Can Financial Services Overcome the Trust Gap?

Overview

• The financial services industry ranked 14th in this year’s Brand Intimacy Study. To view our new study, click here.
• USAA remained the most intimate financial services brand for the second year in a row. To see USAA’s brand profile, click here.
• Enhancement, which is related to becoming smarter, more capable, and more connected through use of the brand, is the top archetype of the industry. To learn more about financial services brand performance and to explore our industry page, click here.

Introduction

The financial services industry placed 14th in this year’s Brand Intimacy Study with an average Brand Intimacy Quotient Score of 32.1, falling below the cross-industry average of 36.8.

This is not the first time the industry has struggled with its performance. Historical data highlights the category’s challenges to maintain and improve strong emotional connections with consumers. On the positive side, progress is evident over the last five years.

The financial services industry experienced a notable boost in its average Brand Intimacy Quotient Score during the COVID-19 pandemic when many consumers relied on them to allow delayed payments and provide additional funding if needed. (see our previous article, Financial Services Brands & COVID-19). However, this boost seemed to stay stagnant through 2021 (see our more recent article, The Financial Services Standstill). Similarly, the emergence of the crypto industry (see Crypto Comes Out Strong) presents more direct competition to traditional banking institutions and credit cards. Consumers frustrated with the options presented by established financial services brands, especially younger customers, may look toward crypto as a more rewarding investment option. Ultimately, the industry’s poor performance this year shows that more needs to be done to strengthen its relationships with its users.

Keep reading to drive deeper. Access the full article here.