Trust in financial services: Retrospect and prospect

J.F. Devlin, C.T. Ennew, Harjit Sekhon, S.K. Roy

    Research output: Contribution to journalArticle

    9 Citations (Scopus)
    267 Downloads (Pure)

    Abstract

    Fostering and maintaining high levels of trust in the financial services sector is seen as crucial because of the characteristics of many financial service and in order to promote consumer engagement in the sector. In this article, we report evidence from a body of work and other commentary to provide an insight into trends in consumer trust in the sector as a whole, in comparison with other organisations and how different types of financial services provider have performed relative to each other. We show that the financial services sector as a whole is trusted more than some comparator institutions, and that aggregate levels of trust in the sector have fluctuated a relatively small amount subsequent to the financial crisis. However, important differences between provider types are apparent and these differences have become more profound in the recent past. We provide suggestions as to how trust in the sector may be improved and provider an analysis of current initiatives to improve trust levels in the sector in general and in banking in particular.
    Original languageEnglish
    Pages (from-to)234-245
    JournalJournal of Financial Services Marketing
    Volume20
    DOIs
    Publication statusPublished - 23 Oct 2015

    Bibliographical note

    The final publication is available at Springer via http://dx.doi.org/10.1057/fsm.2015.21

    Keywords

    • trust
    • banking
    • financial services

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