Trust, Technology and Transformation Report - 2019
The impact on trust in banks of the Royal Commission is well-known, and this change in sentiment is visible in RFi Group’s Banking Trust Index (BTI).
Now, a new report from RFi Group, the Trust, Technology and Transformation Report, extrapolates insights from the BTI to reveal where each of the big 4, regional and major mutual banks now stand in the eyes of consumers, from an overall and product specific perspective.
Diving deeper, it draws upon the key findings of RFi Group’s 2018 Open Banking Study and explores the early adopter, millennial, and youth segments to understand the impact on consumers entering their high banking product demand life stage.
The Trust, Technology and Transformation Report brings together the impact of the Royal Commission, and opportunities and solutions offered by Open Banking, in the context of the high growth consumer segments to identity the potential solutions, preferred FS providers, and product demand that the banking industry is facing in the coming years.
Leveraging interviews with more than 50,000 consumers over 12 months this comprehensive and timely report provides a comprehensive and robust view of how consumer trust has evolved and changed since January 2018. To provide critical insight to any bank, fintech or mutual seeking growth opportunities in an industry facing challenging consumer sentiment.
Key questions answered:
- Which institutions have benefited from the Banking Royal Commission’s focus on the industry in terms of customer experience metrics and customer numbers?
- Can other attributes counteract erosion of trust to support bank customer retention and acquisition?
- How can we define trust beyond “safety of institution”?
- What steps do banks need to take to repair trust?
- Where do banks sit relative to other organisations when it comes to trust?
- Can banks leverage Open Banking to rebuild trust?
- Which consumer groups have been most influenced by the media coverage of the Royal Commission?
- Is Open banking appealing to the Millennial segment and will it threaten the traditional banking model?
- Has the Banking Royal Commission had an impact on customers’ use and consideration on non-bank, fintech and neo-bank market participants?
Key metrics include:
- Trust levels in banks in Australia
- Global comparison of trust in banks vs other organisations
- Awareness of the Royal Commission
- Impact of the Royal Commission on trust
- Relative movements in trust over 2018
- Appeal of open banking by age group
Comparable across banking groups and competitors, RFi Group’s Trust Index allows institutions to benchmark themselves and understand the drivers behind increasing and decreasing trust levels.
For further information on the report, please contact: