Employees of big tech companies would not trust them with their financial data

Big tech companies are swiftly planning to move to the financial sector. With Google’s checking accounts to Facebook’s digital currency, the traditional banking system will face direct competition with the tech companies. They may lose ground to the tech companies due to falling behind on digital innovation.

However, given the continued misuse of customer data, big tech companies like Facebook and Google have lost the trust of consumers.

The recent survey conducted by the ‘Blind workplace insights’ also suggests the same. The survey responded by more than 5,000 professionals from various companies, including Apple, Google, Amazon, Facebook, and Uber say that they are less likely to use financial services provided by big tech companies.

The study found that Facebook and Uber were the least trusted tech companies among professionals to share their financial data.

• Traditional banks are far more trusted than big tech. 
  • Overall, 62% of professionals think that traditional banks are more trustworthy than big tech. 
• Even those who work in tech trust traditional banks more than big tech
  • 57% of tech employees trust traditional banks over tech companies,

Facebook is planning the launch of Libra in 2020. Since its inception, policymakers around the world raised concerns over the risk of big tech companies handling consumer’s personal financial data.

Facebook’s employees also have the same view as regulators and policymakers. The survey study also found that employees of Facebook had the lowest levels of trust in their company to handle their personal financial data.