Trust and finance are intrinsically related. Recent changes in legislation around data protection along with scandals in the media around how data is used is making the question of trust in the financial services sphere more relevant than ever, sparking questions such as: "how is data used?" and "how well is it processed?". Moreover, what is the relationship between consumers and financial institutions in 2019?
Instantor's latest report explores all of these questions. The report is based on more than 3,000 consumer reviews on Trustpilot, Facebook, Google and numerous local sites in 16 countries and explored 75 financial service providers. The full report – How to leverage trust and improve conversion through digitalisation – demonstrates how digitalisation is a critical factor to build trust and drive business.
"The findings of the report were quite surprising. The fact that bigger does not necessarily mean more trustworthy when it comes to financial service providers was perhaps the most unexpected finding. It was also really insightful to see such a strong link between digitalisation and trust," says Marcus Dahlman, Head of Sales at Instantor.
In fact; brand recognition, history, and asset size are no longer not indicative of consumer trust, the Instantor report unveils. The largest European retail banks in terms of total assets, present the lowest trust scores across the 16 countries. On average retail banks scored only 2.2 on a scale from 0 to 10 on Trustpilot. Explanations for these scores referred to poor customer service and long processing times as the cause of great dissatisfaction.
"Today online reviews can make or break a business: one bad review from a trusted source can have a significant impact on sales. That is why we see digital trust as the new currency in the industry," Raiha Buchanan, Chief Marketing Officer at Instantor analyses.
Those who have already embraced the change are already reaping the benefits of improved onboarding rates and higher levels of trust. Download our latest report to take a deep dive into the topic and learn:
- How digitalisation is the key to higher conversion rates
- Which financial service providers are the highest and lowest rated
- Why trust ratings are so crucial and how to increase them