A survey of over 2,000 consumers by Deloitte has found Australian consumers have more trust in their own banks than banks in general.
The Australian Trust Index – Banking 2018 showed that 36 per cent of respondents trust their bank has their best interests at heart, in comparison to only 21 per cent who believe all banks consider their customers’ best interests. Forty-nine per cent also indicated they trusted their own bank to keep its promises, while just 26 per cent believed banks in general kept their promises.
“The way forward to rebuild reputation and trust in today’s business world is far more about communities and relationships and far less about transactions,” said Andy Bateman, Monitor Deloitte strategy partner and a key author of the Deloitte Trust Management Model.
The survey indicated that although there is no suggestion that consumers do not trust banks to keep their money, perceived trustworthiness will play a greater role moving forward in their decision on who they choose to bank with.
The inaugural survey was conducted to gain a better understanding of the issues affecting trust towards the banking sector, the idea being to offer banks information that may assist them when devising effective strategies to rebuild reputation and trust among their customers in the wake of the royal commission.
“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,” said Willem Punt, conduct, governance and compliance partner and author of the Deloitte Trust Index.