QoD: Which tech company do consumers trust the most to handle their finances: Amazon, Google or Apple?

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Nov 17, 2019
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Question of the Day, Checking Accounts

As technology firms increasingly angle their way into financial services, the trust factor becomes an important one.

Answer: 

Questions:

  • How would you answer the question? Why?
  • Do you think technology companies will have success competing against existing banks? Why or why not?
  • Thinking like an entrepreneur, what has been one part of your experience with banks that you think needs to be improved? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Investopedia)

According to a recent survey by consulting firm McKinsey & Co., 58% of respondents indicated that they would trust financial products and services offered by Google. By comparison, the rates of positive responses for other big tech firms were approximately 64% for Amazon.com Inc. (AMZN), 56% for Apple Inc. (AAPL), and 31% for Facebook Inc. (FB).

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Want to inform your students about new payment apps? Check out our FinCap Friday, Peer-to-Peer Apps Go Head-To-Head

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.