We are quickly approaching the ten-year anniversary of the financial meltdown of the late 2000s. While the aftereffects of the Great Recession linger elsewhere, profits are finally returning to the financial services industry, powered by the strong performance of U.S. big banks.
Among consumers, however, scar tissue still remains, as represented by the low reputation numbers that plague financial services. Although steadily improving over their 2009 nadir, those numbers only outperform pharma, big tobacco and government, according to a Harris Poll of industry reputations.
Those low trust and reputation numbers do have direct consequences, in the form of cratering levels of brand loyalty. For instance, only 40 percent of people have been banking with the same institution for more than two years and are happy about the service that that institution provides.
That number ought to send a cold shiver down the spine of many CEOs. Moreover, structural changes to consumer practices, brought upon by the advent of mobile banking, now make brand loyalty more difficult to cultivate and sustain than ever.
But there is a silver lining. Consumers are pretty vocal about the services they want, routinely clamoring for a better customer experience and easy access to online and mobile features.
For financial firms that means ensuring that consumers stay connected wherever they are with always-on access to the best global Wi-Fi for their usages needs.