The public voted Nationwide as the ‘most trusted’ in the financial services sector after a new survey has found that the public views financial services as less deserving of trust than those in the retail market.
The survey was commissioned Baber Smith the integrated marketing communications agency and carried out online by YouGov.
Titled the Insight Survey, the survey looked closely at consumer trust in regards to both the financial services and retail sectors and showed that Nationwide earned the title of the most trusted financial services with 15% of all respondents reporting that it was one of their top three choices as trustworthy within the financial sector.
Second place went to the Co-operative Bank with 12% of the vote and Barclays took third with 10% of the vote. At the bottom of the list were Admiral Insurance and Northern Rock which only garnished 1% of the survey vote.
According to the survey, most consumers are not yet ready to trust financial services with 12 of the 20 companies on the list scoring a final trustworthy rating of less than five percent. On the bottom tier of the list along with the above mentioned were Tesco Finance, Aviva, and M&S Money.
In terms of gaining trust of its customers, the Co-Operative Bank earned the top title with 57% of all customers in the survey reporting that they felt it was trustworthy while Nationwide took the second title with 53% of its users reporting it was trustworthy. In third and fourth place were First Direct and Britannia respectively. It was interesting to note that out of the top four companies only one of them was shareholder owned.