Trust is everything in #financialservices . The word "credit" has its roots in the Latin "credere", which means "to believe". So, without #trust , there is no credit, and trust in financial services has been shaken recently, with seemingly iron-clad balance sheets going up in smoke, and banking customers quickly learning the difference between HTM (held to maturity)and AFS (available for sale) securities portfolios.
If I were to ask you about characteristics of someone whom you trust, you might come back with something like "they're dependable, they are knowledgeable, they know me, and they will do what's best for me". And so it is with financial services - institutions that stand out in this respect engender these types of reactions in their customers.
Trust is not just about being a good human being - it's also good business. Customers that trust their providers will return again and again and again - and not because they're necessarily getting the best deal, but because they trust that they're being treated fairly.
So how can your institution start on the road to being one of the standouts in terms of trust? Listening to your customers and delivering seamless, low-friction, "know-me" experiences across all your channels is a start. My #Qualtrics FSI colleague Christopher Colley offers his perspective in the Banking Exchange article below
Discussion Question: As a representative of a financial institution, how are you addressing the recent crisis of trust within the industry and what strategies are you employing to ensure your customers continue to trust in your services and operations?
