Faith in banks shaken, not stirred
Some banks may have crashed or been bailed out, but the global financial crisis has not diminished the level of faith people have in their own bank, according to new data released by UK research house Datamonitor.
The latest Datamonitor Financial Services Consumer Insight survey revealed, however, that while people still trusted their own banks, they did not trust the banking industry in general.
It found that while 59 per cent of consumers around the world trusted their bank, only 29 per cent said they trusted the banking industry.
Commenting on the data, Datamonitor’s financial services analyst, Annabel Gorringe, said given the industry’s experiences over the past 12 months, the level of trust consumers continued to exhibit in their banks had remained remarkably resilient.
She said consumer faith in the banking industry had been shaken by the credit crunch, but they had not transferred this into a loss of trust in their own bank.
Gorringe said there had been much concern in the industry about the damage the financial crisis had done to banks’ reputations, but there appeared to be an air of resignation among consumers that the spiral of credit and debt that created the crisis was the fault of the industry rather than individual banks.
AUTHOR
Mike Taylor
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