It is indeed a hard-hitting fact that in countries like Singapore, Australia, as well as Hong Kong, less than half of the customers go on to express their trust in their respective banks.
One of the research firms that did the survey went on to state that there happens to be a lacuna in customer confidence when it comes to banks, life insurers as well as investment firms throughout the Asia-Pacific region. Within the respondents who were surveyed, customers look out for empathy, competence, and reliance as the basic qualities that are required from the financial service providers so as to establish trust.
When it comes to trust, the inferences revealed that about 30% of the customers from Singapore place very high confidence in their banks, whereas the customers from investment firms rate it with a moderate trust level. When it comes to life insurers, a prominent 70% of the Singaporean population expresses low levels of trust.
On the other hand, in Australia, it was revealed through the survey that just 23% of banking customers place a high level of trust when it comes to their financial institutions.
It is well to be noted that Australia went on to receive the lowest trust score amongst the rest of the APAC geography, especially when it came to investment firms. The performance of these firms across various indicators of trust was below par, which resulted in a lack of faith on the customer’s end.
The result also went on to indicate that a prominent majority of the banking customers across urban China found banks to be trustworthy, transparent, and competent, with percentages of 70%, 68%, and 78%, respectively.
Besides, the investment managers, when it comes to China, happen to get a great deal of trust from their clients. As compared to other markets, customers across India and Indonesia happen to exhibit a high level of trust in their life insurers as well as banks. Nonetheless, the investment sector, when it comes to urban India, had a moderate overall trust score of 69.9%.
It is well to be noted that the trust index of 2022 takes into consideration three major sectors like investment management, banking, and life insurance across geographies like Singapore, Australia, India, China, Hong Kong, Indonesia, and Malaysia. The index took into account a survey that was based on the responses provided by a total of 17,900 consumers.