Trust – What Consumers Really Want From Their Banks

Trust – What Consumers Really Want From Their Banks

Amidst re-branding moves and January sales, new consumer research is showing that banks should really be focusing on how they can rebuild trust between themselves and the UK public before keeping up appearances and offering cash-back to new savers.

Consumer watchdog Which? surveyed over 2,000 individuals in an attempt to gauge what the UK public want from banks in the coming year. More than half of those asked admitted that their New Year’s resolutions were related to saving money, with younger savers (16 – 24 year olds) being the most money-conscious.

However, statistics regarding the customers opinions of their banks were a little more telling, with 77 percent asked stating that those within the industry should have customer trust as their New Year’s resolution. Additionally, 85 percent stated that it is very important that banks listen to their customers, while 83 percent called from the government to listen to both the public and the banks as they work to reform the industry.

The recent Which? findings are part of a wider scheme called the Future of Banking Commission which aims to bring together the opinions of the public, government, banks and others in an effort to better the financial sector.

The outright call from the public for banks to put trust at the forefront of their New Year’s plans is a positive finding and good first step for the unique commission which aims to give a voice back to those who have been hit hardest by the banking crisis – especially after a succession of reports have been published without any public opinion.

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The data comes ahead of four events throughout the year in which customers, bankers, MPs and businesses will all be able to express their opinions on the future of the sector before a report is published later in the year. Hopefully then, the ultimate goal of the report and the commission for renewed consumer confidence in the banking system as the UK moves out of recessionary times will be realized.