Building Consumer Trust in Retail Payments
Laying a solid foundation
Maintaining and building consumer trust is critical to the financial performance of financial institutions – affecting loyalty, customer acquisition, operating costs and operational risk. Given the current economic outlook, it is especially critical to manage consumer trust as the truly strategic asset that it is.
According to a survey of 600 consumers produced by the Deloitte Center for Banking Solutions, the key factors that drive trust are overall reputation, competencies, the ability to fix problems and accuracy. One step in building trust and credibility in retail payments is determined by how a financial institution manages a fraud incident, which often determines whether they have created a customer for life – or lost one forever.
To learn more, read “Building Consumer Trust in Retail Payments: Laying a Solid Foundation,” attached below.