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Banks are greedy and impersonal according to many customers, who feel they have been neglected during the financial downturn, a survey has said.
Trust in banks has weakened over the past 18 months for 64% of consumers, while 60% said their bank was not looking after their best interests, the study by communications firm Cohn & Wolfe said.
Almost half of people chose the word "greedy" to describe their bank, while 36% opted for "impersonal".
Only 2% said their bank was ethical, 4% said it was trustworthy, and 5% said it was transparent.
Three-quarters of the 852 adults questioned said they had received no advice on financial planning, the same number who said they did not believe their bank would help them recover any lost money.
Ros Hunt, head of financial services at Cohn & Wolfe, urged banks to use their expertise to help consumers manage their finances.
She said: "Given the broader economic climate and the crisis which has hit this sector, we anticipated seeing consumers report deterioration in trust. However, the depth of resentment surprised us, demonstrating how badly customers perceive financial organisations.
"We are also surprised that financial services businesses have not made more effort to engage with consumers. People need and appreciate guidance and offering it in difficult times will help win customer loyalty."
Investment brokers, insurance providers, online banks and supermarkets are among the least trusted financial services providers, while retail banks inspire the most trust.
To renew the trust of their customers, banks should stop excessive bonuses and pass on interest rate cuts, according to half of respondents. Greater transparency in how banks operate and communicate was also called for by a third of people.
Trust in banks has weakened over the past 18 months for 64% of consumers, while 60% said their bank was not looking after their best interests, the study by communications firm Cohn & Wolfe said.
Almost half of people chose the word "greedy" to describe their bank, while 36% opted for "impersonal".
Only 2% said their bank was ethical, 4% said it was trustworthy, and 5% said it was transparent.
Three-quarters of the 852 adults questioned said they had received no advice on financial planning, the same number who said they did not believe their bank would help them recover any lost money.
Ros Hunt, head of financial services at Cohn & Wolfe, urged banks to use their expertise to help consumers manage their finances.
She said: "Given the broader economic climate and the crisis which has hit this sector, we anticipated seeing consumers report deterioration in trust. However, the depth of resentment surprised us, demonstrating how badly customers perceive financial organisations.
"We are also surprised that financial services businesses have not made more effort to engage with consumers. People need and appreciate guidance and offering it in difficult times will help win customer loyalty."
Investment brokers, insurance providers, online banks and supermarkets are among the least trusted financial services providers, while retail banks inspire the most trust.
To renew the trust of their customers, banks should stop excessive bonuses and pass on interest rate cuts, according to half of respondents. Greater transparency in how banks operate and communicate was also called for by a third of people.
