Restoring Consumer Trust in Financial Services: An Opportunity Awaits
When marketers talk about the effects of 2008’s financial crisis on the world of brands and communications, there’s a clear focus on decreased consumer spending, the decline in media investment and the closures of UK businesses that could not function within a climate of austerity; but what does this mean for today’s market? Our latest whitepaper, Restoring Consumer Trust in Financial Services: An Opportunity Awaits examines current market trends and how Financial Service providers can utilise these findings to the mutual benefit of their business and their clients alike.
Whilst consumer confidence has since recovered; media budgets are on the rise and new digital-first businesses have materialised in place of those that folded, there remains one casualty of the financial crisis that is more explicit and impactful today than ever before: consumers’ trust in The Establishment.
The crash set a precedent that unfettered trust in The Powers That Be to act in good faith will result in disaster. The signs are there: Brexit, Theresa May’s loss of the majority and the triumph of a reality TV star over “the most qualified presidential candidate in history” indicate that consumers are wary of placing their trust in anyone or anything they associate with the established order.
Whilst the public’s trust in major institutions (defined as the government, the media and banks) has significantly weakened in the past 12 months, with forty per cent of Dentsu Aegis Network respondents saying their trust in ‘major institutions’ had declined either substantially or slightly, compared to just 7 per cent who said it had either substantially or slightly improved.
In Restoring Consumer Trust in Financial Services: An Opportunity Awaits, we examine:
- The current Financial Services trends
- The expectations customers have of Financial Services
- What Financial Service providers are doing for their customer’s needs in a changing world
- How can banks and their customers work together to benefit both parties.