why do you think some individuals place more trust in alternative banking services?

Some individuals place more trust in alternative banking services because these services often offer more personalized, community-based support that traditional banks lack. Alternative services tend to build strong personal ties with their customers, providing flexibility and leniency, such as accommodating small repayments on bad checks, which fosters trust especially among low-income users. Additionally, alternative banking is often perceived as more affordable with lower fees, better transparency, faster onboarding, and more innovation compared to traditional banks, which are sometimes viewed as prioritizing profits over customers. Past negative experiences with traditional banks, perceived high costs, lack of accessibility, and distrust due to complex or impersonal service models also contribute to individuals leaning towards alternatives where they feel more valued and understood. These factors combined create a stronger sense of security and trust in alternative banking options for many users, particularly those underserved by mainstream financial institutions.