Another Barrier for Banks
Since the financial crisis of 2008, retail banking institutions have been fighting a steady battle to close the consumer trust gap and increase consumer trust, confidence and overall customer satisfaction. And while the climb has been slow, many banks have been successful at bridging that gap, and earning back consumer trust. Various sources that track consumer trust from the Edelmen Trust Baramoter to the Chicago Booth/Kellogg School Financial Trust Index have reported a strong and progressive climb across all banks over the past three years, with the highest levels among credit unions and local banks. (I’m happy to report our bank clients are among these bank brands!)
But the recent Wells Fargo fiasco that has garnered all kinds of press and social media chatter, is a big blow to banks of all sizes. If you haven’t heard, Wells Fargo employees secretly opened two million phony and unauthorized bank and credit card accounts – a huge offense to consumer trust. Unfortunately, the poor leadership and management of one banking giant will likely have a negative impact on how all banks are viewed. And so the trust divide between banks and consumers widens again.
We’ve been in the trenches alongside reputable and responsible local and regional retail banking clients, working to help them demonstrate they can be trusted. We understand some things that are out of our clients’ control will have a trickle-down effect that we need to address. It seems to go without saying that communicating and instilling trust is paramount. But how do you do that? Universally things like authenticity, promoting corporate and social responsibility, and establishing a strong brand that consumers feel connected to, are essential to driving trust and ultimately paving the way to high customer satisfaction. To learn more about one of the strong retail banking brands we’ve helped build: check out our work with longstanding client, Liberty Bank.