Only 53% UK consumers willing to trust any bank or building society; Bigger names more trusted
Recent research by YouGov into trust in financial services has found that only 53% of consumers are willing to trust to bank or building society. Worryingly for the financial services industry, almost two thirds of consumers say they cannot trust any bank and over half say they cannot trust any building society.
- 53% of consumers say they are willing to trust banks or building societies
- 63% of consumers say they cannot trust any bank
- 57% say that they cannot trust any building society
- Bigger banking brands (i.e. high street names) tend to elicit more trust (28%)
- Compared with the smaller names (22%)
Over three in five (62%) of consumers strongly agree that brands behaving fairly and transparently with their customers would encourage trust. Other important factors include: brands offering consistent high-quality customer service (53%) and knowing there is no risk of going out of business (56%).
Just 11% of consumers strongly agree that brands that rank highly on price comparison websites would encourage them to trust a financial services brand.
Building brand trust
Consumers were also asked which types of communications they feel would be effective at building trust in a brand, if they were looking for information on a company offering financial services.
- 68% of consumers believe positive comments from friends, colleagues and acquaintances are very effective at building trust in a brand.
- Online methods of communication fare less well for effectively building trust among consumers: Entries on a price comparison website (17%), a brand’s own website (12%) and online adverts (2%)
Consumers were also asked about the current financial crisis. 70% think corporate greed is responsible, but other factors which consumers perceive as very responsible include: poor management of the UK economy (58%) and consumers taking on too much debt (57%).
Commenting on the findings of the poll, YouGov SixthSense Research Director, James McCoy said: “The importance of company motivation and a consumer’s belief that the company has longevity, and by implication is reliable, is clearly demonstrated here.
"Consumers place trust in financial firms that are motivated to help and support their customers and can deliver on their promises. To build trust, financial services firms have to do it by continuously demonstrating high-quality customer care and a desire to align the firm’s motivations with those of the customer base. There are no quick fixes where trust in concerned.”
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