MINNEAPOLIS--(Business Wire)--The Ponemon Institute, a privacy and information management research firm, has released the 2009 Privacy Trust Study for Retail Banking and for the fourth year, U.S. Bank has ranked first. U.S. Bank has also ranked in the top five each year since the study`s inception in 2003.
The Ponemon Institute study measures consumer perceptions of trustworthiness for retail banking institutes and identifies the issues that influence consumer opinion. This year, Ponemon found that while the global financial crisis has had a negative impact on banks` scores overall, five of the top six banks saw an increase in their scores, including U.S. Bank.
Financial stability, quality customer service, clear privacy and security practice disclosures, strong online banking identity and authentication processes, stated or implied commitment to stand behind the customer in case of a breach or identity theft, and respectful advertising and marketing campaigns were all cited as positive factors impacting consumer trust in banks. Factors such as data breaches, rumors related to poor security practice, annoying advertising campaigns, poor web site design, and aggressive use of data coupled with offshore data management were found to have a detrimental effect on
perception.
"We were not surprised to see an overall decline in trust scores owing to the global financial crisis, but the increased trust scores earned by the top banks show that there are many aspects of trust that are absolutely within a bank`s ability to control," said Dr. Larry Ponemon, chairman and founder of the Ponemon Institute. "Those banks that consistently appear at the top of this study, including U.S. Bank`s fourth straight number one ranking, are not there accidentally, but have earned their place through a determined effort to apply sound security and privacy practices to their overall business strategy."
"Earning our customers` trust is fundamental to sustaining a meaningful relationship with them, and trust is particularly important in challenging economic times," said Dan Burks, chief privacy officer at U.S. Bank. "The work of the Ponemon Institute to recognize leading institutions provides a great service to consumers as they seek trusted financial partners."
The 2009 Privacy Trust Study for Retail Banking was derived from a final sample of 6,950 surveys returned from adult consumers residing in all geographic regions of the United States. To request a copy of the study, contact the Ponemon Institute.
The Ponemon Institute is dedicated to advancing responsible information and privacy management practices in business and government. To achieve this objective, the Institute conducts independent research, educates leaders from the private and public sectors, and verifies the privacy and data protection practices of organizations in a variety of industries.
U.S. Bancorp (NYSE: USB), with $266 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,850 banking offices and 5,173 ATMs in 24 states, and provides a
comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
U.S. Bank
Teri Charest, 612-303-0732
or
Ponemon Institute
Mike Spinney, 978-597-0342
