Trust in Fintech and Financial Services: Trends and Impacts
Customer trust is a critical currency in the fintech and banking industry. Recent data and surveys highlight how trust levels are evolving globally, what factors influence consumer confidence, and how fintech innovations can enhance (or sometimes challenge) that trust.
Below we review the latest findings on trust in financial services, data security perceptions, the value of personalisation, and case studies of fintech initiatives that have built trust—from AI assistants to fraud prevention. We also examine growth projections for enabling technologies like blockchain and tokenization, and how improving customer experience (CX) links to revenue growth.
Global trust in financial services is rising
Trust in financial institutions has rebounded worldwide. According to Edelman’s 2024 Trust Barometer, 62% of respondents globally said they trust financial services companies to “do the right thing,” up 4 percentage points from the prior year. This marks the first time since the 2008 financial crisis that the sector entered Edelman’s “trusted” category (defined as 60%+ trust). Notably, trust levels are highest in developing markets—for example, India (83%) and Thailand (81%)—while several developed economies remain in distrust territory (under 50% trust), with countries like Germany and Spain at 41%. The United States, by contrast, falls in the middle with 55% trust (classified as neutral). These regional variations underline that while global trust in banks and financial services is improving overall, it still greatly depends on where customers live and their recent experiences with the financial system.
Data privacy: do customers trust banks with personal data?
Consumers are cautious about how well banks protect their personal information. A recent global survey by YouGov found that only 61% of consumers in 2023 trusted their banks to safeguard their personal data—a slight decline from 63% the year before. Distrust in banks’ data handling grew from 30% to 33% globally during that period. In some markets, confidence is very high—for instance, Indonesia (85%) and India (83%) have the greatest trust in banks’ data security practices. But in others, skepticism prevails; Spain recorded the highest distrust levels, with 57% of Spaniards expressing concerns. This indicates that while a majority trust banks with data overall, a significant share of customers remain uneasy. Banks must continue investing in cybersecurity and transparency to close that trust gap. As data protection is a top priority for consumers (83% say it’s crucial for companies to earn their trust), any missteps on privacy can quickly erode hard-won goodwill.
Trust in financial advice remains mixed
Winning trust in financial advice and advisory services is an ongoing challenge. Even as banks regain trust in general, many people remain lukewarm about trusting financial advice. In Edelman’s 2023 survey, the global public’s trust in the financial advisory subsector was only 52%—essentially a neutral score and one of the lowest among financial services categories. This suggests that roughly half of consumers do not fully trust the advice from financial advisors or institutions. In fact, Edelman noted that trust in financial advisory firms declined in the majority of countries surveyed. Factors such as perceived conflicts of interest, mis-selling scandals, or simply a lack of personal connection can hinder consumers’ faith in advisors. Building credibility here may require more transparency, fiduciary responsibility, and personalised guidance that clearly puts customer interests first.
Personalisation: A key to building trust and loyalty
Delivering personalised, proactive service is becoming critical to earning consumer trust. Customers now expect their bank or fintech apps to know them and tailor offerings accordingly. McKinsey research indicates that 71% of consumers expect companies to deliver personalised interactions, and 76% report frustration when this doesn’t happen. In banking, personalisation can range from relevant financial insights and budgeting tips to customised product recommendations and alerts. The payoff for getting it right is significant. Studies show that 78% of consumers are more likely to refer friends and family to banks that provide personalised experiences. Conversely, a lack of personalisation is one of the top frustrations with digital banking. The ability to anticipate needs and “know the customer” builds trust by making customers feel valued and understood. It also directly drives retention and growth – companies that focus on improving CX through personalisation see an 80% increase in revenue compared to those that do not.
Case studies: Earning trust through innovation
Several leading financial institutions and fintech companies have rolled out initiatives that successfully strengthen consumer trust.
Bank of America’s Erica – AI assistant adoption
Bank of America introduced its virtual financial assistant “Erica” to make banking easier and build trust through useful, 24/7 support. As of early 2025, over 20 million BofA clients regularly use Erica for help with their finances, and the AI assistant has handled more than 2.5 billion interactions since launch. Clients engage with Erica about 2 million times per day, asking questions ranging from account info to spending insights—and even the occasional joke. By offering quick answers and guidance via a convenient chat interface, Erica acts like a personal concierge. This not only improves customer experience but also increases trust; users feel their bank is always available. Importantly, BofA has continually expanded Erica’s capabilities (across banking, credit cards, Merrill investing, etc.), signalling that the bank is investing in innovation to serve its customers better. The massive usage numbers indicate that customers have embraced the assistant, showing trust in the AI advice and recommendations it provides.
