15: timing to consider new financial services relationship, by financial situation, 2025
- Behaviors and attitudes toward financial services
- Economic sensitivity must shape targeting efforts
- Graph 16: impact of inflation on product exploration, by financial situation, 2025
- Lower and middle earners prefer consolidation, while affluent consumers seek multiple relationships to fill the gaps
- Graph 17: preference to keep all products with the same financial institution, by household investable assets, 2025
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INNOVATION AND MARKETING
- A diverse range of FIs highlighted how they’re bettering the communities they serve
- FIs must continue to position themselves as protectors to maintain long-term trust
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APPENDIX
- The consumer
- Consumer research questions
- Consumer research methodology – US
- Abbreviations
The foundation of long-term banking relationships lies in the trust customers place in their financial institutions. This trust can stem from a wide range of factors – with most valuing the security of their deposits over time, while efforts across community engagement and financial support extend this trust to deeper levels among multicultural groups.
Ongoing economic volatility, driven by rising prices and a weakening labor market, will test the resilience of households’ of loyalty in the near-term – with over half of consumers exploring financial products outside their primary providers due to inflation.
Wellness solutions remain central to FIs’ retention efforts in the near-term; financially struggling consumers are the most likely to consider a new provider relationship due to changes in economic conditions, necessitating greater engagement with a group that is burdened by limited income and higher debt levels amid inflationary pressures. Relief offerings and empathetic communication are critical in ensuring the financial health of vulnerable segments, but also stand to reinforce their trust and foster more long-term relationships as a result.
This report looks at the following areas:
- Switching consideration in the past year
- Types of institutions consumers switched to
- Top reasons for trusting providers
- Trust in financial brands
- Timing to consider a new provider
- Behaviors and attitudes toward financial services
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