It may be hard to believe or too much bad press to remember when banks once were held by consumers as luxury brands. Just the thought of that statement gets a LOL today. However, long before we learned about the bad behaviors of financial institutions and insurance companies outrageous mismanagement problems these sectors were highly respected as luxury brands.
However, today consumer trust in financial institutions and insurance companies is very low. The banking industry efforts to build consumer confidence are really not working because consumers are not trusting in banks. Stress testing or not the damage has been done.
Millward Brown report on the 100 most valuable global brands reveals that in this year’s ranking, banks and financial institutions have lost 11 per cent in brand value and the insurance sector has lost a whopping 48 per cent!
In short the banking industry needs a PR miracle. I would suggest practicing honesty should be the first start.