Maintaining trust in difficult times
There aren’t many areas of business in which the trust between advisor and customer is as important as it is in the financial sector.
For instance, if I, as a bank customer, decide to take out a loan for a high six-figure sum to buy a house, then this isn’t just a major investment, but it is also at the same time a decision which will tie me to a bank, and sometimes also to a particular advisor, for many years. Therefore, as a bank customer, I am putting not only my financial future, but also my security, in the hands of a partner.
Competition through neobanks
Our clients face a daily challenge: gaining the trust of their end customers and, much more importantly, retaining it. And this is against the backdrop of an increasing willingness to switch amongst consumers – a development which is being fuelled, for example, by the growing number of digital comparison possibilities, competition between banks and alternative providers such as neobanks, as well as the increasing price pressure as a result of the low interest phase in the sector.
It is all the more important, in my opinion, to retain the trust of end customers even during difficult phases of the relationship with the customer – for instance, when it comes to defaults on loans.