The Role of Trust in Financial Services in UK 2014 Trend, Size, Share, Growth, Analysis and Forecast

Albany, NY -- (SBWire) -- 10/10/2014 --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

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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

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