Table of Contents
Executive Summary
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- Trust across different industry sectors
- It’s easier for smaller businesses to build trust
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- Figure 1: Extent to which consumers trust companies to treat them fairly, August 2012
- Sizeable gap in trust between banks, insurers and investment firms
- People don’t always trust “banks”, but they do trust “my bank”
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- Figure 2: Trust in different aspects of the banking industry, August 2012
- Understanding what trust means
- People trust that their bank is financially secure…
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- Figure 3: Investigating different elements of trust, August 2012
- …and NatWest customers show that people are prepared to forgive mistakes
- Trust in the ‘softer’ elements of banking is much less robust
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- Figure 4: Trust in bank and building society staff, August 2012
- The impact of bad publicity on consumer trust
- High awareness of past financial scandals…
- …but the level of concern varies widely
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- Figure 5: Concern over various elements of the financial services industry, August 2012
- Building societies and trust
- Most people appreciate there is a difference between banks and building societies…
- …and the building societies are seen as being much more trustworthy
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- Figure 6: Opinion on the relative qualities of banks and building societies, August 2012
- What we think
Issues in the Market
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- What does “trust” mean?
- Is there a difference between “banks” and “my bank”
- Is there a generation gap when it comes to trust in the financial services industry?
- What impact does mis-selling have on levels of trust?
- Does trust even matter in today’s market?
- What impact does a high street network have on consumer trust?
Trend Application
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- Carnivore, Herbivore... Locavore
- Moral Brands
- 2015 trend: Old Gold
Putting the Financial Services Industry in Context
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- Key points
- Small is beautiful?
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- Figure 7: Extent to which consumers trust companies to treat them fairly, August 2012
- Naming the high achievers
- Amazon proves it’s possible to trust someone you’ve never met
- Not as bad as the banks might have expected…
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- Figure 8: Extent to which consumers trust companies to treat them fairly, August 2012
- …but insurers and investment firms are viewed with deep suspicion
- A lack of trust undermines the core appeal of insurance
- The impact of the financial crisis on trust…
- …and on the perception of competence
- The impact of age on trust
- People who are struggling are the least likely to trust the industry
Trust in Different Elements of the Banking Industry
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- Key points
- ‘The financial services industry’ isn’t a homogenous whole
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- Figure 9: Trust in different aspects of the banking industry, August 2012
- The closer you are, the more faith you have
- Building trust through a high street presence
- The split between ‘banks’ and ‘my bank’ comes to the fore again
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- Figure 10: Trust in different aspects of the banking industry, August 2012
- ‘A fish rots from the head down’…
- …but people don’t trust the regulators any more than the bankers
- Older people’s trust is based on branch staff
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- Figure 11: Proportion who trust different elements of the banking industry, by age, August 2012
- Further evidence that banks aren’t supporting struggling customers
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- Figure 12: Proportion who trust different elements of the banking industry, by income and financial situation, August 2012
What Does ‘Trust’ Mean?
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- Key points
- Very few worry about the financial stability of their bank…
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- Figure 13: Investigating different elements of trust, August 2012
- …and almost all trust their bank to get the basics right…
- …but three in ten aren’t sure they can rely on their bank to treat them fairly
- Nationwide strong on trust…
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- Figure 14: Investigating different elements of trust, by main bank account provider, August 2012
- …while NatWest shows that people will forgive occasional lapses
Trust in Branch Staff
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- Key points
- Branch staff – the acceptable face of the financial services industry?
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- Figure 15: Trust in bank and building society staff, August 2012
- Trust drops when it comes to advice and customer-centricity
- Trust spans different social and economic groups
Awareness and Understanding of Industry Failings
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- Key points
- Widespread awareness of industry issues…
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- Figure 16: Awareness of complaints about financial services industry practices, August 2012
- …even if they’re not totally sure about the details
- It’s pay, not ‘casino banking’ that really grates
- Is ‘the current economic crisis’ the banks’ biggest failing?
- But it’s not all bad
Level of Concern Over Industry Failings
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- Key points
- Excessive bank charges are the greatest concern…
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- Figure 17: Concern over various elements of the financial services industry, August 2012
- …but people do still pay attention to more abstract issues
- Mis-selling and the concept of caveat emptor
Do People Differentiate Between Banks and Mutuals?
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- Key points
- Two thirds appreciate the difference between building societies and banks…
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- Figure 18: Awareness of the difference between banks and building societies, August 2012
- …but the level of understanding varies widely
- The legacy of demutualisation leaves some consumers confused
- Older people much more aware of the difference between banks and building societies
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- Figure 19: Awareness of the difference between banks and building societies, by age, August 2012
Mutuals and Banks – The Trust Gap
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- Key points
- Charting the difference between banks and building societies
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- Figure 20: Opinion on the relative qualities of banks and building societies, August 2012
- Among those who care, building societies do have the edge on trust…
- …but most people simply don’t see a difference
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- Figure 21: Opinion on the relative qualities of banks and building societies, August 2012
- Younger people have greater faith in the banks
Does Trust Even Matter?
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- Key points
- Is trust a luxury or a necessity?
- The link between trust and customer satisfaction
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- Figure 22: Key driver analysis of current account satisfaction, November 2012
- You can bank with an organisation you don’t trust – but you won’t be happy
- It’s the ability to say ‘sorry’ that really matters
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- Figure 23: Key driver analysis of current account satisfaction, November 2012
- How does satisfaction differ from switching intentions?
