learn from the banks The banking Royal Commission in Australia has uncovered what appear to be some very unethical and possibly illegal activities. Research suggests that this has further eroded trust in banks and related businesses. This is the first of five thoughts addressing what can be learned from the reported behaviour of banks and […]

learn from the banks The banking Royal Commission in Australia has uncovered what appear to be some very unethical and possibly illegal activities. Research suggests that this has further eroded trust in banks and related businesses. This is the first of five thoughts addressing what can be learned from the reported behaviour of banks and other businesses that have lost consumer trust. Trust is central to effective branding and essential to successful brand loyalty. These issues have been addressed at length in previous articles. The focus here is on how to rebuild trust once lost. Recent research in Australia found that: Only 48% of Australians trust banks Only 40% of Australians trust financial advisors This suggests a number of things worthy of note: The trust of banks is lower in Australia than it is worldwide (53% trust banks internationally) The behaviour of banks over recent times has had a significant…