Banks need to secure trust of customers
In PR Week, Milorad Ajder, Managing Director of Ipsos's Reputation Centre comments on how the financial sector can rehabilitate its reputation by focusing on its customers.
There are some people who feel that many banks are Teflon coated and regardless of the reputation damage they suffer, they will always emerge unscathed from controversy.
Well, the advent of PPI has added further grist to that particular mill ('Banks must go further than payments over PPI mis-selling, financial comms PROs warn,' prweek.com/uk, 10 May). Just as UK consumer sentiment was showing some green shoots of recovery for the banks, along comes another scandal to undermine their standing. Although this is all depressingly familiar, the real danger for the banks is that this consistent undermining of trust will lead to a point where reputation recovery becomes virtually impossible.
So, how can the banks and the sector as a whole begin the process of reputation rehabilitation?
Well, the first part of the answer is indeed an obvious one - change your behaviour - no more scandals. The second is to look around and find companies that somehow have instinctively and intuitively placed the customer at the centre of the organisation.
Milorad Ajder is managing director of Ipsos's Reputation Centre.More insights about Public Sector
