Submitted by: Submitted by prashantkolekar
Views: 75
Words: 1094
Pages: 5
Category: Business and Industry
Date Submitted: 09/24/2014 03:36 AM
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...