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November 01, 2023
Domarina Oshana, PhD, Director of Research and Operations of the American College Cary M. Maguire Center for Ethics in Financial Services draws on the Center’s inaugural Trust in Financial Services Study to describe the nature of trust and encourages financial institutions to make it actionable.
Humans hold complicated beliefs and emotions. This is evident in consumer trust in financial services. Our inaugural Trust in Financial Services Study brought to bear contradictory dynamics of trust in the financial industry. For instance, consumers may appreciate financial companies’ alignment with their belief in environmentalism, yet express skepticism when it comes to trusting financial companies to not pilfer their money.
Domarina Oshana, PhD, Director of Research and Operations of the American College Cary M. Maguire Center for Ethics in Financial Services shares additional insights in this article in American Banker on the dualities of trust and actions financial companies can take to increase trustworthiness with communities of color.
To win consumer trust, it’s important for financial companies to understand consumers’ different reasons for high or low trust, which vary depending on their community. Such insights can help close gaps in trust and build financial companies’ trustworthiness.