{"id":18637,"date":"2023-05-17T01:30:00","date_gmt":"2023-05-17T01:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4101544_AE01544_0"},"modified":"2023-05-17T01:30:00","modified_gmt":"2023-05-17T01:30:00","slug":"forrester-customer-trust-in-financial-services-providers-is-weak-across-most-of-asia-pacific","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=18637","title":{"rendered":"Forrester: Customer Trust In Financial Services Providers Is Weak Across Most Of Asia Pacific"},"content":{"rendered":"<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1441829\/Forrester_Logo.jpg?p=medium600\" border=\"0\" alt title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Customers seek greater empathy, dependability, and competence from their banks, investment firms, and life insurers<\/i><\/p>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">May 17, 2023<\/span><\/span> \/PRNewswire\/ &#8212;&nbsp; According to <a href=\"https:\/\/www.forrester.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Forrester&#8217;s<\/a> (Nasdaq: FORR) <b><u><a href=\"https:\/\/www.forrester.com\/blogs\/introducing-the-apac-financial-services-customer-trust-index-2022\/?utm_source=prnewswire&amp;utm_medium=pr&amp;utm_campaign=fs\" target=\"_blank\" rel=\"nofollow noopener\">Financial Services Customer Trust Index<\/a><\/u><\/b>, earning the trust of customers is crucial to driving revenue, especially in times of economic volatility. In <span class=\"xn-location\">Asia Pacific<\/span> (APAC), the results show that customer trust in banks, investment firms, and life insurers is lacking in most of the region. For example, less than half of customers in <span class=\"xn-location\">Australia<\/span>, <span class=\"xn-location\">Hong Kong<\/span> <span id=\"spanHghlt32b6\">S.A.R.<\/span>, and <span class=\"xn-location\">Singapore<\/span> trust their banks, while less than a third of customers in <span class=\"xn-location\">Australia<\/span>, <span class=\"xn-location\">Hong Kong<\/span> <span id=\"spanHghlt8954\">S.A.R.<\/span>, and <span class=\"xn-location\">Malaysia<\/span> trust their investment managers. Additionally, less than a fifth of customers in <span class=\"xn-location\">Hong Kong<\/span> <span id=\"spanHghlt32b6\">S.A.R. <\/span>and <span class=\"xn-location\">Singapore<\/span> trust their life insurers.<\/p>\n<p>Forrester <span id=\"spanHghltc988\">recently s<\/span>urveyed nearly 18,000 online adults across <span class=\"xn-location\">Australia<\/span>, <span id=\"spanHghlt52e4\">Mainland <span class=\"xn-location\">China<\/span><\/span>, <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">India<\/span>, <span class=\"xn-location\">Indonesia<\/span>, <span class=\"xn-location\">Malaysia<\/span>, and <span class=\"xn-location\">Singapore<\/span> to measure customers&#8217; trust in their financial services providers. Built upon Forrester&#8217;s <a href=\"https:\/\/www.forrester.com\/bold\/trust-imperative\/guide\/?utm_source=prnewswire&amp;utm_medium=pr&amp;utm_campaign=fs\" target=\"_blank\" rel=\"nofollow noopener\">seven levers of trust<\/a>, the Financial Services Customer Trust Index offers data and insights to help brands assess customer trust, identify gaps, and prioritise improvements that drive growth.<\/p>\n<p>Across the APAC <span id=\"spanHghlt0991\">markets<\/span> surveyed, customers deem empathy, dependability, and competence from their financial services providers the most crucial attributes to securing their trust. Brands with strong customer trust can expand and extend customer relationships, including recommending the brand to others and forgiving product- or service-related mistakes.<\/p>\n<p>Key regional findings include:<\/p>\n<ul type=\"disc\">\n<li><b><span class=\"xn-location\">Australia<\/span>. <\/b>Only&nbsp;23% of customers have high trust in their banks. <span class=\"xn-location\">Australia<\/span> also received the lowest trust score for investment firms, as firms didn&#8217;t perform well in several trust levers.<\/li>\n<li><b><span class=\"xn-location\">China<\/span>. <\/b>The majority of&nbsp;metro Chinese banking customers said their bank is dependable (70%), competent (69%), and transparent (78%). Investment managers also have high customer trust.