Restoring trust in financial services in the digital era

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Restoring trust in financial services in the digital era

Current customer trends impacting the financial services industry

Australian financial services institutions are facing a crisis of trust. With the Royal Commission exposing significant failures of providers, rising customer expectations, technological advancements and new competition, the financial services industry needs to adapt and deliver.

In this report by Deloitte Digital commissioned by Salesforce, more than 1000 consumers in Australia and New Zealand were surveyed to assess the impact of customer and market trends on the Australian financial services industry. The report found:

  • Only 1 in 3 customers believe that the financial services industry can be trusted
  • Privacy and data is an increasing concern, with 29% of customers less willing to share personal information and data than 6 months ago
  • More than half of customers believe the digital experience with their financial providers still needs improvements
  • Customers believe providers are failing to provide personalised products and services, proactive advice and alerts, and are open to alternative providers 
  • Financial services institutions are lagging behind on customer expectations and need to demonstrate their commitment to putting customers’ interests first.

Published: July 2018

Restoring trust in financial services in the digital era

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