The Role of Trust in Financial Services - US - April 2015
"The FSI’s (financial services industry) reputation has been damaged since the recession hit in 2008-09. Consumers quickly blamed the industry for the crisis and ever since have had a hard time trusting its products and services. However, not all sectors were negatively impacted; credit unions continue to attract more consumers as do alternative banks. Understanding customers’ needs and delivering on these is a key tactic impacting trust development. Throughout this report you will learn consumers’ definition of trust, their expectations of various financial sectors, and lastly factors helping financial sectors and trusted brands maintain consumers’ trust."
- Monica Staco, Category Manager - Financial Services
This report looks into the following areas:
- Economic stability matters
- Data breaches are the latest headache
- Continued engagement with consumers
- Transparency and authenticity speak louder to consumers
Trust is an ongoing endeavor that must always be in the forefront of all industries but particularly more so for FSI. Considering FS firms were the most impacted by the recession in terms of trust, repairing relationships with consumers demands consistency as it will take thousands of positive encounters to strengthen consumers’ trust. New players in the industry with innovative ideas are able to attract younger consumers who tend to be more trusting of the industry considering they don’t have a long history of interactions with it and rely on convenience to determine if they will trust a brand. As they become financially stable, their level of trust will most likely be influenced by different factors, challenging FS providers to continue to monitor their needs and expectations.
As demographic changes are taking place, FSI must stay connected with their customers, not only Millennials, but also Gen X and Boomers who are less trusting of the industry, to determine their particular needs and develop strategies to deliver the expected services. Ultimately a premium service delivery that exceeds expectations will keep consumers happy and engaged with the industry and raise their level of trust.
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