Trust and Affection

Purpose and goal

The objective of the project was manifold. From the financial consumer/citizen perspective its goal was to improve the understanding of the individual as financial decision maker; from a finance industry perspective to increase the comprehension of the impact of trust building activities as well as how to market information about financial products in order to enhance receiver involvement; from the society´s viewpoint to contribute to legislation that create better conditions for citizens´ financial decision making.

Results and expected effects

The results of the project show that competence, benevolence, and transparency convey trust in financial institutions and promote consumer satisfaction. The quality of consumer services enhances trust in the institution and the marketing of financial products augment consumer involvement when an everyday emotional information format substitutes for a more fact-based information format. Expected outcomes apply to legislation, communication, and market operators´ strategic choices.

Approach and implementation

In a questionnaire 293 bank customers rated their satisfaction with their bank, the quality of customer services, their overall trust in the bank, and trust in the bank´s competence, benevolence, and transparency. In 3 experiments 394 university students were presented with information of savings products in a fact-based or in an everyday-related format. Two experiments investigated the effects of information format from banks varying in trustworthiness, one with 266 university students and the other with a representative sample of 434 participants between 18 and 70 years old.