2022 Cyber-Trust in Banking Scorecard

Trust is the cornerstone of any relationship between a financial institution and its accountholders. For consumers, trust can mean anything from the security of their data and accounts to the ability to control their own privacy rights. Building trust is the key to satisfying, long-term banking relationships. Cybersecurity education, consumer privacy, and cybersecurity empowerment play significant roles in long-term cyber-trust. This Javelin Strategy & Research report ranks 21 of the largest financial institutions in the United States based on the cybersecurity functions, capabilities, tools, and education they provide to consumers that strengthen and build cyber-trust among accountholders. That trust hinges on cybersecurity education, consumer privacy, and cybersecurity empowerment tools that embolden consumers. This report also outlines the steps financial institutions should follow to rise in the ranks, cultivate consumer cyber-trust, and become leading trusted financial institutions.

Key questions discussed in this report:

• How do the actions and beliefs of consumers play into defining cyber-trust? 
• Why does cyber-trust in banking matter?
• What more should institutions be doing to cultivate and maintain cyber-trust?  
• How can financial institutions bridge gaps in service and cyber-trust through cybersecurity education and empowerment? 

Companies Mentioned:

Ally Bank, Bank of America, Bank of the West, BMO Harris Bank, Capital One, Chase Bank, Citibank, Citizens Bank, Comerica Bank, Fifth Third Bank, Huntington National Bank, KeyBank, M&T Bank, Navy Federal Credit Union, PNC Bank, Regions Bank, TD Bank, Truist Bank, U.S. Bank, USAA Bank, Wells Fargo