The Interplay Between Consumer Financial Trust and Interpersonal Trust

Trust is widely recognized as a significant factor in establishing and sustaining effective financial customer-seller relationships. Trust goes beyond the confidence consumers place in individual financial companies; it also extends to the broader business context. This type of trust is most often referred to as general financial trust (GFT). Prior research has examined GFT in consumer markets through general or specific contextual approaches. This study contributes to business and consumer research by asserting that the role of GFT in customer-seller relationships varies based on national levels of interpersonal trust (IPT). Specifically, we argue that both the direct impact of GFT on relationship variables and its moderating effect on relations between customer relationship variables differ according to national IPT levels.

Rooted in relationship marketing and trust theories, our findings unveil that in national markets with low IPT (compared to high IPT), consumers are more inclined to view GFT as a direct influencer on anticipated outcomes (i.e., expectations) and perceived outcomes (i.e., quality, satisfaction). Conversely, consumers in low IPT markets are less likely to consider GFT as a contextual moderator affecting the relationships between expectations, quality, and satisfaction. Our study draws on surveys conducted with bank customers in Sweden (n=6,049) and Spain (n=1,450). Sweden, characterized by relatively high IPT (68.8% agreement with the statement ‘most people can be trusted’), and Spain, marked by low IPT (19.0% agreement with the statement), serve as divergent national IPT markets in the study.

The findings of our study carry significant implications for both international financial service managers and financial authorities. Managers overseeing operations in countries with low IPT should be particularly attentive, as a declining level of GFT could exert a pronounced and direct negative impact on expectations and satisfaction. Conversely, in markets with higher IPT levels, managers may experience enhanced relationships between GFT, expectations and satisfaction, potentially benefiting from improved dynamics.