YouGov poll finds 63% have no trust in banks
Only half of UK consumers are willing to trust any bank or building society, a survey by YouGov has revealed.
The SixthSense poll found just 53 per cent of consumers were willing to trust any bank or building society, while 63 per cent of consumers did not trust any bank and 57 per cent did not trust any building society.
High street banking brands tend to elicit more trust, gaining acceptance from 28 per cent of respondents, compared with the smaller names which only 22 per cent trusted.
Asked about causes of the financial crisis, 70 per cent blamed corporate greed, while 58 per cent blamed poor management of the economy. Some 57 per cent cited too much debt.
More than two-thirds – 68 per cent – said they chose a bank based on positive comments from friends, colleagues and acquaintances.
James McCoy, research director for YouGov, 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 demonstrate continuously 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 is concerned.”
The survey coincided with findings by the Association of Financial Mutuals that found building societies attained more trust than financial plcs.
When asked to rank financial mutuals and financial plcs on a trust scale of one to 10, mutuals received a ‘net trust score’ of 26 per cent, compared with financial plcs with 0 per cent.
Martin Shaw, chief executive of the AFM, said: “The financial crisis meant that many people lost confidence in large parts of the financial services industry, and that this is proving very slow to return.
“The prime minister said recently that we need a better model for business, to get people more engaged. Our research shows that we have a solution in the mutual organisations which people so clearly trust.”
Shane Mullins, managing director of Nottinghamshire-based Fiscal Engineers and mastermind of the Financial Adviser’s Question of Trust campaign, said: “This is about building a set of tools, metrics and measures that collectively can help us repair the trust deficit that exists within the sector, an issue we are working hard on with the trust campaign.
“As Mr McCoy correctly stated however, there will be no quick fixes and we must play the long game.”