Table of Contents
Executive Summary
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- Trust is a baseline for all other financial attributes
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- Figure 1: Necessity of trust, October 2018
- History matters
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- Figure 2: Bank brand trustworthiness, October 2018
- Add a personal touch
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- Figure 3: Trust in industry vs trust in provider, by generation, October 2018
- Employee involvement breeds trust
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- Figure 4: Top three factors of trust, October 2018
- What it means
The Market – What You Need to Know
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- America is slowly aging, but younger generations will drive institutional change
- The past decade has been difficult for consumer trust
Market Factors
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- America is slowly aging, but younger generations will drive institutional change
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- Figure 5: Population by generation, 2013-2023
- Despite challenges, economic outlook generally healthy
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- Figure 6: Key economic indicators, change from April 2018, August 2018
- 2008-2018: A decade that challenged consumer trust
- The “Great Recession”
- Data breaches
- Wells Fargo scandal
- Launch and growing popularity of social media
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- Figure 7: Bank of America customer service tweet, December 2018
- Figure 8: American Express customer service tweet, December 2018
- Proliferation of “fake news”
Key Players – What You Need to Know
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- Trust is volatile
- Fintech and insurance are considered least trustworthy in financial services
- Brands are forming trust partnerships across industries
Financial Services Face Strong Trust Challenges
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- Consumer trust is volatile and changes quickly
- Edelman Trust Barometer shows 20 point drop in US trust of FSIs
- Fintech, insurance not considered trustworthy
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- Figure 9: Trust of insurance and fintech companies, October 2018
Brands Building Trust
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- Trusted partnerships
- PayPal and Walmart
- Chase and Pinterest
- Trust in public persona
- Ally’s “That’s Not Right”
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- Figure 10: Ally “That’s Not Right” TV advertising campaign, October 2018
- Bank of America’s “Listening to What Matters Most”
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- Figure 11: Bank of America “Listening to what matters most (Commercial),” November 2018
The Consumer – What You Need to Know
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- Credit unions and banks considered most trustworthy…
- … but this trust is affected by age
- Increasing fees seen as the top financial concern
- Tangible attributes most important for FSI selection
- Trust in personal institutions tops trust in industry
Trends Impacting Trust
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- Financial brands are On Display
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- Figure 12: Wells Fargo Tweets, event ticket engagement, 2018
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- Figure 13: Allstate Tweet, #herestofirsts, December 2018
- Taboo topics are published in an Open Diary
- Consumers are Data Creators
Familiarity Drives Trust: A Look at Trust by Sector
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- Credit unions and banks considered most trustworthy
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- Figure 14: Trust of financial services sectors, October 2018
- Younger consumers more likely to put their faith in banks
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- Figure 15: Trust of banks and credit unions, by generation, October 2018
Trust in Financial Services Providers
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- Trust is necessary to believe in security of finances
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- Figure 16: Necessity of trust, October 2018
- Trust in personal institutions tops trust in industry
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- Figure 17: Trust in industry vs trust in provider, October 2018
- Older consumers significantly more likely to trust provider over industry
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- Figure 18: Trust in industry vs trust in provider, by generation, October 2018
- Consumers are confident in the security of their personal financial information
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- Figure 19: Trust in FSI security, October 2018
Financial Brand Trust
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- Chase considered most trusted FSI
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- Figure 20: Bank brand trustworthiness, October 2018
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- Figure 21: Chase online ad and landing page, May 2018
- Figure 22: Capital One holiday virtual card email, December 2018
- Wells Fargo string of indiscretions results in highest “untrustworthy” score
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- Figure 23: Lack of bank brand trustworthiness, October 2018
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- Figure 24: Wells Fargo direct mail piece, response to potential fraudulent account openings, December 2016
- Financial brands need to work on trust within rural community
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- Figure 25: Neutral bank trust ratings, by geographic locations, October 2018
- Fidelity more trusted than Vanguard
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- Figure 26: Investment brand trustworthiness, October 2018
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- Figure 27: Investment brand trustworthiness, by gender, October 2018
- PayPal branding and reputation pay off with higher trust score
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- Figure 28: Online or mobile payment brand trustworthiness, October 2018
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- Figure 29: Online or mobile payment brand trustworthiness, by age, October 2018
Factors of Trust
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- Personal employee interactions are an important trust factor
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- Figure 30: Top three factors of trust, October 2018
- Younger consumers look for recommendations, while older rely on personal contact
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- Figure 31: Top three factors of trust, by age, October 2018
- Online and phone customer service viewed equally
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- Figure 32: Importance of customer service interactions, October 2018
- Men more impressed by FSI online presence
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- Figure 33: Importance of online experience, by gender, October 2018
Selecting a Financial Services Provider
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- Tangible attributes most important for FSI selection
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- Figure 34: Most important attributes in selecting FSI, October 2018
- Consumers are excited about local community banks
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- Figure 35: #1 ranked financial services provider selection attributes, October 2018
- Parents, especially fathers, appreciate community involvement
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- Figure 36: Importance of community involvement, by parental status and gender, October 2018
Financial Services Concerns
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- Increasing fees seen as the top financial concern
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- Figure 37: Top financial service provider concerns, October 2018
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- Figure 38: Capital One security email, January 2017
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
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