For me, the key is to stop talking about how to rebuild trust. There’s too much concentration on finding incremental ways of earning customer trust. Earning trust is certainly a low risk approach, but it takes a long time to achieve.
As I see it, we should spend more time examining how we can inspire trust among customers. Yes the risks are higher but success can be achieved in a much shorter time.
Inspiring trust requires us to trust customers more. Crowdfunding is a good example as it has inspired trust among new generation of women entrepreneurs. On average, women entrepreneurs get just 19% of angel funding and about 6% of venture capital. On Kickstarter, however, they have an 8% advantage over men in securing funding.
We need to take the Kickstarter mentality into financial services and inspire trust by redefining how we serve customers.