Perspectives
Deloitte Trust Index – Banking 2018
The way forward to rebuild reputation and trust
The results of the Deloitte Trust Index 2018 on banking indicate where to focus action to repair consumer sentiment towards banks.
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The banking sector has undergone a rigorous and exposing investigation that has highlighted the depth of the crisis of trust. Rather than another survey that shows the obvious, Deloitte has developed an Australian Trust Index through a targeted survey designed specifically to measure levels of customer trust and general trust influence factors.
In this inaugural index we surveyed customers of banking products, to identify the way forward to rebuild reputation and trust. These results deepen our understanding of the factors influencing trust in the sector and point to prioritised actions banks can take to restore trust.
This is particularly valuable given that culture and conduct will both get a very hard edge in the strengthened regulatory environment mooted by Commissioner Hayne, as he signals a greater role for the judiciary in ensuring accountability for significant and systemic poor conduct.
The methodology
Deloitte surveyed 2072 representative Australians in August 2018 to provide their views on trust in banking in Australia, both in general, and in relation to their own bank.
The perceptions of banks' trustworthiness, in general, are negative with some improvement when it comes to the respondent’s own bank. In order to rebuild trust respondents indicate that banks should focus more heavily on demonstrating the right mindset – respect and integrity in particular - rather than technology and products.
Download the analysis of the results and the Deloitte Trustworthiness Model which identifies three key factors affecting the ability to keep promises.
Talk to us about how to demonstrate a commitment to always keeping your promises, how to monitor and supervise promises made, and ensure you can predict any future issues.
Published: October 2018
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