many people choose to be unbanked due to a lack of trust in traditional banking services. why do you think some individuals place more trust in alternative banking services?

Some individuals place more trust in alternative banking services because these options often provide more personalized, flexible, and community- oriented financial services. Alternative banking services, such as community banks, credit unions, and digital wallets, tend to prioritize social responsibility, sustainability, and customer-centric approaches, offering a level of trust and security that traditional banks may lack for some users. Negative past experiences, high fees, perceived prioritization of profit over customer service by traditional banks, and the depersonalization of large banking institutions contribute to distrust in traditional banks. Alternative financial services often establish strong personal ties with their customers and communities, offer more leniency and understanding in financial difficulties, and may have fewer barriers like minimum balances or credit score requirements. Digital alternatives also offer enhanced convenience, lower fees, and greater accessibility, especially for those who face physical or financial barriers to traditional banking. This combination of factors explains why some people choose to trust alternative banking services more than traditional banks.