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Only half of UK consumers willing to trust ‘greedy’ banks

  • 06/06/2012
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Only half of UK consumers willing to trust ‘greedy’ banks
A new survey has found that just 53% of UK consumers are willing to trust any bank or building society, with even more blaming corporate greed for the current financial crisis.

The study by YouGov found that only 53% of consumers are currently willing to trust any bank or building society, with high street brands garnering more trust (28%) than their lesser known counterparts (22%).

UK consumers also consider banks responsible for the financial crisis, with 70% blaming corporate greed in the banking sectors. Poor management of the UK economy and excessive levels of consumer debt were also cited as reasons for the country’s economic struggles.

63% of consumers polled said they felt unable to trust any bank with 57% feeling the same way about building societies.

Two-thirds said that positive comments and recommendations from friends and colleagues would increase their trust in a brand, but the survey found online adverts and company websites did little to increase a bank or building society’s trustworthiness.

High quality customer service was highlighted as a major draw for customers with 53% finding good service important, although just one-in-ten respondents said positive rankings on price comparison websites would encourage them to trust a financial services brand.

YouGov research director James McCoy said: “The importance of company motivation and a consumer’s belief the company has longevity and by implication is reliable is clearly demonstrated here.

“Consumers place trust in financial firms that are motivated to help and support their customers and can deliver on their promises.

“To build trust financial services firms have to do it by continuously demonstrating high-quality customer care and a desire to align the firm’s motivations with those of the customer base. There are no quick fixes where trust in concerned.”

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