Distrust in financial institutions is a major challenge for financial services brands in the UK, especially among Black, Asian and other minority ethnic consumers, according to new insights from ClearView research.
Experiences of discrimination
“This sentiment was quite concentrated and a lot of this distress was driven by direct and indirect experiences of discrimination,” said Christina Wilkinson-Salamea, Research Manager at ClearView Research, who ran collaborative research projects exploring attitudes towards financial services among Black, Asian and minority ethnic groups of consumers in the UK.
“We know that distrust in financial services and the financial system isn't unique to the groups...