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- Figure 24: Key driver analysis of current account switching intentions, November 2012
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- Figure 25: Key driver analysis of current account switching intentions, November 2012
- Family…location…choosing a bank isn’t always about the bank
- Key driver methodology
Appendix – Putting the Financial Services Industry in Context
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- Figure 26: Extent to which consumers trust local shops to treat them fairly, by demographics, August 2012
- Figure 27: Extent to which consumers trust supermarkets to treat them fairly, by demographics, August 2012
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- Figure 28: Extent to which consumers trust building societies to treat them fairly, by demographics, August 2012
- Figure 29: Extent to which consumers trust banks to treat them fairly, by demographics, August 2012
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- Figure 30: Extent to which consumers trust solicitors to treat them fairly, by demographics, August 2012
- Figure 31: Extent to which consumers trust travel companies to treat them fairly, by demographics, August 2012
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- Figure 32: Extent to which consumers trust mobile phone companies to treat them fairly, by demographics, August 2012
- Figure 33: Extent to which consumers trust utility firms (electricity suppliers, gas suppliers etc) to treat them fairly, by demographics, August 2012
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- Figure 34: Extent to which consumers trust insurers to treat them fairly, by demographics, August 2012
- Figure 35: Extent to which consumers trust mortgage lenders to treat them fairly, by demographics, August 2012
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- Figure 36: Extent to which consumers trust investment firms to treat them fairly, by demographics, August 2012
- Figure 37: Extent to which consumers trust estate agents to treat them fairly, by demographics, August 2012
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Appendix – Trust in Different Elements of the Banking Sector
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- Figure 38: Trust in staff at my local bank/building society, by demographics, August 2012
- Figure 39: Trust in call centre staff of the banking industry, by demographics, August 2012
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- Figure 40: Trust in main bank/building society’s corporate culture and values of the banking industry, by demographics, August 2012
- Figure 41: Trust in senior executives in the financial services industry of the banking industry, by demographics, August 2012
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- Figure 42: Trust in the way in which the financial services sector in general operates, by demographics, August 2012
- Figure 43: Trust in the way in which the financial services sector in general is governed, by demographics, August 2012
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Appendix – What Does ‘Trust’ Mean?
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- Figure 44: Agreement with the statements ‘I trust that my bank will still be in business a year from now’ and ‘I trust my bank to handle my day-to-day banking requirements (paying direct debits, running internet banking services, processing debit card payments etc)’, by demographics, August 2012
- Figure 45: Agreement with the statement ‘I trust my bank to give me a fair deal’, by demographics, August 2012
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Appendix – Trust in Branch Staff
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- Figure 46: Trust in bank and building society staff being able to get the basics right (processing transactions, answering simple account queries, etc), by demographics, August 2012
- Figure 47: Trust in bank and building society staff and their knowledge of the products offered by the bank/building society, by demographics, August 2012
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- Figure 48: Trust in bank and building society staff being able to resolve problems that you have encountered, by demographics, August 2012
- Figure 49: Trust in bank and building society staff and their ability to give me relevant and useful advice on my financial requirements, by demographics, August 2012
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- Figure 50: Trust in bank and building society staff and their willingness to do what’s right for me, not what’s right for the bank, by demographics, August 2012
- Figure 51: Trust in bank and building society staff, by demographics, August 2012
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Appendix – Awareness and Understanding of Industry Failings
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- Figure 52: Awareness of complaints about payment protection insurance mis-selling, by demographics, August 2012
- Figure 53: Awareness of complaints about excessive pay structure/bonuses in the banking sector, by demographics, August 2012
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- Figure 54: Awareness of complaints about problems with processing payments at RBS/NatWest, by demographics, August 2012
- Figure 55: Awareness of complaints about excessive bank charges, by demographics, August 2012
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- Figure 56: Awareness of complaints about LIBOR fixing, by demographics, August 2012
- Figure 57: Awareness of complaints about mis-selling of investment products, by demographics, August 2012
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- Figure 58: Awareness of complaints about mis-selling of pension products, by demographics, August 2012
- Figure 59: Awareness of complaints about mis-selling of interest rate swaps for small businesses, by demographics, August 2012
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- Figure 60: Awareness of complaints about banks’ involvement in ‘casino banking’, by demographics, August 2012
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Appendix – Level of Concern Over Industry Failings
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- Figure 61: Most popular concern over various elements of the financial services industry, by demographics, August 2012
- Figure 62: Next most popular concern over various elements of the financial services industry, by demographics, August 2012
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Appendix – Do People Differentiate Between Banks and Mutuals?
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- Figure 63: Awareness of the difference between banks and building societies, by demographics, August 2012
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Appendix – Mutuals and Banks – The Trust Gap
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- Figure 64: Opinion on offering the best rates between banks and building societies, by demographics, August 2012
- Figure 65: Opinion on the trustworthiness of banks and building societies, by demographics, August 2012
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- Figure 66: Opinion on showing a strong sense of morality of banks and building societies, by demographics, August 2012
- Figure 67: Opinion on the customer service of banks and building societies, by demographics, August 2012
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- Figure 68: Opinion on the financial strength/stability of banks and building societies, by demographics, August 2012
- Figure 69: Opinion on supporting the UK economy of banks and building societies, by demographics, August 2012
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- Figure 70: Opinion on offering innovative new ways to bank by banks and building societies, by demographics, August 2012
- Figure 71: Opinion on offering the widest range of products by banks and building societies, by demographics, August 2012
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- Figure 72: Opinion on the convenience of banks and building societies, by demographics, August 2012
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