The results of Accenture’s 2016 UK Financial Services Customer Survey confirm that there has been a widespread deterioration in consumers’ levels of trust across multiple industries, from retail and utilities to financial services and technology. Trust takes time to build, is quick to lose, and reputational events in one sector often have repercussions elsewhere.
Supermarkets and other retailers have suffered the most in this respect. As a consequence, financial services providers are now experiencing levels of trust that are almost on a par with the traditionally more-trusted retail sector. Even so, just 29 percent of respondents consider banks to be trustworthy, with the equivalent figure for insurers being even lower (at 20 percent). But there is encouraging news too. People are more satisfied with their own banks and insurers than they were a year ago, and they are also more likely to recommend them to friends and family. Financial services providers still need to work harder to meet their current and prospective customers’ needs.
Banks and insurers will be able to promote trust, increase satisfaction and drive customer engagement if they are willing to embrace three imperatives—build tailored propositions, form interconnected ecosystems, and design a frictionless customer journey.
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