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 report 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 pensions customers.
- The report discusses what trust means in the context of pensions and what
it means 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
During the financial crisis, much emphasis has been placed on how consumers
have lost their trust in the financial services industry and in their bank in
particular. Nonetheless, despite the current banking crisis, consumers' own
banks have managed to maintain a larger degree of their trust than pension
providers.
People have not been prepared to take on additional longer-term financial
risks during the financial crisis, even if it could have resulted in
potentially higher return, risking the likelihood that they would not have
sufficient funds available for a comfortable retirement.
Trust in the overall pensions industry falls as consumers get older, dropping
to the lowest level for those between the ages of 50-64. This reduction in
trust in the overall industry may be a symptom of a greater exposure to the
pensions industry and thus a greater awareness of all the negative press
coverage.
Key reasons to purchase this research
- Access the results of Datamonitor' s Global FS Consumer Insight survey,
enabling you to understand drivers behind the loss of trust in your industry
- Identify actionable strategies that can help encourage consumers to put
aside money for a pension
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