Only 53% of UK consumers willing to trust any bank or building society

Recent research by YouGov SixthSense into trust in financial services has found that only 53% of consumers are willing to trust a bank or building society. Almost two thirds of consumers say they cannot trust any bank and over half say they cannot trust any building society. Over three in five (62%) of consumers strongly agree that brands behaving fairly and transparently with their customers would encourage trust. Other important factors include: brands offering consistent high-quality customer service (53%) and knowing there is no risk of going out of business (56%). Aaron Strutt, a broker at Trinity Financial, says: “According to the report 68% of consumers believe positive comments from friends, colleagues and acquaintances are very effective at building trust in a brand. Trinity get a lot of referrals from satisfied clients and we are always happy to help.” June 8, 2012