According to Forrester’s US Financial Services Customer Trust Index Rankings, 2023, consumer trust in US financial services firms remained relatively weak and largely unchanged in 2023. US banks were the only firms to achieve a measurable improvement in average trust scores — despite the turmoil initiated by the failure of Silicon Valley Bank. The improvement in customer trust scores on average came from small increases in how banks performed across all of Forrester’s seven levers of trust, including dependability — the most important lever of trust for US banks
Key findings from Forrester’s index include:
- In 2023, only four brands received a “strong” trust score, down from six brands in 2022. These include Navy Federal Credit Union, Morgan Stanley, Edward Jones, and Ameriprise Financial. Additionally, 33 brands received a moderate trust score, up from 27 brands in 2022, while 16 brands received a weak trust score, down from 21 brands in 2022. Seven brands saw a statistically significant increase in their trust score from 2022 to 2023, five of which were bank brands.
- Top-scoring financial services firms in Forrester’s Customer Experience Index (CX Index™) have high customer trust. This indicates that a customer’s perceptions and experiences accumulate over time to produce trust.
To benchmark US customer trust in 2023, Forrester surveyed more than 10,000 US online adults about their primary financial services brands — including 13 of the largest and most popular auto and home insurers, 16 banks, 13 credit card issuers, and 11 investment firms.