2014 Consumer Banking Trust:
The Big 4 banks have recovered from a slight fall in trust among their customers in 2012.
Bendigo Bank, as the regional bank tracked in this study has regained previous trust levels – well ahead of the Big 4 banks at an average of 8/10.
Non-Customers continue to distrust the other banks. CBA’s trust among non-customers is lowest and appears to have been hit by the protracted financial planning scandals. Only Bendigo Bank, is, on average, not distrusted by non-customers. Because of customer’s distrust of other banks, despite low trust in their own bank, switching is very unlikely.
The bank that can increase it’s trust with non-customers will gain a significant acquisition advantage.
The ability to build more trust with own customers will be key determinant of customer product holding, especially wealth and super products.