Synovate study: Romanians' trust in banks dropped / 18 of 100 Romanians have a positive attitude towards financial institutions

The global financial crisis affected the trust of the population in banks and their opinion about the banking sector but clients in Central and Eastern countries display a strong loyalty to financial institutions, a Synovate survey concludes. Romania registers the smallest rates related to trust in banks: only 18 Romanians of 100.

The study was conducted in 13 countries and covered 29 international banks, 211 local banks. According to research, clients choose to reach for advice to their relatives or family rather than banks or financial institutions. In Poland, clients prefer to address their questions to banks for financial advice while in Saudi Arabia, clients talk with friends and colleagues.

In general, for most respondents in 8 out of 13 countries included in survey, the trust in banks dropped compared to the period before the crisis. Banks are no longer the main source of information as people start to reach out to their family.

Nevertheless, in most countries, clients are not ready to change the bank they are working for which is probably because there is no immediate benefit, or because banks are not considered as the only ones to blame.