Big Tech vs. Big Banks: Does Trust Outweigh Innovation? – Blind Workplace Insights

Big tech companies have been swiftly disrupting traditional industries, but the most significant target seems to be the financial sector. With Google’s announcement of offering checking accounts to consumers, Apple’s credit card, Facebook’s digital currency, traditional banks are welcoming opportunities to cooperate with tech companies. Moreover, it’s hard for traditional banks to ignore these trends, for they may miss opportunities that could lead to losing customers due to falling behind on technological innovation. 

However, given the recent missteps by big tech companies with customer data privacy and security, can tech companies gain the trust of consumers with their financial data? Tech companies have massive reach, brand recognition, and technological resources, but is that a big enough incentive on becoming the alternative to traditional banks?

This is what we asked 5,138 of professionals on Blind:

Who do you trust more with your financial data?

Key findings:

“The future of the financial system is going to be a mix of banks and non-banks…and the winners are going to be the ones that are rapidly moving to transform themselves.” according to Barefoot.  So the integration of banks and tech companies seems inevitable. Still, we wanted to understand further which company is most likely going to dominate the industry with the trust of the consumers on how financial data is going to be used. 

We surveyed 4,032 of professionals on Blind:

Which tech giant would you be most willing to share your financial data with? 

Key findings:

But do employees at big tech companies trust their own companies?

We were able to gather insight on how much trust professionals working at Apple, Google, Amazon, Facebook, Uber have in their own companies with their personal financial data.