IBD Unveils List of Most Trusted Financial Companies of 2020
Investor's Business Daily (IBD), a leading financial news and research organization, today announced the results of its new Most Trusted Financial Companies study. Conducted in collaboration with TechnoMetrica, IBD's polling partner, the survey measured customers' trust in financial companies and ranked organizations objectively to help consumers make informed decisions based on the factors that matter to them.
The list of the 25 Most Trusted Financial Companies was developed based on subscriber interest in IBD's unbiased insights into which financial companies had earned high levels of customer trust. When polled, 88.7% of respondents indicated IBD's seal of approval would increase their likelihood of trusting a company, with 82.9% indicating that IBD's data would boost the likelihood of them purchasing a particular company's products or services.
"Trust plays an incredibly important role in selecting a financial company. In fact, almost 99% (98.7%) of survey respondents listed trust as an important factor in their decision making," said Susan Warfel, managing editor of IBD. "Consumers are faced with enormous stress and uncertainty amid today's COVID world, and they want to be sure they pick the right people to handle their financial matters. The companies on this list are here because the winners' own customers, the people who rely on their products and services every day, put them there, not because of an editor's subjective point of view."
The Most Trusted Financial Companies winners were ranked across six lines of business: auto insurance, banks, credit card issuers, home insurance, online brokers and wealth management. Rankings were based on six trust components that consumers indicated were most important to them in a Phase 1 survey. The trust components were: a company's commitment to protecting the privacy and security of personal data, quality of products and services, ethical business practices and values, fair prices/fees for products and services, customer service and customer treatment.
The second phase of survey research included over 4,200 respondents who rated the financial companies with which they do business. For companies to be included in the survey analysis, at least 100 respondents must have rated the company in the line of business, with the exception of wealth management, for which IBD required at least 75 respondents. Fifty-one companies passed this minimum inclusion criterion.
The 25 winners were chosen from across all six business lines and represent the companies with the highest overall trust ratings. IBD also spotlights the top three companies with the highest trust ratings in each of the six business categories.
According to the data, online brokers and auto insurance companies are most trusted by consumers, while wealth management firms and banks are the least trusted. Credit card issuers and home insurance companies are n between at 3rd and 4th place, respectively.
Top 25 Most Trusted Financial Companies
The following companies received the highest ratings overall. Some companies earned high rankings in multiple businesses:
Top Award Winners in Each Trust Category
Looking across individual categories, the top three winners, based on customer vote were:
Quality of Products & Services:
Commitment To Protecting Privacy & Security Of Personal Data:
Fair Prices/Fees For Products & Services:
Ethical Business Practices & Values:
Most Trusted Companies by Line of Business
Breaking down the top vote getters across the six specific lines of business, the winners were:
To find out more about this year's winners and read analysis of the respective categories, please visit www.investors.com/MostTrusted.
The 2020 IBD Most Trusted Financial Companies logo and accolades are available for licensing through Investor's Business Daily's partner, The YGS Group. For more information and ordering, please contact IBDlicensing@theygsgroup.com or call 800-290-5460.
Investor's Business Daily (IBD) is a leading financial news and research organization recognized for proprietary stock screens, comparative performance ratings and a record of identifying stock leaders as they emerge. The company takes a data-first approach to investing, educating investors about how to invest successfully using tested methods and sound research. IBD has honed its approach over the last 50 years to help investors make smarter decisions. Its stock lists have outperformed the S&P, and its presidential poll, the most accurate over the past four election cycles, was one of only two national polls to accurately predict the outcome of the 2016 Presidential Election. IBD offers a number of interactive stock research tools and provides information for investors of every level. To learn more about all that IBD has available, please visit www.investors.com.
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