Role of Trust in Financial Services in Uk 2014 - Global Industry Size, Share, Trend, Forecast, Analysis and Growth

Greater consumer interaction with financial services firms can slowly build trust, while negative media coverage and word of mouth on the industry’s failings have the power to destroy this trust almost immediately. While companies need to find ways to engage more effectively with their customers, they also face the challenge of dealing with the impact that bad customer experiences can have on their reputation and consumer trust.

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Table of Content

Introduction

Abbreviations

Executive Summary

Putting the financial services industry in context

Discouraging results for the financial services industry…

Figure 1: Extent to which consumers trust companies to treat them fairly, June 2014

…but it’s not all bad news

Scale and proximity matter

Trust in different elements of the banking industry

The closer you are, the more faith you have

Figure 2: Trust in different elements of the banking industry, June 2014

Investigating different concepts of ‘trust’

Few actively worry about the financial stability of their bank…

Figure 3: Investigating different concepts of trust, June 2014

…as well as fraud and online systems’ insecurity

Nearly two thirds trust their bank to get the basics right…

…but only two in five trust their bank to have their best interest at heart

Level of concern over the industry’s failings

Bad publicity impacts consumer trust

Figure 4: Consumer concerns over various issues in the financial services industry, June 2014

Effect of customer experiences on trust

Interaction with the industry seems to generally increase trust

Attitudes towards the financial services industry

The issue of bankers’ pay strikes a chord with consumers

Figure 5: Attitudes towards the financial services industry, June 2014

Consumers would like to see harsher punishment for financial misconduct

Nearly 60% are unsure of...