Table of Contents
Executive Summary
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- Figure 1: Current trust level, any trusting and any untrusting, January 2015
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- Figure 2: Change in current trust level, January 2015
- The issues
- Economic stability matters
- Data breaches are the latest headache
- The opportunities
- Continued engagement with consumers
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- Figure 3: Level of trust in financial services touch points, by generations, September 2014
- Transparency and authenticity speak louder to consumers
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- Figure 4: FS trust factors – Any important (very and somewhat important), January 2015
- What it means
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The Market – What You Need to Know
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- Client retention is based on trust
- Gen X and Boomers are not trusting FSI
- Digital service delivery can be a threat to trust
- Economic conditions also impact consumers’ trust
Market Factors
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- Demographic changes
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- Figure 5: Trusted financial services sectors, by generation, January 2015
- Figure 6: Untrusted financial services sectors, by generation, January 2015
- Rapid growth and wide adoption of technology
- Inconsistencies in economic growth
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- Figure 7: US GDP quarterly growth rate, Q1 2013-Q4 2014
Key Players – What You Need to Know
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- Credit unions have a strong brand reputation
- Insurance companies continue to loose consumers’ trust
- New FS players are using innovation to gain trust
What’s Working?
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- Credit unions have a positive brand reputation
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- Figure 8: Alliant Credit Union and Golden 1 Credit Union, mailing ads, 2014-15
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- Figure 9: Brand trusted, January 2015
What’s Struggling?
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- Insurance companies continue to be challenged
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- Figure 10: Attitudes toward insurance agents and insurance companies, any agree, October 2013, October 2014
What’s Next?
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- Online and alternative banks are quickly gaining consumers’ trust
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- Figure 11: Ally Bank, online and print ads, 2014-15
The Consumer – What You Need to Know
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- Trust is an ongoing challenge for FSI
- Customer experience is the key to trusting relationship
- Data breaches are impacting consumers’ trust
Overall Attitudes toward Trusting FS
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- Consumers’ definition of trust
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- Figure 12: Collage of Qualboard quotes and images of consumers’ definition of trust, February 2015
- Consumers give financial providers the benefit of the doubt until trust is broken
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- Figure 13: Consumers’ attitudes toward FS trust, January 2015
Current Level of Trust
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- Banks and credit unions are the most trusted in the industry
- Credit cards and insurance companies are the least trusted
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- Figure 14: Current trust level, any trusting and any untrusting, January 2015
- Demographic differences among consumers trusting banks and credit unions
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- Figure 15: Demographic profile of trusting consumers, January 2015
Change in Level of Trust
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- Trust level is stagnant in most FS sectors
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- Figure 16: American Express, mailing, online, email ads, 2014-15
- Figure 17: Change in current trust level, January 2015
Factors Contributing to Trust
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- It’s all about the customer experience
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- Figure 18: FS trust factors, by key demographics, January 2015
- Customers want great customer service, integrity, and honest communication
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- Figure 19: Factors impacting brand trust, January 2015
- Consumers demand more of brokerage firms and investment companies
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- Figure 20: FS trust factors by current level of trust – Trusting, January 2015
Concerns Impacting Trust in FS
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- Data security is a major concern for consumers
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- Figure 21: FS concerns, by key demographics, January 2015
- Fees and low interest rates are also on consumers’ minds
Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Direct marketing creative
- Terms
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