Despite many of the highly adverse findings of the Royal Commission, new research suggests that most Australians continue to trust their banks.
The research, the Deloitte Australian Trust Index, was specifically designed to measure levels of customer trust and general trust influence factors and revealed that while customers were mostly trusted their own bank they were significantly less trusting of banks in general.
“Trust improves when it comes to my own bank as opposed to banks in general,” index author, Willem Punt said. “For instance, 36 per cent of the 2,000 plus Australian banking customers surveyed believe their bank has their best interests at heart, whereas only 21 per cent believe banks in general have their customers’ best interests at heart.”
“Also 49 per cent trust their own bank to keep its promises compared with 26 per cent in general,” he said.
“These results and those of the full index are particularly valuable given that culture and conduct will both get a very hard edge in the strengthened regulatory environment mooted by Commissioner Hayne who has signalled a greater role for the judiciary in ensuring accountability for significant and systemic poor conduct,” Punt said.
Another author of the research, Andy Bateman said the way forward to rebuild reputation and trust was far more about communities and relationships and far more about transactions.
“The companies that get this, at the deepest level, are exhibiting the kinds of behaviours that genuinely build trust.”