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What are the most effective ways to restore public trust in financial services?

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Public trust in financial services has been severely damaged by the global financial crisis, scandals, misconduct, and lack of transparency. Many customers feel betrayed, frustrated, and disillusioned by the industry, which affects their confidence, loyalty, and satisfaction. How can financial service providers rebuild and maintain trust with their clients and stakeholders? Here are some of the most effective ways to do so.

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Nick Thayer

Corporate General Manager
John Addario, B.Bus FFin CFP

Financial Adviser|Tax (Financial) Adviser/Owner

1 Be ethical and responsible

One of the key drivers of trust is ethics, which means acting with honesty, integrity, fairness, and accountability. Financial service providers should adhere to high ethical standards and codes of conduct, and avoid conflicts of interest, corruption, and fraud. They should also demonstrate social and environmental responsibility, and contribute to the public good. By being ethical and responsible, financial service providers can enhance their reputation, credibility, and legitimacy.

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Nick Thayer

Corporate General Manager
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Don’t underestimate the role of culture in any organization in driving ethics and trust. You can have all the documented controls and policies under the sun, but if the culture is not well set, behaviors which erode trust will surface, unfortunately. It’s not transactional, it is deep and foundational.

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John Addario, B.Bus FFin CFP

Financial Adviser|Tax (Financial) Adviser/Owner
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Economic rationalism says even the most minimal government intervention into Financial services will negatively effect the outcomes for the consumers or the public. Given the backstop of major global financial crisis's is government intervention there seems that in good times there is not enough involvement by government in this sector. Im not sure what form this would take but something along the lines of, in Australia for example the trillions of dollars in our superannuation is not heavily regulated is a huge risk. I think a Superannuation fund run entirely by the Federal government that anyone that is an Australian tax payer can join. This fund would act as a benchmark for other funds and also give the sector more credibility.

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Esther Jordan

Digital Marketer of 15 Years | Experienced SEO Writer | Seasoned Editor with Team Management Expertise | Content Strategist | Account Manager | Social Media Moderator
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Restoring trust in financial services involves transparency, ethical practices, clear communication, offering solutions, and demonstrating accountability to regain credibility with customers and the public.

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David O'Donnell

Financial modelling and Advice, Data Science, Data Platform Enabler, Data Governance
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The best way to attain trusted status in financial services is to be open and honest and be seen to be open and honest. The ground work for this has already been done with the removal of hidden commissions and the like. A remaining difficulty is accessibility of financial services, particularly financial advice. A big problem in this area is regulation that demands that all advice is comprehensive advice, which. to be open and honest, can't be delivered at a price affordable to most. Regulation that allowed affordable advice, seen to be 'good advice', that addressed, openly and honestly, the issues advised upon, would be a huge step in the direction of restoring trust and indeed, creating a whole new sort of trusted financial services!

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2 Be transparent and communicative

Another important factor of trust is transparency, which means being open, clear, and accurate about the information, policies, and processes that affect customers and stakeholders. Financial service providers should disclose their fees, risks, performance, and governance, and explain the rationale and impact of their decisions and actions. They should also communicate frequently and effectively with their customers and stakeholders, and listen to their feedback, concerns, and expectations. By being transparent and communicative, financial service providers can foster trust and engagement.

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3 Be competent and reliable

A third essential element of trust is competence, which means having the skills, knowledge, and expertise to deliver high-quality products and services that meet the needs and preferences of customers and stakeholders. Financial service providers should invest in training, innovation, and technology, and keep up with the latest trends and developments in the industry. They should also be reliable and consistent, and deliver on their promises and commitments. By being competent and reliable, financial service providers can create trust and satisfaction.

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4 Be customer-centric and empathetic

A fourth crucial aspect of trust is customer-centricity, which means putting the customer at the heart of everything, and designing products and services that are relevant, convenient, and personalized. Financial service providers should understand their customers' goals, challenges, and emotions, and offer them solutions that are tailored to their specific situations and preferences. They should also empathize with their customers, and show them respect, care, and appreciation. By being customer-centric and empathetic, financial service providers can build trust and loyalty.

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5 Be responsive and adaptable

A fifth vital component of trust is responsiveness, which means being able to respond quickly, effectively, and positively to the changing needs, expectations, and feedback of customers and stakeholders. Financial service providers should be agile and flexible, and adapt to the evolving market conditions, regulations, and opportunities. They should also be proactive and innovative, and anticipate and address the future needs, expectations, and challenges of their customers and stakeholders. By being responsive and adaptable, financial service providers can maintain trust and relevance.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Vidal Olivas

Consultant and Accountant at BOC Business on the Clouds
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Losing public trust is a serious blow to any professional or organization. It damages your respect, your reputation, and your credibility in the eyes of your clients, partners, and stakeholders. It undermines your ability to perform your duties and achieve your goals. Restoring public trust is not an easy task. It requires a lot of hard work, honesty, and humility. But it is not impossible. You can still regain the confidence and support of the people you serve, if you are willing to commit to yourself and to the highest standards of ethical conduct. Some of the steps that can help you achieve this objective are: Acknowledge your mistake and apologize sincerely. Explain how you will correct the error and preventing it to happen again.

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What are the most effective ways to restore public trust in financial services?

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1 Be ethical and responsible

2 Be transparent and communicative

3 Be competent and reliable

4 Be customer-centric and empathetic

5 Be responsive and adaptable

6 Here’s what else to consider

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