Isha Chawla, Mia B. Russell, Kenneth J. White, Sharon A. DeVaney

Fear and trust in financial institutions

Introduction

Fear and trust in financial institutions. Explore consumer fear and trust in financial institutions during COVID-19. Qualitative analysis reveals issues like past experiences, unfair practices, and general trust problems.

Abstract

Financial institutions are pillars of the economy and play an important role in consumers’ daily lives. As such, trust between financial institutions and the consumers they serve is of paramount impor- tance. Using an online survey administered during the COVID-19 pandemic, this paper uses a qualitative content analysis methodology to explore consumer fear and trust in financial institutions. Stemming from fear of loss, three themes emerged: (1) history and experience, (2) perceived unfair practices/lack of knowledge of banking, and (3) general trust issues. Implications for financial institu- tions are presented based on these results.

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