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Banks Insight | Trust

Alex Wright

Group Director, Financial Services & Technology

Kantar TNS

Alex.Wright@kantartns.com

 

Banks must

leverage data

but retain trust

 

Technology continues to reshape the category. Younger consumers, in particular, are increasingly open to digital-only service propositions, and competitors are responding with truly mobile-first solutions. While traditional banks may struggle to keep up with digitally native new entrants, they hold a unique position, having a long history of being trusted with consumer’s financial lives. The challenge for banks is to retain and build on this trust. Kantar TNS's Global Connected Life research reveals that consumers are increasingly wary of the amount of information brands hold on them. Banks need to adapt by ensuring their trusted position is reinforced by being transparent about what they capture, protecting against breaches, and always remembering the value exchange on the data they collect.