If financial companies’ customers are feeling wary, they’ve got plenty of reasons after a dismal 2022 for the stock market and this year’s stunning failure of four major banks.
Our 2023 list of the 30 Most Trusted Financial Companies draws on a survey, the fourth annual, in which thousands of people rated financial companies on the trust attributes most important to consumers. Our sister company, MarketWatch, is co-branding the report for a second year.The collapse this year of Silicon Valley Bank, First Republic Bank and Signature Bank — plus Switzerland’s Credit Suisse — was a sinkhole.
This year we saw how — under the shadows of inflation, a bear market and even the 2008 financial crisis — customer trust in the financial companies they partner with rose in importance. Our survey respondents told us how much they value the best products and services, and that a company’s customer service and ethics earn their trust. Other qualities were important to them, too.
Financially sound/secure received the highest weight in our study, topping our list of the most critical trust factors for a financial company. Quality of products/services took the second spot, followed by the commitment to protecting the privacy and security of personal data. Rival Charles Schwab SCHW, +0.07% also ranked highly in all three investment categories and garnered four of the top-10 spots on the trust index.
“One of our guiding principles is that trust is everything and earned over a lifetime and is lost in an instant,” said Rick Wurster, president of Charles Schwab & Co., in an interview with IBD contributor Adam Shell.
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