<\/li>\n<li><b><span class=\"xn-location\">India<\/span>. <\/b>Compared to other markets, customers in <span class=\"xn-location\">India<\/span>, along with customers in <span class=\"xn-location\">Indonesia<\/span>, have high levels of trust in their banks and life insurers.&nbsp;However, the investment sector in metro <span class=\"xn-location\">India<\/span> received a mediocre overall trust score (69.9).<\/li>\n<li><b><span class=\"xn-location\">Singapore<\/span>. <\/b>Only 30% of customers have high trust in their banks, while investment customers give their investment firms a moderate trust score. Meanwhile, 70% of customers have low trust in their life insurers.<\/li>\n<\/ul>\n<p>&#8220;Earning customer trust is imperative for financial services providers, especially in this volatile financial environment,&#8221; said <span class=\"xn-person\">Frederic Giron<\/span>, vice president and senior research director at Forrester. &#8220;Customers want to feel assured that their banks, investment managers, and insurers are reliable, trustworthy, and empathetic to their needs. Our research finds that when customer trust is strong, firms can reap several financial, competitive, and reputational benefits. Forrester&#8217;s Financial Services Customer Trust Index is designed to help brands understand the key drivers of customer trust and the specific actions they can take to build and strengthen that trust.&#8221;<\/p>\n<p><b>Resources:<\/b>&nbsp;<\/p>\n<ul type=\"disc\">\n<li><a href=\"https:\/\/www.forrester.com\/blogs\/introducing-the-apac-financial-services-customer-trust-index-2022\/?utm_source=prnewswire&amp;utm_medium=pr&amp;utm_campaign=fs\" target=\"_blank\" rel=\"nofollow noopener\">Explore<\/a>&nbsp;why financial services providers in APAC struggle to win their customers&#8217; trust.<\/li>\n<li><a href=\"https:\/\/www.forrester.com\/what-it-means\/ep301-finserv-trust-index\/?utm_source=prnewswire&amp;utm_medium=pr&amp;utm_campaign=fs\" target=\"_blank\" rel=\"nofollow noopener\">Uncover<\/a>&nbsp;the drivers and impacts of low trust levels in the financial services industry.<\/li>\n<li><a href=\"https:\/\/www.forrester.com\/blogs\/financial-services-firms-need-to-learn-how-to-earn-customers-trust\/?utm_source=prnewswire&amp;utm_medium=pr&amp;utm_campaign=fs\" target=\"_blank\" rel=\"nofollow noopener\">Read<\/a>&nbsp;more about Forrester&#8217;s Financial Services Customer Trust Index.<\/li>\n<\/ul>\n<p><b>About Forrester<\/b><\/p>\n<p>Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester&#8217;s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work \u2014 to navigate change and put their customers at the centre of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave\u2122 evaluations; 100 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Customers seek greater empathy, dependability, and competence from their banks, investment firms, and life insurers SINGAPORE, May 17, 2023 \/PRNewswire\/ &#8212;&nbsp; According to Forrester&#8217;s (Nasdaq: FORR) Financial Services Customer Trust Index, earning the trust of customers is crucial to driving revenue, especially in times of economic volatility. In Asia Pacific (APAC), the results show that [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-18637","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Forrester: Customer Trust In Financial Services Providers Is Weak Across Most Of Asia Pacific - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=18637\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forrester: Customer Trust In Financial Services Providers Is Weak Across Most Of Asia Pacific - My Blog\" \/>\n<meta property=\"og:description\" content=\"Customers seek greater empathy, dependability, and competence from their banks, investment firms, and life insurers SINGAPORE, May 17, 2023 \/PRNewswire\/ &#8212;&nbsp; According to Forrester&#8217;s (Nasdaq: FORR) Financial Services Customer Trust Index, earning the trust of customers is crucial to driving revenue, especially in times of economic volatility. 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