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RAPPORT

Customer trust: without it, you’re just another bank

Part of a series from EY’s Global Consumer Banking Survey.

Trust is essential to relationships in all facets of life — personal, professional and financial. We trust airlines to deliver people and luggage to the right city, safely, on time and in good shape. We trust grocery stores to provide safe and healthy food — efficiently, conveniently and cost-effectively. And we have long expected that banks and financial advisors will do the right thing for their customers

Findings from EY’s 2016 Global Consumer Banking Survey contain both good news and bad news in relation to trust. On one hand, banks are largely trusted to keep consumers’ money safe. On the other, relatively few consumers completely trust banks to provide unbiased advice that puts their needs ahead of the banks’ objectives. Traditional banks also fall behind non-traditional competitors relative to transparency of fees and
recommending products and services most relevant for their customers’ needs.

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