Financial markets have taken a beating recently and so too has
US consumer perceptions of insurers, financial advisers and other
financial services companies, reveals a survey by US public
relations agency Cohn & Wolfe.
The survey found that consumer trust in the financial services
industry has dropped significantly when compared with a similar
survey conducted by Cohn & Wolfe 18 months ago. In the earlier
survey, 67 percent of respondents said they had trust in the
industry, while in the latest survey four out of 10 respondents
said their trust had deteriorated.
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When asked to list words describing financial services
companies, respondents to the latest survey took an exceptionally
negative stance.
The words “greedy” and “impersonal” were each selected by 32
percent of respondents, “opportunistic” by 26 percent and “distant
from me” by 22 percent. Respondents could select multiple
answers.
As concerning was a minimal selection of positive descriptions
of financial services companies.
The words “sympathetic” and “transparent’ were each selected by
3 percent of respondents, “ethical” by five percent, “honest” by 10
percent and “trustworthy” by 13 percent.
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By GlobalDataAlso reflecting consumers’ lack of confidence, 66 percent of
respondents said they do not believe the financial services
industry will help them regain wealth lost during the financial
crisis. Only 8 percent said they did expect help and the remainder
said they did not know.
The single bright spot in the survey noted Cohn & Wolfe was
retail banks, which 59 percent of consumers said they “trust the
most”. This explained the agency could possibly be a function of
the fact that bank deposits are insured.
“Public perceptions about the financial services industry are
terrible,” said Cohn & Wolfe executive vice-president Matt
Wolfrom. He added that the survey showed one key reason for
distrust is that companies have not connected with consumers who
feel they need advice and information during these challenging
times.
“Companies that engage with consumers will find their brands are
rewarded with more loyalty – and business,” advised Wolfrom.
