Jo Ann Barefoot, a former deputy U.S. Comptroller of the Currency and founder of the nonprofit Alliance for Innovative Regulation, has said, “The future of the financial system is going to be a mix of banks and non-banks. So the integration of banks and tech companies seems inevitable.”
It’s true that several big tech companies have moved to get into the financial or banking business. Apple Card, Facebook Pay and Google checking are some examples.
But, a survey finds big tech companies don’t have the trust that traditional banks do. Among 4,032 professionals surveyed by Blind Workplace Insights, 62% think that traditional banks are more trustworthy with their financial data than big tech. Even more interesting, nearly six in 10 tech employees (57%) trust traditional banks over tech companies.
Asked which tech giant—Google, Amazon, Uber, Apple or Facebook—they would be most willing to share their financial data with, 44% of respondents overall chose Apple, 34% chose Google and 17% selected Amazon. Only 2% each chose Facebook and Uber.
Blind was able to find out the trust employees of these big tech companies have in their own employers, too. The result followed the trend of the overall survey respondents. Ninety-one percent of Apple employees said Apple is the tech giant with which they are most willing to share financial data, and 78% of Google employees chose Google.
Less than half (47%) of Amazon employees said Amazon is the tech giant with which they are most willing to share financial data, while only 22% of Facebook employees and 17% of Uber employees selected their own employers.
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