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Banks need to innovate their way out of the trust crisis

January 27, 2011

Cars Up, Banks Down

The latest data from Edelman’s Trust Barometer makes for a compelling read.

As the chart above illustrates; banking seems to be suffering something of a trust crisis, while technology and automotive appear to be doing much better.

It’s clear that banking needs to follow more in the footsteps of technology and automotive, if it’s going to recover.

If you look at both categories- they are now all about delivering something that consumers value and want, by continuously innovating. 

Detroit recognized it had big problems with this and changed accordingly.

Banking doesn’t seem to be responding through innovation, it’s more likely to favor PR spin and ads over new product and service delivery.

The category is clearly ripe for someone to come in and deliver relevant products and services that meet consumer needs.

This is going to be the only way for banks to improve their standing, nothing less than concrete actions are going to make a difference.

Posted by Ed Cotton

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