Survey: Beyond Apple Pay

Boomers still trust banks more than they trust the tech giants. Millennials, not so much.

From a Business Insider survey of 1,088 Americans:

Banks

Click to enlarge.

When it comes to financial services, Americans still trust their banks more than any individual tech firm. But trust among the big five tech brands varies among Boomers, Gen Xers and Millennials.

  • Apple is the most trusted brand among all three cohorts
  • Amazon is a close second
  • Facebook is the least trusted, followed by Microsoft
  • Trust for Google among Gen Xers is low
  • Trust for Google among Millennials is high—higher even than Amazon

My caveat: The survey sample is small—too small, perhaps, to draw these conclusions.

5 Comments

  1. Horace Dediu said:

    Nobody should trust Business Insider.

    4
    April 18, 2018
  2. Fred Stein said:

    Despite small sample size, it shows that banks are less trusted by millennials. That’s an indicator for their financial services choices over the next fifty years. It may take years to see Apple Pay impact Apple’s bottom line. And that’s OK.

    One use case: I use ParkWhiz to find and pre-book parking. With Apple Pay it’s “click and done”.

    In China, people no longer use checks, charge cards or cash, just WeChat Pay.

    0
    April 18, 2018
    • Ken Cheng said:

      Wasn’t all that long ago when credit cards and ATMs were new. I remember going up to an ATM on a street in Shanghai, and taking money out just to see if it would work. It did! Might have been in 1993 or so.

      0
      April 18, 2018
  3. Ken Cheng said:

    A “trust most” question isn’t really all that useful, when the reality is you might trust more than one source, or none!

    0
    April 18, 2018
  4. John Blackburn said:

    Who knows what methodology Business Insider used? It’s a laugh that they would survey anyone about trustworthiness.

    1
    April 18, 2018

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