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Wednesday 24 September 2014

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 whether they trust existing financial providers more than new entrants
What we think

Issues and Insights

The generation gap in the financial services industry
The facts
The implications
Greater interaction builds trust
The facts
The implications
Consumers protest against introductory offers
The facts
The implications

Trend Application

Life Hacking
Decline of Deference
Mintel futures: Brand Intervention

Putting the Financial Services Industry in Context

Key points
Survey background
Discouraging results for the financial services industry …
Figure 6: Extent to which consumers trust companies to treat them fairly, June 2014
…but it’s not all bad news
Figure 7: Extent to which consumers trust companies to treat them fairly, June 2014
Scale and proximity matter…
…but not all big companies are the same
Mintel research shows that you don’t need a high street presence to be trusted
Good customer service still goes a long way
Young people are more likely to trust financial services…
Figure 8: Proportion of consumers who somewhat/strongly trust companies to treat them fairly, by age, June 2014
…while people who are struggling financially are the least trusting
Figure 9: Proportion of consumers who somewhat/strongly trust companies to treat them fairly, by current financial situation, June 2014

Trust in Different Elements of the Banking Industry

Key points
The financial services industry is not a homogenous whole
Figure 10: Trust in different elements of the banking industry, June 2014
Proximity builds trust
Trust in call centre staff seems variable
Figure 11: Trust in different aspects of the banking industry, June 2014
Trust of the over-65s is strongly based on branch staff...
Figure 12: Trust in different aspects of the banking industry, by age, June 2014
…while under-35s are likely to be more trusting of the regulators
The impact of the financial crisis on trust
Figure 13: Trust in different aspects of the banking industry, by impact of the economic downturn on consumers, June 2014

Investigating Different Concepts of ‘Trust’

Key points
‘Trust’ can refer to different concepts
Figure 14: Investigating different concepts of trust, June 2014
Few actively worry about the financial stability of their bank
The majority trust their bank to protect them against fraud and keep their personal data safe
Technology can be a double-edged sword
Nearly two thirds trust their bank to get the basics right…
…while only two in five trust their bank to have their best interest at heart
Nationwide customers more likely to feel their bank will act in their best interests
Figure 15: Investigating different concepts of trust, by selected main bank account providers, June 2014

Level of Concern over the Industry’s Failings

Key points
Excessive bank charges cause the greatest concern…
Figure 16: Consumer concerns over various issues in the financial services industry, June 2014
…followed by the concern of theft or loss of personal data
One in three are concerned over poor governance
Mis-selling of PPI and other financial products still causes frustration
Branch closures are a concern despite the rise of digital banking
System failures are not far from people’s minds
Media coverage on payday lenders is affecting the whole industry’s reputation
The feeling of having no other choice but to trust prevails

Effect of Customer Experiences on Trust

Key points
How much do customer experiences affect trust in the industry?
Figure 17: Consumer experiences with financial services, June 2014
Interaction with the industry seems to generally increase trust
Figure 18: Extent to which consumers trust financial services companies to treat them fairly, by consumer experiences, June 2014
Consumers affected by IT system failures are generally more distrustful
Figure 19: Investigating different concepts of trust, by consumer experiences, June 2014
Victims of banking fraud are more likely to trust their bank to get the basics right
Figure 20: Consumer concerns over various issues in the financial services industry, by consumer experiences, June 2014
More than 50% of people who have received financial advice from their bank trust it to have their best interest at heart

Attitudes towards the Financial Services Industry


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