CorpComms Magazine

Three out of five financial services professionals believe regulation will not be enough to restore trust in the banking sector.

Just three per cent of practitioners feel financial services companies have done a good job in communicating their responsibilities to shareholders and consumers thus far, despite the fact that three in five consider corporate communications key to improving the sector's reputation, according to 'In Banks We Trust?' a survey of financial services professionals by PR consultancy Hotwire.

Open communication may be a double-edged sword however with just one in three financial practitioners believing greater transparency will encourage increased confidence in the sector; 28 per cent are concerned rather that increased transparency will breed more intense scrutiny of the sector and only serve to undermine public trust further.

Two thirds of financial professionals accuse the media of fanning the flames and fuelling public suspicion.

Richard Janes, co-director of the banking & finance practice at Hotwire, said: 'The findings demonstrate that those charged with managing the reputations of beleaguered banks face a tough task.

'However, the sector itself endorses the role of corporate communications in turning around public sentiment. This industry buy-in is the first step towards enhancing the communications efforts of the sector, ultimately focused on restoring confidence and pride.'

The full study will be launched at a panel event on Wednesday 10th November.

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