FRIDAY 5 NOV 2010 10:00 AM
CORPORATE COMMUNICATIONS KEY TO RESTORING TRUST IN BANKING, SURVEY SAYS
Communicators in financial services cannot rely on regulation alone to restore trust in the sector. That’s the key finding from ‘In Banks We Trust?’, a study by communications consultancy Hotwire and the Institute of Ideas, which examines how the UK financial services sector believes it needs to further rebuild the confidence of the general public.
The research – a survey of 164 people in the sector combined with interviews of high profile financial sector professionals – reveals that 60% believe regulation will not be enough to restore confidence and pride in the UK banking industry, demonstrating the need for financial institutions to take a proactive approach to turning around negative sentiment.
Only 34% feel increased transparency will help restore trust, compared to 28% who feel transparency would encourage even greater scrutiny of the sector, which will further undermine confidence and pride in the sector.
Despite a lack of certainty around the value of transparency, 58% feel corporate communications is key to improving the reputation of the sector. Only 3% believe financial services companies have done a good job in communicating their dual responsibilities to shareholders and customers to date. The research also revealed that the majority of respondents (65%) feel the media plays an active role in fuelling and encouraging negative sentiment towards the sector.
“The findings demonstrate that those charged with managing the reputations of beleaguered banks face a tough task,” said Richard Janes, co-director of the Banking & Finance practice at Hotwire. “However, the sector itself endorses the role of corporate communications in turning around public sentiment. This industry buy-in is the first step towards enhancing the communications efforts of the sector, ultimately focused on restoring confidence and pride.”
The ‘In Banks We Trust?’ study will be launched at a panel event for marketing and communication professionals on Wednesday 10 November.
LATEST NEWS
FRI 6 Dec 2024 10:43 AM
UK company websites omit crucial careers information
THU 5 Dec 2024 2:57 PM
LLMs rely on editorial content to gauge brand reputation
WED 4 Dec 2024 10:12 AM
FTI Consulting solidifies leadership in turbulent market
FRI 29 Nov 2024 12:49 PM
ICCO Global Awards 2024 celebrates PR excellence
RECENT ARTICLES BY NAMRITA SACHDEV
WED 3 Nov 2010 1:27 PM
LinkedIn launches new tool for companies
WED 3 Nov 2010 12:08 PM
UK financial sector’s most influential media unveiled
TUE 2 Nov 2010 4:01 PM
PR Procurement Toolkit launches
THU 28 Oct 2010 1:45 PM
Review of corporate governance announced by Cable