Public Supports Traditional Banks over Digital Financing – A Study on Top Companies Reports

With all the tech giants moving to enter the digital finance market one by one – have they even convinced people to trust them?

Big companies like Facebook and Google are continuously working on their upcoming projects, namely, Libra and Google Pay-linked. These projects are milestones for these companies to enter the digital finance world, but is it going to benefit them?

Blind, an app-based anonymous social network, conducted a survey to show if people are supportive of digital finance of not. The sample of the research were professionals who were working in top companies such as Amazon, Uber, Facebook, Apple, and Google.

Big Tech vs Traditional Banks

Results were as shocking as anyone could think!

More than 62% of people answered that they trust traditional banking more than any other banking service. In particular, they said that they will trust traditional banks over the financial data of big tech companies.

When tech professionals were asked, around 57% of the people reported the same. Saying they trust traditional banks more than these digital finance services. Apart from it, around 67% of finance workers reported the same.

Do employees trust their own companies?

The data was astonishing. It predicted that even the employees in some big tech giants don’t trust their own companies. In short, they have doubts about their financial data, then how can they expect people on the outside to trust them?

On the bright side, Apple (91%) and Google (77.6%) employees had the most trust in their company when it comes to sharing personal financial data.

While, Facebook and Uber were on top of the list whose employees have serious trust issues. For instance, only 21.78% of 186 Facebook employees entrust their company. On the other hand, only 16.67% of the 45 participants from Uber entrust their company.

This information is worth noting!

Blind’s marketing manager, Curie Kim, mentioned that the survey didn’t specifically ask for Facebook's Libra in the survey, which is why the data is not worth much. Facebook is trying hard to disintegrate itself from its damaged image by introducing new profitable projects. Despite this, Libra has faced severe criticism by Twitter’s CEO and others since it emerged in the market.

Where some people are against Libra, others, specifically regulators are in support of Libra. Only the future will reveal the fate of Facebook's digital money system!

Read next: Over 90% of the Internet Users don't think that Social Media Companies Protect their Personal Data!
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