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.
Scope
- Using Global consumer data from our Financial Services Consumer Insight 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 savings customers.
- The report discusses what trust means in the context of savings and investment and what it means for customer acquisition and retention
- A number of key trends are highlighted that describe the interplay between trust, attitudes and behaviour in the wake of the credit crunch
Highlights of this title
Savings and investments are directly affected by trust. High trust invariably leads to higher values and volumes of savings across the entire range of products and institutions. However trust is not the only factor at play, with wider economic as well as cultural factors having an impact on both levels of activity and levels of trust.
Savings patterns are changing as consumers increasingly shift their concern towards a focus on short term, high liquidity investment and savings products. This trend is universal and is not limited solely to regions affected by the downturn. This change in consumer concern will lead to a change in the type of products saved with.
Investors and savers active in the most complex and sophisticated products hold the highest levels of trust in the industry, despite the losses they have made in the downturn. Higher understanding of finance leads to higher trust, yet public engagement with the industry remains low. Improved public understanding will lead to higher trust.
Key reasons to purchase this title
- Access the results of The Global FS Consumer Insight survey, enabling you to understand the drivers behind loss of trust in your industry
- Identify actionable strategies that can help encourage consumers to save and invest
- Understand why trust matters, and the effect it has on the bottom line
