Banks must build service to rebuild trust

Financial services marketers have mistreated customers over the past decade, leading to a catastrophic loss of trust, according to Metrobank chairman Anthony Thomson, also chairman of the Financial Services Forum.

“Banks don’t have the infrastructure in place to give good service,” Thomson says, and adds that for financial institutions to regain trust, they must embark on a major cultural shift that puts customers at the heart of the business and invest in IT to deliver better service.

“One of the big things from looking back is seeing how the industry has not managed its customer relationships well, which ultimately led to customers distrusting many financial institutions,” he says.

The Financial Services Forum is a talking shop for marketers in the industry; it celebrated its tenth anniversary last Friday.

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