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Rebuilding Consumer Trust in Pensions
Datamonitor, July 2009, Pages: 53
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. The importance of trust varies across industry and region but for all FS players trust is a crucial element in retaining and attracting customers.
Scope
- Using global consumer data from our FSCI 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 pensions customers.
- The report discusses what trust means in the context of pensions and what it means for customer acquisition and retention, as well as performance.
- 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
During the financial crisis, much emphasis has been placed on how consumers have lost their trust in the financial services industry and in their bank in particular. Nonetheless, despite the current banking crisis, consumers own banks have managed to maintain a larger degree of their trust than pension providers.
People have not been prepared to take on additional longer-term financial risks during the financial crisis, even if it could have resulted in potentially higher return, risking the likelihood that they would not have sufficient funds available for a comfortable retirement.
Trust in the overall pensions industry falls as consumers get older, dropping to the lowest level for those between the ages of 50-64. This reduction in trust in the overall industry may be a symptom of a greater exposure to the pensions industry and thus a greater awareness of all the negative press coverage.
Key reasons to purchase this title
- Access the results of The Global FS Consumer Insight survey, enabling you to understand drivers behind the loss of trust in your industry
- Identify actionable strategies that can help encourage consumers to put aside money for a pension
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