People still to have mixed feeling towards banks, insurers, fund managers and other financial services providers, according to a new report commissioned by PwC.
The financial advisory firm’s latest report into the financial services sector, How financial services lost its mojo – and how to regain it, was based on analysis of a survey of over 2,000 people across the 海角视频, including around 180 in the West Midlands.
It reveals that although 49 per cent of people in the 海角视频 and 46 per cent in the West Midlands believe regulation of the financial services sector has been strengthened, 57 per cent in the 海角视频 and 56 per cent in the West Midlands do not believe reforms are sufficient to ensure history will not repeat itself.
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The report also highlights a sense of apathy among customers, with evidence of low trust scores.
While only 32 per cent of people in the 海角视频 and just 29 per cent in the West Midlands trust their retail banks, only 11 per cent - both for the 海角视频 as whole and for the West Midlands - have changed their current account provider in the last year.
David Roper, partner and financial services leader at PwC in the Midlands, said: “By and large, consumers in the West Midlands are experiencing the same apathy towards retail banks and the sector as a whole as those across the 海角视频.
“This report highlights the need for retail banking to become much more customer focused, and be seen to be doing so.”