- Standard Chartered global survey indicates COVID-19 marks financial coming of age for cash-strapped Millennials
- COVID pandemic leads to deterioration of UK payment practices
- EBA and McKinsey issue joint white paper on future of banks in payments
- Scope says domestic bank consolidation wave gathers pace; cross-border outlook improves
- City Minister to give evidence on financial services after Brexit to Lords EU Committee
- FinTech investments in Q3 2020 drop by16% quarter-over-quarter to $12.15bn
- EBA CLEARING’s RT1 expands instant payment reach in Luxembourg expired
- Barclays Corporate Banking working with CGI to implement the CGI Trade360 platform. expired
- Central Bank of Iceland(CBI) goes live with new interbank payment system developed by SIA expired
- Mastercard and emerging FinTech ZEN launch digital financial solutions to tackle e-commerce challenges for consumers and businesses expired
- PagoFX, Banco Santander’s low-cost international money transfer service, now available in Belgium expired
- Santander launches its first socially responsible bond for retail investors expired
15th September 2020
Quarterly Trust study reveals banking industry steady while Government nosedives
Nationwide remains the UK’s most trusted bank brand, according to this quarter’s edition of the Banking Brand and Trust Index published by tech research platform, Glow.
The study found that while confidence in the banking industry has stayed steady throughout the COVID-19 crisis, it also revealed an increasing lack of trust in Prime Minister Boris Johnson and the Conservative Party, whose ranking has plummeted.
The Trust Index surveys the views of UK citizens and tracks consumer confidence in the banking industry and its trustworthiness in relation to 16 other sectors and government departments. Overall, consumer trust in most UK banks has remained largely unchanged during COVID, with respected building societies like Nationwide and Halifax remaining strong at the top of the rankings, while The Royal Bank of Scotland continues to perform poorly.
The study, established to monitor the shifts in public perception of individual bank brands and the banking industry, has instead highlighted diminishing trust in the elected Government and government departments, which have seen their Trust Scores reduce by 10 and 12 points respectively.
Neil Gupta, Glow’s UK Managing Director, comments “The UK banks are upholding their reputation and public confidence is the first true test since the 2008 Global Financial Crisis.
“Glow’s data shows the banking industry has only felt a minor dip in confidence-a testament to the resilience of their reputations built over the last 12 years.
“It’s pleasing to see consumers have maintained, even slightly uplifted, their attitudes towards department stores and electronics manufacturers.” Neil said, “but concerning that confidence in the Government and its departments has taken a big downturn.”
A similar study in Australia found trust in its government improved by 10 points, despite extreme lockdown restrictions, while the UK reopens.
The study uses a unique methodology to rank trust relative to competitors, awarding each bank a Net Trust Score of between-100 and +100.
Nationwide, with a Trust Score of 31, remains the UK’s most trusted bank brand, with a five point lead on all competitors. Halifax, Lloyds, Natwest and Tesco make up the remainder of the top five, scoring 24, 21, 21 and 19 respectively. Barclays ranks 8th and scored 18, and HSBC ranks 10th and scored 17. TSB sits outside of the top 10, scoring 15. The Royal Bank of Scotland decreases further from 8 to 5.