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Actions Financial Firms Can Take to Cement Customer Trust in Uncertain Times

Glenn Staada, Radius Insights, Radius Global Market Research 2021/10/glenn-staada-bio.jpg

by Glenn Staada

Senior Vice President

The collapses of Silicon Valley Bank and Signature Bank have spurred concerns of broader systemic issues and has elevated financial-related fear to levels not seen since the Banking Crisis of 2008.

And despite the broader U.S. banking system being nowhere near as vulnerable as it was heading into the crisis, hysteria abounds. Fear is not just isolated to the Tech-related, high-balance depositors that have borne the brunt of the collapses, as small business and retail consumers and investors are struggling to determine implications closer to home. Volatility within financial markets and the pace of change within the news cycle certainly compounds anxiety levels.

For Financial Sector Institutions, it is time to lead from the front to reassure customers that their assets are safe, and their financial well-being is the beacon that drives brands.

Consider several steps now, and on an ongoing basis, to holistically understand potential customers’ concerns and address them in a direct and relevant manner.

For Financial Sector Institutions, it is time to lead from the front to reassure customers that their assets are safe, and their financial well-being is the beacon that drives brands.”


Immediate actions to shore up confidence and mitigate fear.

  • Communicate with customers. Invite your consumers to communicate their questions or concerns to a management-level representative, in-person, by phone or email, or via social media. Make sure all incoming questions/comments are met with personalized and relevant responses.
  • Reassure your community. Send out a personal letter from the CEO or Chairman to all customers first and then through public channels, speaking to the security of the institution and the assets you hold/manage on customer behalf.
  • Keep listening. Leverage your ongoing market and consumer intelligence programs to uncover broader insights on how customer needs and motivators may be shifting – and shift your communications and engagement initiatives accordingly.


Ongoing initiatives to ensure longer-term loyalty and confidence.

  • Foster brand health. Build, or refine, a brand health insights program and monitor the impacts of the environment, and the direct actions you take, across key brand dimensions of salience, emotions, preferences, and resonance. Adjust your actions accordingly as market conditions require.
  • Identify critical gaps. Leverage insights to uncover the most significant financial knowledge gaps facing your customers and use to create an ongoing education and communications schedule.
  • Learn from customer feedback. Use customer experience research to ensure every interaction you are having with customers is optimal AND contributing to positive feelings of assurance, security, and trust.
  • Share customer insights. Conduct immersive Qualitative research with key customer cohorts and use video deliverables to bring the voice and face of your customers into the C-suite. Use specific customer stories and ways your firm has helped drive assurance and trust as testimonials that can be shared across the broader customer base.


These actions will go a long way towards reinforcing and maintaining trust with current customers and markets at-large. Ultimately, the reassurance and trust will positively impact near-term retention, longer-term loyalty and relationship growth, and deep brand connectivity.


If we can assist your team in developing the right insights approach for your business, please contact us.