The evolving role of trust in banking
I remember, when I was a child, the importance my father placed on securing a meeting with a service consultant at his local bank. It was an opportunity to describe his situation, to shake hands, to feel cared for, to establish a relationship based on trust that would ease his way in the banking environment.
We no longer pick whichever bank our parents used, and financial institutions have to work harder to establish a meaningful relationship. “Trust” is not a currency in our power to dispense with a meeting or a handshake. It’s something financial institutions have to earn. In fact, earning our customers’ trust is our primary objective.
“Trust” is not a currency in our power to dispense with a meeting or a handshake. It’s something financial institutions have to earn.We’ve seen how Covid-19 has accelerated the move to digital banking, and it has also helped to embed trust in how people transact with new financial institutions. There is also a sense that banking is one more aspect of financial lives increasingly being lived online.
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