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January 8, 2010

Rebuilding trust central to banking debate

by Gill Montia

Story link: Rebuilding trust central to banking debate

Consumer group Which? has been researching attitudes to the UK financial sector to discover that over three-quarters of those questioned want “rebuilding trust” to head the New Year’s resolution lists of Britain’s bankers.

Meanwhile, 56% of respondents who had themselves made New Year’s resolutions had personal finances in mind, with over 43% making more money-related resolutions than this time last year.

The 16 to 24-year-old age group were most fervent, with 55% making more money-related resolutions this time around.

Returning to banks, 85% of respondents thought it very important for banks to listen to their customers, while 83% thought the Government should listen to both the banks and the public when deciding how to reform the industry.

Which? chief executive, Peter Vicary-Smith, is mindful that while ordinary people are still feeling the repercussions of the financial crisis, their voices have so far been missing from the debate about how to rebuild the banking system.

The group is therefore following up its research by hosting a “Big Banking Debate” in central London on Thursday 4th February between 5pm and 8pm.

Bankers who have read a recent report from the Institute for Business Value may be keen to hear what is said.

In a paper entitled “Fit, focused and ready to fight: How banks can get in shape for the battle ahead”, the research body claims banks need to develop a better understanding of their clients’ perception of value if they are to emerge from the current economic crisis as winners.

The Which? research is based on an online survey of 2,145 adults aged between 16 and 64 in the UK from 29th December 2009 to 4th January 2010.

Those unable to attend the Big Banking Debate can share their views on the Which? website.


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