Financial ServicesThought Leadership
MakovskyTuesday, September 27, 2016
Nearly a decade has passed since the 2008 financial crisis, but its impact remains present in the minds and balance sheets of consumers and industry alike.
Just as many consumers are still in the process of rebuilding the wealth lost during the crisis and its resulting recession, many financial services companies are still in the process of rebuilding their reputations. They are grappling with a poor industry image, continued consumer mistrust and revenue losses, not to mention regulatory and compliance problems.
As a result, marketing and communications professionals in financial services are very focused on how they present their companies to be good players in the industry. Whether that means showcasing superior customer service, transparency in compliance, or the best in data security, it’s important for these companies to improve their reputations and differentiate themselves from companies considered “bad players.”
In this year’s Wall Street Reputation Study, we see that while certain elements have certainly improved in the years since the financial crisis, professionals still see a long road ahead for a full reputational recovery. And not just with consumers. In 2016, many companies have recognized the importance of improving their reputations internally and are putting a renewed emphasis on strengthening employee communications, turning team members into brand ambassadors. They are turning to social media channels, putting a more human face to their brands and having conversations with their consumers. They are in favor of more regulation and transparency.
Click below to download the study: