Abstract
Introduction
Consumer trust in Financial Services is at an all time low. In order to
attract consumers' money banks and other institutions must first rebuild
trust. The importance of trust varies across industry and region but for all
FS players trust is a crucial element in retaining and attracting customers.
Scope of this research
- Using global consumer data from our FSCI survey this reports identifies
the extent to which trust has been lost.
- The report analyses the causes of this shift & identifies strategies that
can be employed to rebuild trust and attract & retain day-to-day customers.
- The report discusses what trust means in the context of day-to-day banking
and for customer acquisition and retention, as well as performance.
- A number of key trends are highlighted that describe the interplay between
trust, attitudes and behaviour in the wake of the credit crunch.
Research and analysis highlights
Remarkably, despite 54% of consumers agreeing that they had lost trust in
their primary bank since the financial crisis, and 64% lost trust in the
entire industry, rates of trust in the our primary banks remain at a very high
72%. Global levels of trust in our day-to-day banking providers have not been
affected to the extent assumed.
Financial awareness drives trust. Consumers with higher trust levels most
readily agreed with statement pertaining to financial awareness, such as
regularly review their finances and keeping up with the financial news in
order to make more informed decisions and make more of their money.
Consumers are disinclined to take actions that align with their attitudes.
Consumers who indicated a complete loss of trust in their primary banks were
no more likely to change their primary bank or even investigate products from
other banks in the next six months than those who had not lost any trust in
their bank.
Key reasons to purchase this research
- Access the results of Datamonitor' s Global FS Consumer Insight survey,
enabling you to understand the drivers behind the loss of trust.
- Identify actionable strategies that can help encourage consumers to
re-engage.
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