Finance, pharmaceuticals and tech are the least trusted industries in Australia

By Addie Thomes

Financial services ranks as the least trusted industry in Australia, followed by pharmaceuticals and technology, according to a new survey by Yell Creative and YouGov.

Nearly three-quarters (73%) of those participants who don’t trust financial services firms said they feel that these companies put their own profit and business goals ahead of the best interests of their customers. More than 60% cited a lack of transparency around the fees and charges applied by financial services firms.

The Federal Government and telecoms complete the top five least trusted industries.

RELATED STORIES:

Interestingly, senior financial services marketers believe the industry they represent ranks second only to technology in terms of trust, almost the exact opposite to consumers.

Nigel Roberts, Partner and Strategic Lead at Yell Creative, itself a financial services marketing company, said: “The risk for established financial services firms is that with new entrants, fintech firms and the like, consumers have more choice.

“This increased consumer power could start to pose a risk for the industry and they exercise their right to walk and find another provider that aligns better with their values – and there’s an increasing number that do.”

Share

Featured Articles

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

The pandemic has given birth to a new breed of private members’ clubs where work and play merge, membership and spaces are curated, and community matters

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress

Technology

World Mental Health Day – 10 apps to improve wellbeing

Leadership & Strategy