Banks care about their customers

What (neo) banks really want from their customers - cartoon

Banks and savings banks (still) enjoy a considerable advantage of trust over FinTechs or BigTechs among customers. There are reasons for this, and even neobanks would do well to take them seriously in order to maintain trust.

What many neobanks really want from new customers.
© Tom Fishburne

Marketing experts say customers are in the midst of a crisis of confidence. According to a Salesforce study, over half don't believe that companies act in their best interests. And almost 60 percent are afraid that their data could end up in the wrong hands. And a Edelmann study shows that although 81 percent define trust as an important part of their own buying behavior, only a third of people say that they actually trust the brands they buy.

Banks are also fighting for trust. According to a recently published study, only 25 percent of German consumers consider their bank to be trustworthy. And only 13 percent are convinced that their institute can advise them independently. Banks are by no means perceived as incompetent. Rather, consumers feel they don't care enough about their customers.

Trust is essential for banks

However, a brand without trust is just one product among many. In the digital age, in which data and personalized customer approach are playing an increasingly important role, trust is becoming an important and fragile good. Especially for banks and savings banks, because, as numerous surveys show, they enjoy a considerable lead in confidence over their new challengers (Neobanks, FinTechs and BigTechs), which is based in particular on the expected handling of data.

As important as data is for banks' new business models, it is important to ensure that they are handled transparently and openly and that customer interests are preserved. This applies to FinTechs and neobanks as well as to established financial institutions.