Forrester: Over Half Of US Customers Have Minimal Trust In Their Financial Services Providers
According to Forrester's (Nasdaq: FORR) Financial Services Customer Trust Index rankings, over 50% of US customers have low trust in financial services providers across the banking, credit card, insurance, and investment industries. These firms are unsure of what drives trust and are unsuccessful in their efforts to earn it
Forrester's Financial Services Customer Trust Index helps providers assess and build customer trust to accelerate revenue growth
CAMBRIDGE, Mass., Nov. 10, 2022 /PRNewswire/ -- According to Forrester's (Nasdaq: FORR) Financial Services Customer Trust Index rankings, over 50% of US customers have low trust in financial services providers across the banking, credit card, insurance, and investment industries. These firms are unsure of what drives trust and are unsuccessful in their efforts to earn it.
Forrester's data shows that customers who have strong trust in their primary financial services brands overwhelmingly indicated a greater likelihood to: 1) recommend the company to friends and family; 2) prefer the company over its competitors; 3) open an additional account; and 4) use additional products or services from that company. As an example, in the US, 93% of customers with high trust in their primary bank indicate that they would recommend the brand to family and friends, compared to just 39% of customers with low trust saying they would do the same.
Built upon Forrester's seven levers of trust, the Financial Services Customer Trust Index offers providers the data and insights needed to measure and assess customer trust and prioritize improvements that drive growth. To benchmark US customer trust in 2022, Forrester surveyed more than 10,000 US online adults about their primary financial services brands — including 12 of the largest and most popular auto and home insurers, 17 banks, 13 credit card issuers, and 12 investment firms.
Forrester's US Financial Services Customer Trust Index reveals that:
"Trust is difficult to earn and easy to lose," said Alyson Clarke, principal analyst at Forrester. "To design and execute strategies that earn more trust from customers, financial services providers must effectively measure customers' trust in the brand and understand the factors driving that trust. While data alone can't tell providers what and how to improve, Forrester's Financial Services Customer Trust Index is designed to help brands make informed decisions and ensure that trust is a core business imperative."
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About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, marketing, customer experience, product, and sales functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 70 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.
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Public Relations
Forrester Research, Inc.
ikantor@forrester.com
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SOURCE Forrester
