Corporate reputation of the past
Many of us will remember the global financial crisis of 2008. This crisis highlighted serious issues within the industry, such as unethical practices, excessive risk-taking, and inadequate regulation. All this eroded trust among the general public.
Since then, many banks have taken steps to restore trust and improve their corporate reputation. They have implemented stricter regulations, enhanced transparency, made efforts to rebuild customer confidence, and more recently looked to introduce or act on their own organisation’s ESG policy and designed products and services to help businesses act on theirs.
Ultimately though, whether an individual trusts the corporate reputation of the banking industry will depend on a range of factors, including their own perceptions, experiences, and the overall actions and behaviour demonstrated by banks in their interactions with customers and the wider society.
Our MarketVue Business Banking tracker (a continuous survey of 15,000 financial decision-makers in UK businesses with over 10 years of historical data) to reveal how businesses rate their business bank in terms of corporate reputation.
Business bank reputation seen as better than some big corporates
When businesses were asked if their main business bank was much better, the same or much worse than Amazon, Google, Starbucks and Vodafone, it was Google that fared best.
Progress has been made, but rebuilding reputation takes time
Corporate reputation will remain a critical factor in determining future brand strength. It has remained stable over the past four years, which is a real positive, but there is still work to do.
Business banks and other financial institutions will need to consider implementing a number of key steps to enhance their corporate reputation, such as defining their values and purpose, transparency and accountability, ethical practices, environmental policies and a commitment to their customers and stakeholders. Prioritising and placing these higher up on their agenda will allow them to be in a better position to thrive.
Savanta’s MarketVue Business Banking
Based on a continuous survey of 15,000 financial decision-makers in the UK and 10 years of historical data, MarketVue Business Banking is a highly reliable and detailed monitor of how banks are perceived by business customers.
It’s designed as a complete market overview covering:
- market share
- brand health
- customer experience
MarketVue Business Banking informs business strategy and provides tactical feedback for action planning. Interviewing is conducted continuously among a UK representative sample from start-ups, SMEs up to major corporates throughout the year and data/insight is delivered to clients on a quarterly basis.
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- The future for “Green” financial products:
- ESG: where will the push for progress come from
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