What role do ethics play in Financial Services?20-Nov-2009 With the demise of consumer confidence in High Street Banks, as a result of the media generated stories and the real collapse of RBS, Halifax, Northern Rock etc. brand confidence has never been lower and consumers are threatening to leave the brand relationship they've had since childhood.
The backlash is significant and feels greater than the gradually increasing dissatisfaction in banks, that has been growing as a result of poor customer services e.g. overseas call centres, centralised phone numbers, feeling like a number vs. individual etc.. However, despite being devastatingly disappointed in their bank and the financial services generally, consumers are caught in a 'catch 22' situation as they don't know who to turn to. Who can they trust?
To avoid a continuation of the inertia that has kept customers with their original bank brand, new elements are coming into play, aspects that are based on sound financial footing and provide reassurance that the bank has honest values, not just clever marketing campaigns.
Ethics are creeping up in importance, customers believe that interest rates are so low, that a slightly lower rate from a bank who won't invest in 'arms' or irresponsibly is worth considering, especially if that bank actually delivers what it promises, via efficient processes and a UK based call centre!