Fintech Insider Podcast by 11:FS 818. Insights: How to build trust in financial services
Jan 18, 2024
Exploring the impact of the 2008 financial crisis on trust in the industry. CEO of Carmula shares frustration with used car finance market. Importance of trust, cyber attacks, and customer well-being. Understanding customer needs and delivering value. Shift from face-to-face to digital channels. Importance of trust, customer-centricity, and financial literacy.
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Building Trust Foundations
- Trust in financial services depends on providing the right products, timely education, and clear communication about service levels.
- Security breaches severely damage trust, so institutions must demonstrate strong protection and proactive communication.
Deliver Well: Trust through Brand
- Build a brand by consistently delivering well internally and externally, setting clear values from the start.
- Focus on exceeding customer expectations and designing products with customer centricity and transparency.
Control User Experience
- Control the entire customer experience by carefully choosing what to include or exclude in your product.
- Avoid adding external data or services that compromise control and increase risk liability.