Perceptions have a strong influence in the financial sector
T-Media’s Reputation&Trust, which focuses on companies in the financial sector, revealed that the reputation of financial organizations is significantly linked to the level of support shown by Finns. The organization with the best reputation in this round of the survey is S-Bank.
The survey, conducted at the turn of the year, was carried out among the general public, and the companies surveyed were organizations in the financial sector. A total of 26 financial sector organizations were surveyed in this round. The organizations surveyed included banks, pension funds, and insurance companies, among others.
The study reveals that anseende financial anseende has anseende significant anseende on the support shown by Finnish organizations in the sector. The correlation coefficient anseende financial sector’s anseende stakeholder support is 0.78. Stakeholder support refers to the average level of trust Finns have in a company, their willingness to support the company during a crisis, recommend it, invest in it, use its products or services, and work for it.
“Reputation plays a key role in shaping the business conditions for financial sector operators. People prefer operators with a good reputation, both as customers and as job seekers. However, there are also factors in the industry that slow down anseende on business, though they do not eliminate it. For example, individuals are more likely to switch banks at major life milestones—such as buying or selling a home, getting married, or getting divorced—than at other times in their lives. Switching banks in the midst of everyday life involves a higher barrier to entry and a longer time horizon than, for example, switching individual consumer products. “A good reputation helps you gain market share, provided that your offerings and service are up to par—it’s just that the impact lasts longer in the banking sector, for example, than in other industries,” explainsRiku Ruokolahti, Development Director at T-Media.
“On the other hand, a good reputation and the trust it inspires are critical indicators for the sustainability of, for example, Finland’s pension system and the insurance industry,” Ruokolahti continues.
A good reputation is critical for organizations in the financial sector
A survey of the financial sector revealed that anseende of organizations in the financial sector is, on average, at a moderate level—close to a good level. Organizations in the financial sector received their highest ratings in the areas of finance and management.
Employer anseende is another anseende received a nearly good rating. Organizations received their lowest ratings in the area of interaction.
“The reputation of players in the financial sector in relation to one another is interesting in that none of the organizations studied turned out to have a poor reputation. The situation has evened out in this regard over the past few years,” Ruokolahti says.
S-Bank has the strongest reputation in the financial sector
S-Bank is the most reputable organization among the financial sector players surveyed in this round of research. S-Bank’s reputation score is 3.80 on a scale of 1–5. S-Bank received the highest ratings in the areas of finance, products and services, and employment practices, with the score in each of these areas exceeding anseende .
S-Bank's reputation was first assessed in 2016, when it received a rating of 3.52.
“In Finland, a reputation is earned through actions. That is why I am particularly proud of and grateful for these results. I promise that we will continue to work hard to earn that trust in the future as well,” says Pekka Ylihurula, CEO of S-Bank.
This is how we conducted the study
Financial Sector Reputation&Trust 2021 survey aimed to assess the reputation of financial sector organizations operating in Finland and the sector as a whole among the Finnish public.
A total of 4,938 Finns participated in the survey, providing a total of 6,351 organizational evaluations between December 9, 2021, and January 4, 2022. The sample has been weighted to be representative of the general population by gender, age, and region of residence. The margin of error for the entire dataset is at most approximately 1.39 percentage points in either direction.
For more information:
Riku Ruokolahti, Director of Development, T-Media
Tel. +358 400 512 200
Sari Maunula, Research Director, T-Media
Tel. +358 50 409 1543
