Is There a Crisis of Trust in Financial Services?

In today’s financial landscape, trust has become the most valuable, and vulnerable, asset for banks.

With a $124 trillion generational wealth transfer underway, community banks face a critical inflection point. They must either redefine their role as trusted advisors or risk being replaced by more agile competitors.

The forces reshaping trust in financial services today include prolonged yield curve pressures, skyrocketing technology costs, and fierce competition from fintech niche players that deliver targeted, user-friendly solutions. Compounding these challenges are shifting customer expectations for seamless, hybrid experiences that blend human empathy with digital efficiency.

Stephen Lewis, President and CEO of Thomaston Savings Bank, emphasizes that the solution begins with people. As a result, upskilling bank teams, blending high-touch service with technology, and building operational resilience are now essential strategies. In addition, fraud prevention is also a trust-defining factor, particularly because sophisticated scams increasingly target customer relationships. Ultimately, by combining these human and technological efforts, banks can protect customers, strengthen trust in financial services, and maintain their competitive edge.

Carie Kelly, Senior Vice President and Digital Banking Officer at Claremont Savings Bank, underscores the need to evolve from a transactional model to a holistic, customer-centric approach, one that meets clients where they are, whether face-to-face or fully digital.

Technology’s role extends beyond efficiency to emotional connection. Emily Cisek, Founder and CEO of Paige, demonstrates how community banks can use tech to facilitate generational transitions, guiding customers through life events with tools for document organization, planning, and secure information sharing.

For Claremont and Thomaston, Paige is more than a platform, it’s a trust amplifier, serving aging customers, the “sandwich generation” of caregivers, and even younger adults preparing for future responsibilities.

Trust is not built by slogans but earned in everyday actions: anticipating customer needs, offering tailored solutions, and being present during critical life moments. Metrics like customer retention, primary account ownership, and employee adoption of new tools serve as proxies for deeper, intangible outcomes, emotional loyalty, brand affinity, and multigenerational relationships that secure a bank’s relevance for decades to come.

Meet the Experts

Carie Kelly is the Senior Vice President and Digital Banking Officer at Claremont Savings Bank, where she leads initiatives that bridge in-branch experiences with digital transformation. Her focus on customer centricity ensures that both tech-savvy and traditional clients receive consistent, high-value service.

Stephen Lewis serves as President and CEO of Thomaston Savings Bank. With decades of leadership in community banking, he prioritizes building trust through honesty, empathy, and proactive engagement. His vision includes leveraging AI-driven insights to anticipate customer needs and deepen relationships.

Emily Cisek is the Founder and CEO of Paige, a trust-tech platform designed to help families and financial institutions prepare for life transitions. Her mission is to create emotional and relational continuity through secure, guided organization of critical documents and plans. Drawing from personal experiences and a deep understanding of community banking, Emily’s work empowers banks to strengthen multigenerational relationships and become indispensable advisors.

The Big Idea

The core challenge explored is whether community banks can preserve and strengthen trust in an era of rapid technological change and evolving customer behavior. Trust is under siege, from disruptive fintechs, escalating fraud, and a wealth transfer that will redefine financial relationships. The opportunity lies in combining human-centered service with digital tools that enhance emotional connection, positioning banks not just as service providers but as lifelong partners in their customers’ financial journeys.

Key Takeaways

Trust is the ultimate differentiator in a crowded financial services market.
Hybrid engagement models, human-first today, digital-first tomorrow, ensure relevance across generations.
Generational wealth transfer is a long-term relationship opportunity, not a one-time event.
Employee adoption of trust-enhancing tools like Paige drives community buy-in and customer uptake.
Proactive fraud prevention and advisory services reinforce trust and protect relationships.

Tools, Strategies, or Frameworks Mentioned

Paige Platform – A trust-tech solution for organizing documents, facilitating life planning, and connecting families across generations.
Hybrid Service Model – Combining digital convenience with personalized human interaction.
Operational Resilience Practices – Upskilling staff and preparing for unexpected events before crises occur.
Data Repackaging – Leveraging existing customer data to create new value (e.g., securely resurfacing stored documents).

Final Thoughts

“Customers now associate life moments with their bank thanks to Paige. That’s branding that lasts.”

This insight captures the heart of the trust challenge: in a world where financial products are increasingly commoditized, it’s the emotional, timely, and consistent human touch—augmented by smart technology—that cements a bank’s role in a customer’s life. For financial institutions, the message is clear: trust must be cultivated intentionally, across every interaction, if they are to remain essential in the decades ahead.