FEBRUARY 2019: The significant impact on trust in banks following the Australian Royal Commission into Banking is undeniable and the change in sentiment is visible in RFi Group’s Banking Trust Index (BTI). 

Released by RFi Group, this comprehensive and timely report provides a robust view of how consumer trust has evolved and changed since January 2018. Leveraging interviews with more than 50,000 consumers over 12 months this report delivers critical insights to any bank, fintech or mutual seeking growth opportunities in an industry facing challenging consumer sentiment.

In the ‘Trust, Technology and Transformation Report’,  insights are extrapolated from the BTI to reveal exactly where each of the Big 4 regional, as well as major mutual banks stand in the eye of the consumer, from both an overall and product-specific perspective.

Diving deeper, the report also draws upon the key findings of RFi Group’s 2018 Open Banking Study  exploring the early adopter, millennial and youth segments to understand the impact on consumers entering their high banking product demand life stage.

Key questions answered:

• Which institutions have benefited from the Banking Royal Commission’s focus on the industry in terms of customer experience metrics and customer numbers?
• Can other attributes counteract erosion of trust to support bank customer retention and acquisition?
• How can we define trust beyond “safety of institution”?
• What steps do banks need to take to repair broken trust? 
• Where do banks sit relative to other organisations when it comes to trust?
• Which institutions have benefited from the Banking Royal Commission’s focus on the industry in terms of customer experience metrics and customer numbers?
• Can other attributes counteract erosion of trust to support bank customer retention and acquisition?
• Can banks leverage a new Open Banking environment to rebuild broken trust?
• Which consumer groups have been most influenced by the media coverage of the Royal Commission?
• Is Open Banking appealing to the Millennial segment and will it threaten the traditional banking model?
• Has the Banking Royal Commission had an impact on customers’ use and consideration on non-bank, fintech and neo-bank market participants?

Key metrics include:

• Trust levels in banks in Australia
• Global comparison of trust in banks vs other organisations
• Awareness of the Banking Royal Commission
• Impact of the Banking Royal Commission on trust
• Relative movements in trust over 2018 
• ​Appeal of Open Banking by age group 

  The Trust, Technology and Transformation Report  brings together the impact of the Royal Commission and opportunities and solutions offered by Open Banking, in the context of the high growth consumer segments to identify potential solutions, preferred FS providers, and product demand that the banking industry is facing in the coming years.

  Comparable across banking groups and competitors, RFi Group’s Trust Index allows institutions to benchmark themselves and understand the drivers behind increasing and decreasing trust levels.

RFi Group Chief Product Officer and Co-founder Alan Shields is available for immediate comment.

For Media Interviews please contact:

Corinne Barrett
cbarrett@rfigroup.com
+61 2 9126 2646
+61 420 593 131
 
Or
 
Chloe James
cjames@rfigroup.com
+1 437 221 4905
 
The ‘Trust, Technology and Transformation Report is available for purchase by clicking here.

For further information on the report, please contact:

Julien Wilson: jwilson@rfigroup.com
Karen Valenzuela: kvalenzuela@rfigroup.com