Despite everything, people still trust their banks

Deloitte/regulation/Royal-Commission/banks/banking/trust/

29 October 2018
| By Mike |
image
image image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 5 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5