The banking industry is obviously at a critical juncture. Consumer trust for the banking industry is very low. In fact, the Edelman Trust Barometer 2009 findings were released last week. Only 36% of those surveyed trust banks.
Also the findings reported:
-Nearly two-thirds of informed publics (62%) trust corporations less than they did a year ago-Only 38% said they trust business to do what is right — a 20% plunge since last year — and only 17% said they trust information from a company’s CEO.
-Seventy-seven percent (77%) said they refused to buy products or services from a company they distrusted — the first time the survey explored people’s direct actions toward trusted and distrusted companies. Seventy-two percent (72%) criticized a distrusted company to a friend or colleague.
So where do you think your bank stands with consumers? Do they trust what you’re saying? Are your current customers considering switching to other banks? Or possibly switching to an institution they seem to trust more-credit unions?
How is your bank’s marketing communications strategy for 2009 reflecting current consumer sentiment? Are you taking proactive steps to increase consumer trust?
2009 will be the year that banks will have to move toward becoming more transparent if they want to regain consumer trust. In my next post, I’ll explain more.
–Kevin McIntosh
Kevin McIntosh develops creative branding and social media strategies to help community banks differentiate from their competition.
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