In year 2010 there is Significant Corporate Reputation Increase in the Bank Sector
Riga, January 19, 2011 - Research of Corporate Reputation in the bank sector performed by market, social and media research agency TNS Latvia discovers that in 2010 general corporate reputation of the bank sector in Latvia has considerably improved. Reputation has improved by 8 points, and currently the general reputation of the bank sector in Latvia is 36 points. It is assessed as an unexpectedly good development index of the sector’s corporate reputation, taking into account the international and local financial crashes suffered in the financial sector in 2008 and 2009.
TNS Latvia corporate reputation research expert Inta Priedola indicates that a more open dialogue performed by banks has had a significant role in promoting the sector’s corporate reputation. Moreover indices in Latvia have substantially approached the average reputation indices of the European financial sector.
Corporate Reputation in the Bank Sector
The results of the research disclose that the emotional mood prevailing in the society before largely affected by the local financial crashes (incl. „rescue plan” of Parex bank) tends to diminish. Currently it is typical in the society to assess the activity of banks through their rational performance – it is more analysed by what means, solutions banks overcome difficulties, how banks co-operate with their customers, what is banks’ involvement in public projects.
Information spread by the representatives of the sector has had a significant role in forming the sector’s corporate reputation. In 2010 there is noticed a comparatively more active offer of various services by banks, incl. information about loans services. Likewise the sector in general has had a more active and explicative communication both about financial indices of the banks and different decisions related to the stabilization of the situation in the sector.
The sector’s corporate reputation has been positively affected by the solution of Parex bank’s situation – separation of bank Citadele, which is reflected in public opinion showing a positive attitude towards the bank’s separation.
TNS Latvia reputation research expert Inta Priedola comments: „Considering corporate reputation of the bank’s sector some time ago it has been mostly affected by such factors – estrangement of banks from customers, avoidance to make discussions with customers, consequences caused by rapid crediting, and subsequent „freezing” in the field of crediting services, “rescue” of Parex bank etc.
The research discloses that memories about these factors and their caused consequences have still preserved in the public opinion. Therefore it must be taken into consideration that the activity of the bank sector will still be analysed through the prism of these factors for a comparatively long period.
In 2010 there are noticed improvements in the activity of the banks regarding the most of the above mentioned factors – customers and their needs have an increasingly higher priority in the activity of banks, banks show an obliging attitude when co-operating with customers, are more flexible, there are positive messages both from the sector and observers of the economic situation in the country and the financial sector.
At the moment banks should continue their successful experience – they should develop an open dialogue about the activities the banks make to improve their performance, to solve problems in the bank sector.”
Corporate Reputation research was performed by Market, social and media research agency TNS Latvia in November, 2010 using TNS TRI*M™ Corporate Reputation methodology for the study of the parties involved in the activity of companies. During TNS Latvia Corporate Reputation research there was found out the opinion of the following target audiences – population, representatives of companies, opinion leaders (representatives of sector’s associations, high-level academic personnel in the institutions of higher education, representatives of political elite, leaders in journalism) and media representatives, i.e. journalists specialized in the financial sector. In total there were performed 2337 phone interviews.
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