UK The Role of Trust in Financial Services Market Report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Role of Trust in Financial Services market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Key points covered
- Simplify financial information to increase trust
- Embracing Open Banking and newer challengers will drive greater trust
What you need to know
There is significant variation in the level of trust towards the different financial services sectors. Both building societies and banks scored relatively high in comparison to other sectors whilst insurers and investment firms were among the industries with the lowest trust levels.
The nature of financial services means the potential benefits are not immediately obvious whilst the level of differentiation between financial services brands is significantly less than in other industries. This results in consumers feeling that they lose the element of choice which they value in other walks of life.
Newer, more innovative challenger brands offer this differentiation, however, they are yet to gain the appeal of a wider audience, whilst large tech firms such as Amazon and Google have the potential to hugely disrupt the industry.
Negative perceptions of financial services providers are significantly more common among consumers with little or no experience of them. For example, those who don’t have investments are significantly less likely to trust investment firms than those who do. Brands therefore need to improve the way they are viewed by non-customers to boost their perceived trustworthiness and remove this as a barrier to attracting new customers.
Mintel’s consumer research first of all examines trust in financial services companies in a wider context, comparing finance markets with other sectors. The Report then looks at the effect of product ownership on trust before examining the important factors in building trust and distrust. Finally, the Report explores attitudes towards different financial services companies and their ability to look after personal and financial data, as well as general attitudes towards trust.
Expert analysis from a specialist in the field
Written by Douglas Kitchen, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Most people trust their financial providers to trust them fairly, but perceptions of the industry in general show that concerns over misconduct still linger. Improving communications and being more transparent in terms and conditions would be a good place to start improving this.
Financial Services Analyst
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
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