Approaches to consumer trust in banking sector, with special regard to young customers

Trust is an element of crucial importance in bank marketing and is becoming a differentiating factor due to the effects of the financial and economic crisis. Trust is a strategic factor in creating a balanced and persistent operation for both individual banks and the banking sector on the whole. This paper aims to explore some of those attributes that are relevant for consumer trust in the respect of banks. Having reviewed the relevant scientific references in the field, through a focus group research of three interviews the ten biggest actors in the Hungarian banking sector were aligned by certain criteria by means of the brand party technique, and the topics of brand-knowledge, satisfaction, dependence and bank-change were also explored. Based on the research findings, there is no serious crisis, but consumer trust has been weakened in the younger age group. Some further findings show that there may be correlation between consumer trust and the assumed size of the banks; old customers might feel neglected as opposed to new ones; customers seem to be satisfied by the e-banking services; there may be a strengthening subjective feeling of dependence on banks when applying for loans; strong consumer subjectivity may prevail in judging the ownership structure of the banks; and finally, the phenomenon of passive bank-change might be frequent. Further elaboration and extension of the present research project may lead to appropriate generalizations.