Recent research by YouGov SixthSense into trust in financial services has found that only 53% of consumers are willing to trust bank or building society. Worryingly for the financial services industry, almost two thirds of consumers say they cannot trust any bank and over half say they cannot trust any building society.
- 53% of consumers say they are willing to trust banks or building societies.
- 63% of consumers say they cannot trust any bank.
- 57% say that they cannot trust any building society.
- Bigger banking brands (i.e. high street names) tend to elicit more trust (28%).
- Compared with the smaller names (22%).
Over three in five (62%) of consumers strongly agree that brands behaving fairly and transparently with their customers would encourage trust. Other important factors include: brands offering consistent high-quality customer service (53%) and knowing there is no risk of going out of business (56%).
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