Building Customer Trust in Financial Services


By: Jill Jacques

Our thought leadership series highlights opportunities for banking leaders to build greater trust with customers for long-term engagement, satisfaction, and loyalty.

The Formula For Building Customer Trust

"Due to several recent data breaches and incidents of internal fraud at some of the world’s most recognizable financial brands, millions of consumers are impacted, loyalty is eroding, and risk is added to the bottom line. For banking leaders charged with driving the growth and managing that risk to their organizations, trust is a key to supporting both growth and financial performance....To trust a financial institution with deeply personal activities such as saving for retirement or managing credit and mortgages, customers need to feel the bank has their best interests at heart." 

Jill Jacques, Scott Mullen and Joe Johnston share their insights in this first article with Bank Director on how Experience Design could be leveraged by financial institutions to build trust with their customers. 

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Building Trust With Customers Starts Inside The Bank

"Recovery of trust from customers after the financial crisis is beginning to stall due to a number of recent risk- and fraud-related incidents. Following news of a leading bank’s employees’ fraudulent account activity, customer advocacy scores in a recent Forrester survey dropped six points from 2016 to 2017—a trend Forrester correlates to decreased customer loyalty. As banks seek to restore the trust with customers and loyalty, they may be overlooking the role employees play in building trust and keeping risks at bay."

Jill Jacques, Frank Kimball and Lisa Morris share their insights in this first article with Bank Director on how creating a culture of trust with employees who are empowered to meet customer needs can help banks, in turn, reestablish trust with their customers.

How Data Can Build Trust With Customers

"In mid-August, driven by a cyberattack against ATMs that withdrew close to $11.5 million, the FBI sent out a warning to financial services companies that their organizations could be targeted. In another bleak headline, an Australian bank lost data on 12 million of its consumers—containing financial records from 2004-14—without disclosing it to customers...By pairing a holistic data and risk management strategy focused on digital, banks will not only reverse the trend of waning customer trust, but also strengthen a business model equipped to thrive in the heightened risk environment in which retail banks operate today."

Jill Jacques, Chad Carmichael, and Michael Schlechter share how pairing a holistic data and risk management strategy focused on digital, banks will not only reverse the trend of waning customer trust, but also strengthen a business model equipped to thrive in the heightened risk environment in which retail banks operate today.

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