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Home >
Rebuilding Consumer Trust in Day-to-Day Banking
Report
Published: July 2009
Pages: 58
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 2809.38 Buy Now!
Research from: Datamonitor
Sector: Financial Services
Introduction
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 reports 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 day-to-day customers.
*The report discusses what trust means in the context of day-to-day banking and 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
Remarkably, despite 54% of consumers agreeing that they had lost trust in their primary bank since the financial crisis, and 64% lost trust in the entire industry, rates of trust in the our primary banks remain at a very high 72%. Global levels of trust in our day-to-day banking providers have not been affected to the extent assumed.
Financial awareness drives trust. Consumers with higher trust levels most readily agreed with statement pertaining to financial awareness, such as regularly review their finances and keeping up with the financial news in order to make more informed decisions and make more of their money.
Consumers are disinclined to take actions that align with their attitudes. Consumers who indicated a complete loss of trust in their primary banks were no more likely to change their primary bank or even investigate products from other banks in the next six months than those who had not lost any trust in their bank.
Reasons to Purchase
*Access the results of Datamonitor's Global FS Consumer Insight survey, enabling you to understand the drivers behind the loss of trust.
*Identify actionable strategies that can help encourage consumers to re-engage.
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 reports 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 day-to-day customers.
*The report discusses what trust means in the context of day-to-day banking and 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
Remarkably, despite 54% of consumers agreeing that they had lost trust in their primary bank since the financial crisis, and 64% lost trust in the entire industry, rates of trust in the our primary banks remain at a very high 72%. Global levels of trust in our day-to-day banking providers have not been affected to the extent assumed.
Financial awareness drives trust. Consumers with higher trust levels most readily agreed with statement pertaining to financial awareness, such as regularly review their finances and keeping up with the financial news in order to make more informed decisions and make more of their money.
Consumers are disinclined to take actions that align with their attitudes. Consumers who indicated a complete loss of trust in their primary banks were no more likely to change their primary bank or even investigate products from other banks in the next six months than those who had not lost any trust in their bank.
Reasons to Purchase
*Access the results of Datamonitor's Global FS Consumer Insight survey, enabling you to understand the drivers behind the loss of trust.
*Identify actionable strategies that can help encourage consumers to re-engage.