BBVA’s omnichannel strategy – Blending digital and branches
Global bank BBVA provides a case study in how an effective omnichannel approach can drive trust and business performance. BBVA invested heavily in digital transformation while reimagining the role of physical branches—aiming to give customers seamless service across online and in-person channels. The results have been impressive. In the U.S., BBVA’s parent company disclosed that BBVA USA’s branch productivity increased by 40% over two years after implementing its omnichannel strategy, making it one of the fastest-growing regional banks. By digitising products and processes, BBVA enabled branch staff to spend more time on advisory conversations rather than paperwork and encouraged customers to adopt convenient mobile tools for everyday transactions. Globally, BBVA’s reinvention has fueled record growth—the bank added 11.1 million new customers in 2023, 65% of whom were acquired through digital channels.
Revolut’s security features – Proactive fraud prevention
London-based fintech Revolut has focused on security innovation to bolster user trust, especially as digital fraud rises globally. In 2023, Revolut released its first Financial Crime and Consumer Security Report, revealing that its advanced fraud detection system prevented over £475 million in fraudulent transactions against customers that year. The company’s machine-learning systems monitor for suspicious activity and can automatically block unauthorised access. Revolut also rolled out enhanced in-app security features—like biometric logins, one-tap card freezes, and real-time scam warnings—to empower users to protect themselves. Furthermore, Revolut invests in scam education through in-app “Learn” modules to help customers spot and avoid new fraud schemes. These efforts have a direct trust benefit: users see that Revolut is actively safeguarding their money.
Wise’s community and reputation – Transparency in action
Money transfer specialist Wise (formerly TransferWise) has built trust through transparency and by harnessing its satisfied user base as a community. Wise famously grew through word-of-mouth referrals, with customers recommending the service to friends to save on fees. The company encourages this community growth and even visualises how users are connected through referrals on its website. In terms of public reputation, Wise boasts over 200,000 customer reviews on Trustpilot with an average rating of 4.3 out of 5—a solid “Excellent” score by Trustpilot standards. (As of 2024, Wise has served more than 12.8 million customers worldwide.) This volume of positive independent reviews reinforces that new users can trust Wise with their money. The fintech also operates community forums and feedback channels where users can suggest features and get help from one another, fostering a sense of transparency and user empowerment.
Chime’s fraud prevention and refunds – Protecting the vulnerable
U.S. neobank Chime experienced growing pains with fraud management, but also demonstrated the impact of aggressive anti-fraud measures. During the COVID-19 pandemic, Chime saw a surge of fraudulent unemployment and stimulus payments flowing into accounts. In response, Chime ramped up account monitoring and closures to block illegitimate activity—sometimes controversially freezing accounts en masse. In the end, Chime reported that it returned $650 million in fraudulently accessed COVID-19 relief funds back to state and federal agencies. Many of these cases involved identity thieves opening Chime accounts to claim unemployment benefits in states where the account holder didn’t actually reside. While the approach sometimes resulted in customer service challenges, it underscores the critical importance of fraud prevention to protect vulnerable users and build overall trust.
Blockchain and tokenization: Poised for exponential growth
Emerging technologies like blockchain and tokenization are set to reshape the financial services landscape. Blockchain technology is projected to grow from $31.3 billion in 2024 to over $1.4 trillion by 2030, driven by increased adoption of decentralized finance (DeFi) and tokenized real-world assets. Similarly, the global tokenization market is forecast to reach about $13.5 billion by 2030, growing at roughly 24% CAGR. These technologies promise enhanced security, greater transparency, and more efficient transactions—key factors that can significantly boost customer trust in digital finance.
Fintech, CX, and revenue growth
It’s often said that happy customers make for a profitable business—and data backs that up. Enhancing customer experience (CX) through fintech innovation isn’t just good for trust; it directly correlates with better financial outcomes. Customer-centric organisations consistently outperform their peers. Research indicates that companies focusing on CX enjoy up to 80% higher revenue growth and 60% higher profitability than those that do not. For instance, BBVA’s digital transformation and CX improvements have driven record customer acquisition and profit increases. This underscores that trust is not just a moral imperative—it directly correlates with business performance.
Future outlook: Trends and predictions
As fintech continues to evolve, the trends outlined above are likely to shape the industry’s future:
Blockchain integration: As blockchain technology becomes more widely adopted, its promise of immutable, decentralised records will play a pivotal role in reducing fraud and increasing transaction transparency. This shift could fundamentally alter how trust is built in digital finance.
Consumer-led banking tools: Financial institutions are increasingly focusing on consumer-centric innovations—such as connected banking and biometric authentication—that simplify transactions while offering continuous, secure experiences for users.
Trusted AI implementation: Banks and fintech companies will continue refining AI applications to ensure they are not only innovative but also secure and transparent. Educating customers about the benefits and safeguards of AI will be crucial to its successful adoption.
Tokenization and digital assets: With robust growth projections, tokenization is poised to become a mainstream tool in both safeguarding data and digitally representing assets. This trend will likely enhance operational efficiency and boost consumer trust as traditional financial instruments transition into the digital realm.
In summary, the evolving fintech landscape is defined by an accelerating pace of innovation and a critical focus on trust-building measures. The successful integration of these trends will not only drive technological advancement but also help financial institutions secure long-term customer loyalty and revenue growth in an increasingly competitive market.
