As the financial services industry quickly pivots to a more digital-first approach to building and maintaining relationships, brick and mortar institutions that traditionally built trust through in-person, face-to-face relationships may be at a disadvantage—even banks, although they tout a high level of trust among consumers compared to other financial services providers.
The dominance of payments providers in the list of Most Trusted Financial Services Brands is proof that the banks and traditional financial services providers don’t have a monopoly on trust.
And while they do have some inherent trust from consumers at the category level, they’re also saddled with the collective memories of trust that has been lost more so than other providers. The future of trust will reside more in never breaking it through data stewardship, security and reliability than working hard to build it through personal relationships, and moving more undecided individuals to a place of trust in financial institutions, rather than trying to convince consumers who inherently don’t trust financial institutions to change their mind.
ABOUT THE AUTHOR
FINANCIAL SERVICES ANALYST
Charlotte Principato is Senior Director of Financial Services Analysis at Morning Consult, where she leads the company’s analysis to deliver real time insights to the financial services sector. Prior to her current role, Charlotte partnered with industry executives as a Director of Client Services at Morning Consult, where she led a team focused on tailoring customized research intelligence to inform decisions for Fortune 500 companies.
Prior to joining Morning Consult, Charlotte spent over five years at Gartner delivering research insights on global financial services, specializing in commercial banking. Most recently, she served as Senior Principal Advisor in Gartner’s Global Financial Services Industry Research and Advisory group, where she advised line of business, strategy, and talent executives at financial institutions on go to market strategy, customer experience, and digital transformation. In that role, Charlotte partnered directly with consumer, small business, and commercial banking leaders across the globe to develop research-based strategies for growth.
WANT TO LEARN MORE?
Join Charlotte Principato, Senior Director of Financial Services Analysis, and Joanna Piacenza, Associate Vice President of Intelligence Analysis, on May 26 at 2 p.m. ET for a conversation on how consumer trust is impacting the financial services industry.
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