Repairing Broken Trust in Banking - 3 Steps

The role of a C-suite or board member at a bank is a difficult one, reporting to many stakeholders and weighing profits, losses, growth, investment, and more between the board and fellow executives.

But let's not forget one of our often overlooked yet most important stakeholders, the customer. As 2017 begins, the customer base for banking is still recovering from the Great Recession and as a result feels disgruntled, cynical, and exhausted when dealing with aspects of the banking industry.

According to a Business Wire study distributed by The Financial Brand, trust has been lost in the financial services industry. One in three households believe they're stuck with a financial services provider they don't trust. This should concern executives because if there's no trust, there's no loyalty.

Stay tuned for part 2 of this post, where we'll discuss further initiatives on how banking can restore broken trust.