How banks can rebuild trust by focusing on consumer financial wellbeing

Low Lai Chow

Forrester, the research firm, surveyed consumers in various Asian markets to understand their financial needs and attitudes towards brands in this sector.

Numerous misconduct scandals have rocked the financial-services industry since the 2008 economic downturn – with negative repercussions on consumer perceptions.

For an industry that should be built on trust, this is especially problematic, as Aurélie L’Hostis, a senior analyst at research firm Forrester, observed in a session during the APAC Financial Services Webcast Week 2020.

“The financial crisis eroded trust in financial firms,” she said. “But customers want to trust that their financial services providers are going to protect their money – that they are going to be helped by their financial services providers, even during difficult times.”...

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