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Determinants of trust in banks’ payment services during COVID: An exploration using daily data

Open access
Bijlsma, Michiel, van der Cruijsen, Carin, Koldijk, Jester·2022·De Economist
DOI 10.1007/s10645-022-09405-9PMC PMC9074844
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Abstract

Trust in banks is key, especially in turbulent times. Using unique daily data for a representative panel of Dutch consumers, we examine to what extent the COVID-crisis has affected trust in banks' payment services. We have the following main findings. First, COVID-19 measures have affected trust in banks' payment services. The first lockdown increased narrow-scope trust (trust in consumers' own bank payment services) and broad-scope trust (trust in banks' payment services in general). The second lockdown decreased both notions of trust. The crisis measures impacted the trust of the elderly the strongest. Second, personal characteristics are significantly related to trust in banks' payment services. For example, we find that both types of trust are increasing with digital literacy and the ease of getting by with income. Third, narrow-scope trust is higher than broad-scope trust. The gap between trust in the own bank and trust in banks in general is highest for customers of small banks.

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Crossref · 10.1007/s10645-022-09405-9

Cites

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  • Income level of banking users influences both the level of trust in the financial system and the usage of digital payments.

    “The income level of banking users might influence both the level of trust in the financial system and the usage of digital payments.”

    From Digital Payments Trust in Latin America and the Caribbean (2025) · cites this paper as Bijlsma et al., 2022

    The Introduction and Conclusion (Sections 1 and 4; page unavailable) report that income is positively related to broad-scope trust in banks’ payment services, but not to narrow-scope trust. The paper does not report that income influences the use of digital payments, so it supports only the trust portion of the claim. (LLM, conf=0.88)

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  • Changes in trust in banks can have a different impact depending on people's income level.

    “These results reflect that changes in trust in banks can have a different impact depending on people's income level (Bijlsma et al., 2022).”

    From Digital Payments Trust in Latin America and the Caribbean (2025) · cites this paper as Bijlsma et al., 2022

    Section 3.1 reports that lockdown measures changed trust differently across income groups: the second lockdown had a stronger negative effect on broad-scope trust among lower-income people. The claim reverses that relationship by saying changes in trust have different impacts; the paper instead examines income differences in how trust responds to lockdown measures. (LLM, conf=0.82)

    Experimental — accuracy not yet measured

  • There are few studies analyzing the relationship between trust in the financial system and use of digital payments that also consider multiple digital payment instruments.

    “However, there are few studies analyzing this relationship (Bijlsma et al., 2022; van der Cruijsen et al., 2023) that also exclusively analyzed a single payment instrument, such as mobile payments, without considering other digital payment instruments such as financial transfers, cards, and others.”

    From Digital Payments Trust in Latin America and the Caribbean (2025) · cites this paper as Bijlsma et al., 2022

    Section 2.1 (Data Used; page unavailable) says the study analyzes questionnaire responses about trust in banks, rather than payment-diary data on instrument use. Searches for mobile payments and a trust–payment-use relationship found no passage establishing how many studies examine that relationship or whether they consider one or multiple digital payment instruments. (LLM, conf=0.76)

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Cites

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Research works printed but not linked: 2

  1. [9]9. Ennew, C., & Sekhon, H. (2007). Measuring trust in financial services: The trust index. Consumer Policy Review, 17(2), 62-68.
  2. [11]11. Fungáčová, Z., Hasan, I., & Weill, L. (2019). Trust in banks. Journal of Economic Behavior & Organiza- tion, 157, 452-476.

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Related

Authors
Bijlsma, M., van der Cruijsen, C., & Koldijk, J.
Affiliations
Tilburg University (NL)
ORCID
Venue
De Economist
Publisher
Springer Science and Business Media LLC
Published
2022-05
Volume
170
Issue
2
Pages
231-256
ISSN
  • 0013-063X (ISSN-L)
  • 1572-9982
DOI
10.1007/s10645-022-09405-9
PMC
PMC9074844
OpenAlex
W4229065197
Cited by
18
References
38
Citations by year
2026: 3 · 2025: 4 · 2024: 2 · 2023: 4 · 2022: 3 · 2021: 1 · 2020: 1
FWCI
3.07
Type
journal article
Language
en
Open access
Licence
Locations
  • De Economist (publishedVersion)
  • SSRN Electronic Journal (acceptedVersion)
  • PubMed Central (publishedVersion)
  • PubMed (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Organizational Behavior and Human Resource Management › Customer Service Quality and Loyalty
  • Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
  • Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
Keywords
trust in banks, payment services, COVID-19 pandemic, lockdown, digital literacy, income, older consumers, small banks, Dutch consumers

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