How can financial institutions earn trust in the era of sustained instability?

The data may be grim (not to mention what it portends for our culture), but solving the problem starts with understanding the forces behind this shift. There are still plenty of steps that companies can take to earn trust in this environment, if they’re willing to change.

The era of sustained instability

One of the biggest reasons for decreased trust in institutions is the dizzying rate of change we’re experiencing. For many people, the world is moving too fast – they feel like things are shifting, changing and breaking all around them. In the Ipsos Global Trends Survey (2021), 70% of respondents across 25 countries felt society was changing too quickly for them to keep up.

This perception of rapid change has ushered in the era of sustained instability: a time when people feel like they’ve lost control and that upheaval is the new status quo.

When people feel disoriented and believe they can’t keep up they tend to lose faith in the institutions they once leaned on. But institutions, and especially financial institutions, can step up and counter this sentiment by showing they can help consumers not only navigate but succeed in this new world.

Be the partner who is looking out for them

One of the most effective ways for banks to do this is to show up as a thoughtful partner who can slow things down for your customers – helping them see around corners, giving them a runway for new developments and a sense of protection against potential risks.

That can mean demonstrating how you’re proactively tackling online scams or more sophisticated fraud. Or it might mean showing that you’re thinking about how AI might impact them and their financial lives, and taking the necessary actions to prepare for those changes.

People are increasingly anxious about the future – on both a macro level and a personal level. In the past it may have been more effective to bypass customers’ anxieties and focus communications on ways to help them. But to gain credibility and ensure you’re being heard in this new world you need to acknowledge the elephant in the room. Being open and honest about the financial, professional, or social anxieties of your customer base shows you ‘get it’ and helps ensure they’ll hear you out when you propose solutions or try to support them.

Help them unlock opportunities

Consumers are worried about new risks that come with rapid change, but they’re also aware that these changes and advancements can bring benefits for those who are well-positioned to take advantage of them.

Consumers believe they won’t be able to take advantage of all the new opportunities on their own; they need a partner to give them access to those new advances. Whether that’s providing them with AI-powered personal wealth tools that give them targeted guidance at no cost, or other tools and services that harness the latest tech, you can radically change how your customers view you by establishing yourself as their partner in making the world’s latest technologies work for them.

Show how you’re acting in their interest

Beyond the rate of change, people increasingly feel that the deck is stacked against them. They see the rich getting richer, while everyone else struggles.

Help your bank stand out by giving customers tangible proof that you’re acting in their interest. That could be through new customer loyalty programs, support for those struggling to pay their bills, or even social impact work that reaches a broad range of people in need and contributes to communities as a whole.

Earning trust in today’s world is harder than ever. But if you take a step back and recognize what’s driving the trend of distrust and where people most need additional support and guidance, your brand has the chance to cut against the grain and deepen your relationships with the people you serve.

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