Stay ahead of the curve and secure future growth for your business with Mintel’s Trust in Financial Services Report. The report provides a data-led understanding of the financial services industry and enables UK organisations to monitor consumer trust and respond effectively.
Despite the cost of living crisis, consumer trust in financial service providers has risen since COVID-19, largely due to their supportive responses to these crises. Notably, mobile-only banks and specialist loan companies have seen substantial increases in trust, fuelled by consumers’ increased digital engagement and the tangible impacts of the FCA’s measures to regulate harmful credit practices.
Despite growing trust, financial brands face challenges in delivering personalised and digital-first experiences, as 70% of consumers have indicated that the potential for misuse or scams makes them wary of personalised financial services. Furthermore, in the past three years, 17% of consumers have experienced fraud, and the same proportion have encountered issues with online or mobile banking, underscoring the need to continue to improve digital services.
Financial services providers that help with financial difficulties, offer effective resolution mechanisms for fraud and other issues, and enhance transparent communication on fees and data usage can alleviate concerns, thereby strengthening trust.
Readers may be interested to browse our wider financial services market research to gain additional insights.
The FCA has defined trust in the financial services industry as having two dimensions: ‘knowledge and skill; and good intentions and honesty. One of these is more technical in nature, the other more moral and ethical.’
According to the UK government, there are two kinds of trust in the financial services industry. The first is the ‘trust between participants in a financial transaction, that the parties will honour their side of the agreement, even if it means unexpected losses for one or more of the parties.’
The second, which is the focus of this Report, is the ‘trust by the population at large that the financial sector is focused on its core role of efficiently bringing savers and investors together in ways that optimise the allocation of private savings to financial investment in physical and human capital’.
Industry expert Saltanat Kuermannal delivers in-depth analysis with this report.
Trust in financial services has risen in recent years, but challenges still persist. Increased transparency will be key to further improvements.
Saltanat Kuermannal
Financial Services Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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