Though the effects of the financial crisis in 2007-08 are still reverberating, banks are learning to live with their new environment. Allowing banks to look beyond profits and gain an insight into their overall image, the 19th annual Financial Times’ Bank Image Survey measures the standing and profile of international banks among senior financial decision makers of investment/corporate banking services.
As the infographic below confirms, although JP Morgan leads in the ranking of trustworthy banks globally, they also are the top financial advisor to M&A transactions worth a total of $795 billion in 2018. Citigroup, ranked as number 2 in trust, follows with a total of $529 billion.
HSBC leads in specific attributes linked to the decision to purchase M&A / advisory services from one bank over another. Its leading global position in financial strength and long-term stability, knowledge and understanding of the clients, sectors and markets they operate in, the international scale and presence of the bank along with people and relationship building makes it a clear global winner in the M&A sector.
When reviewing the opinion of the banking industry, 44% of global banking decision makers feel that trust in the industry overall has improved over the past year. It has been determined that sentiments do shift by global regions, with respondents from APAC found to be the most optimistic, saying trust has improved. This generally differed in line with organizational size, with larger organizations ($5 billion +) more likely to say that trust in the bank industry has improved, than smaller organizations ($100-$999 million).
With trust very much the hot topic, it is vital to consider how to build a trusted reputation for your bank. Our institutional buyers outlined the attributes that are key to earning their trust. The most important attributes were for a bank to be viewed as stable, secure and safe. This was followed by excellent service, relationships with an emphasis on people and professionalism, and lastly, the importance of reasonable fees and rates for services.
For more insights on how you can best understand your brand position, why brands are seen as leaders, how to build trust in your brand or see which banks lead in client experience using technology, lead in emerging markets/fast growing regions, or which banks are best prepared to compete in 2020 and beyond please contact Daniel Rothman, Director of Insight
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