Financial services ranks as the least trusted industry in Australia, followed by pharmaceuticals and technology, according to a new survey by Yell Creative and YouGov.
Nearly three-quarters (73%) of those participants who don’t trust financial services firms said they feel that these companies put their own profit and business goals ahead of the best interests of their customers. More than 60% cited a lack of transparency around the fees and charges applied by financial services firms.
The Federal Government and telecoms complete the top five least trusted industries.
Interestingly, senior financial services marketers believe the industry they represent ranks second only to technology in terms of trust, almost the exact opposite to consumers.
Nigel Roberts, Partner and Strategic Lead at Yell Creative, itself a financial services marketing company, said: “The risk for established financial services firms is that with new entrants, fintech firms and the like, consumers have more choice.
“This increased consumer power could start to pose a risk for the industry and they exercise their right to walk and find another provider that aligns better with their values – and there’s an increasing number that do.”