- Lloyds research indicates a third of small businesses still unaware of bounce back loan repayment options
- New economic analysis shows importance of UK small businesses to job growth
- Nearly 1 in 4 online shoppers admit using guest accounts over data privacy fears
- Standard Chartered launches domestic Cash Management services in Europe
- FCA launches consultation on a new type of fund to support investment in long-term assets
- The time is now for global ESG regulation says deVere CEO
- Why now is the time to be investing in digital transformation-Dr Zeynap Hizir, SS&C Techologies discusses expired
- The next big thing: 94% of finance professionals are looking to implement Intelligent Automation… despite 50% not fully understanding what it means expired
- Databarracks acquires 4sl expired
- FIS and NYDIG partner to enable banks to offer their customers the ability to buy, sell and hold Bitcoin expired
- Klarna continues UK growth with new London HQ and expansion in Manchester expired
- Tide empowers small businesses to tackle late payments with Invoice Assistant 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.