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Tuesday, March 1, 2011

Many banks still have work to do, with regard to trust

A story from yesterday’s Marketing Daily suggests there are still cracks in the level of trust consumers have for many financial institutions. The article cited The 2nd Annual Edelman 2011 Trust in Financial Services as its source. (Click to link.)

Implications: Jeff Zilka, quoted in the article, suggests that it’s not enough for a bank’s advertising to be compliant with applicable regulations… but that it must also be consumer-compliant. (An institution should question whether their message is believable.) Citing the need for transparent and honest communication, he suggests that brochures and sales materials should be scrutinized by focus groups, just as a bank’s advertising often is.

I couldn’t have said it better myself. There is no greater fine than the one imposed by consumer opinion.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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