Trust and financial services consumers

Today's consumers are evolving, and their expectations of financial services providers are growing with them. Consumer trust and loyalty can no longer be assumed; they must be earned. Recognizing that consumers rely on financial providers in almost every aspect of their lives, Amazon Ads conducted a study of more than 2,000 U.S. financial services customers to explore the intersection of trust and customer behavior. The study aimed to uncover the factors driving the lack of faith in banking, credit card, loan, and payment providers, assess what's at stake for institutions that don't improve their standing with customers, and determine how they can engage consumers to rebuild trust. Overall, the research revealed that trust is paramount. Consumers regard it as the most important factor for doing business with financial services providers, ahead of low or no fees, security, customer service, convenience, and competitive rates.

While important, trust can also be difficult to foster. Just 48% of surveyed consumers stated that they trust their financial provider completely. As one might expect, hidden fees or costs, changes in fees or policies, fraud, and security breaches all hamper consumer confidence. What brands may find surprising are concerns about impersonal service. Respondents overwhelmingly reported that providers treated customers with a one-size-fits-all approach rather than understanding their individual needs and circumstances. "Consumers expect tailored advice and customer service because they're getting that across the board with other experiences," says Owen Codey, senior manager of financial services at Amazon Ads. "Banking is no exception." According to the Amazon Ads research, the stakes are high. Breaching that trust makes customers 1.7 times more likely to switch institutions, with 31% actively considering alternatives. With one in four consumers switching banks in 2024, financial brands must build trust in ways that truly resonate.

Understanding your customers

Consumers' desire for more personal interactions with financial firms presents an opportunity for banks and payment providers to build trust through tailored messaging. This requires a deeper understanding of audiences. Amazon Ads research identified eight financial personas based on mindset and interests: the luxury-minded, experience seekers, travel enthusiasts, investors, the financially prudent, deal seekers, debt reducers, and low-maintenance consumers.

Across the board, all personas have lower switching intent when they completely trust their financial provider.

Understanding how consumers manage their finances and the motivations behind their thinking helps create personable approaches that can earn trust. The research outlines this in detail and takes careful consideration of the nuances between these customer types by unpacking factors that often impact consumers’ financial situations: lifestyle, life stage, financial goals, and financial behaviors. Financial brands can reach customers like the luxury-minded who value premium products and experiences, travel enthusiasts who save and spend with their next big trip in mind, or even deal seekers on the lookout for promotions that help them stretch their dollars. Demonstrating an understanding of who these customers are and what they need can help deepen their bond with providers and inspire them to take new steps in their financial journey. With higher levels of trust, 40% of surveyed consumers say they would be more likely to try new financial products and services. In comparison, 42% say they would be more likely to recommend their financial provider to family and friends.

Meeting audiences where they spend their time

Building trust starts with relevant advertising that meets customers where they already are—streaming content, shopping online, listening to podcasts. When financial institutions show up in these digital spaces with tailored messaging, they connect with receptive audiences at the right moments. This matters more than ever. Many customers will never visit a physical branch, making digital engagement essential.

"Customers spend substantial time online and expect advertising to align with their media consumption and shopping habits," notes Codey. "If financial brands fail to connect digitally, that absence will be felt." By delivering tailored advertising in the digital spaces that customers frequent, financial institutions can demonstrate their understanding of what matters and aim to build the lasting connections customers want to keep. For detailed insights into each financial persona and strategies to reach them, access the full Amazon Ads research report.