Author: Mintel Group Ltd.
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The Role of Trust in Financial Services - UK - October 2018
Overview
 
What you need to know 
There is significant variation in the level of trust towards the different financial services sectors. Both building societies and banks scored relatively high in comparison to other sectors whilst insurers and investment firms were among the industries with the lowest trust levels.

The nature of financial services products means that the potential benefits are not immediately obvious whilst the level of differentiation between financial services brands is significantly less than in other industries. This results in consumers feeling that they lose the element of choice which they value in other walks of life. Newer, more innovative challenger brands offer this differentiation, however, they are yet to gain the appeal of a wider audience, whilst large tech firms such as Amazon and Google have the potential to hugely disrupt the industry. 

Negative perceptions of financial services providers are significantly more common among consumers with little or no experience of them. For example, those who don’t have investments are significantly less likely to trust investment firms than those who do. Brands therefore need to improve the way they are viewed by non-customers to boost their perceived trustworthiness and remove this as a barrier to attracting new customers.

Mintel’s consumer research first of all examines trust in financial services companies in a wider context, comparing finance markets with other sectors. The Report then looks at the effect of product ownership on trust before examining the important factors in building trust and distrust. Finally, the Report explores attitudes towards different financial services companies and their ability to look after personal and financial data, as well as general attitudes towards trust.

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