Building Customer Trust in Retail Finance – Infographic Guide

As a member of the regulatory department of ZZ Top Finance Ltd (a provider of retail financial services in the UK) you have been tasked with developing an infographic that will explain to all staff in the organisation the importance of building a relationship of trust with customers (both potential and current) and how it can be achieved. Ms Gibbons (Head of Compliance and Financial Regulation) supplies you with the following brief:

• The infographic should be no more than one A4 page and clearly summarise the reasons why trust in financial relationships is important and, crucially, how it can be achieved by ZZ Top Finance Ltd in a retail financial setting.
• The infographic should draw on both theory and practise (feel free to use actual, relevant, examples to support your reasoning) to illustrate the role trust plays and how it can be achieved, what the regulator expects of retail financial service providers, and the benefits that can result from such behaviour in a commercial setting; and
• You should supply a supporting table (between One and two A4 pages, max) along with the infographic, justifying your inclusion of material within the infographic (this table simply provides your rationale, and any references, for all the material you have used in the infographic and, crucially, your reflections on it).

Required:

Using Pikochart (www.piktochart.com), which is available as a free, “light” version as well as a paid variant, produce an infographic fulfilling the brief set by Ms Gibbons. Upon completion of the infographic, you are instructed by Ms Gibbons to save it as a .png file and copy it to a Word document and then add and combine your table justifying your inclusion of material. The combined Word document should therefore be no more than 3 A4 pages. The final Word document should be uploaded via the Assessment option in Blackboard before the due submission date and time. All infographics will be marked used the rubric that you may access via the Assessment folder (you should therefore make yourself familiar with this rubric before undertaking the assignment).

Financial Services Answers: Expert Answers on Above Retail Finance Questions

Importance of trust in financial relationships

The role of building trust is quite significant in financial services, as it helps in building customer confidence, ensures positive compliance with regulations, benefits business in terms of increased customer retention and positive voice of mouth promotion, and finally helps in risk reduction, as it minimises complaints and financial penalties.

How trust can be achieved

Trust in financial services can be achieved by providing excellent customer service, being transparent and honest, rewarding loyalty, personalised communication, engaging consistently and seeking feedback and acting on it. This can be learnt from the infographic given below:

Infographic showing how trust can be achieved

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