Banking blues: Financial experts debate crisis of reputation in banking industry

Opinion formers and experts in the financial services industry gathered on Wednesday 4 March to discuss solutions to the reputational crisis engulfing the banking sector.

The event, hosted by communications consultancy Cohn & Wolfe, featured contributions from:

- Anthony Hilton  City Editor, Evening Standard

- Angela Knight  Chief Executive, British Bankers Association

- Andrew Oxlade Editor of thisismoney.co.uk

- Louise Hanson Head of Campaigns, Which?

In addition to this prestigious panel, the event was attended by major financial services companies, media, researchers and trade associations.  

Chaired by Cohn & Wolfe’s Head of Global Consultancy, Geoff Beattie, the wide-ranging debate examined the key drivers of the decline in consumer trust and provided guidance for financial services companies in addressing the problem. 

The panel concluded that:

• Financial services companies need to accept the depth of the problem and the severity of the decline in consumer trust.  The panel discussed that the return of financial stability must not be accompanied by a return to models of behaviour which precipitated the crisis.  

• Saying sorry without significant adjustments to behaviour will not be enough.   Consumers want to see wide-reaching, long-term change in banking practices and improvements in openness and transparency. 

• Financial services companies need to re-centre their product offerings and their communications around the benefit to the consumer.

• Simplification is key.  Consumers want a vastly simplified product portfolio, communicated in clear and plain English without complicated small print.

A short video of the highlights of the discussion is available at: http://www.vimeo.com/3501234

For further information, please contact:

Adam Stones    adam.stones@cohnwolfe.com 020 7331 5370
James Pieslak   james.pieslak@cohnwolfe.com 020 7331 5309
Ros Hunt   ros.hunt@cohnwolfe.com  020 7331 5442