Department stores, electrical brands and telecommunications providers all bucked the trend to show a notable increase in consumer confidence last quarter, according to a recent study by tech research platform, Glow.
The latest edition of Glow’s Banking Brand Trust Index, which tracks how the banking industry is perceived in relation to 16 other commercial and public sectors, revealed a widespread drop in trust among UK consumers since March.
The Index, which uses a unique methodology to award industry sectors a Net Trust Score of between -100 and +100, also highlighted that, despite a marginal decrease in its Trust Score (-2), the banking industry remains well regarded, while trust in the elected Government and government departments has nosedived (-10 and -12 points respectively).
Neil Gupta, Glow’s UK Managing Director said, “the banks are upholding their reputation and public confidence is the first true test since the 2008 Global Financial Crisis.”
“Glow’s data shows the UK banking industry has only felt a minor dip in confidence -- a testament to the resilience of their reputations built over the last 12 years.”
“It’s pleasing to see consumers have maintained, even slightly uplifted, their attitudes towards department stores and electronics manufacturers but concerning that confidence in the Government and its departments have taken a big downturn.”
Consumer trust in most UK banks has remained largely unchanged during COVID, with respected building societies like Nationwide and Halifax remaining strong at the top of the rankings, while The Royal Bank of Scotland continues to perform poorly.
Nationwide, with a Trust Score of 31, remains the UK’s most trusted bank brand, with a five-point lead on all competitors. Halifax, Lloyds, Natwest and Tesco make up the remainder of the top five, scoring 24, 21, 21 and 19 respectively. Barclays ranks 8th and scored 18, and HSBC ranks 10th and scored 17. TSB sits outside of the top 10, scoring 15. The Royal Bank of Scotland, the UK’s worst-performing brand, decreases further from 8 to 5.
