3
4
5
6
7
9
15
18
38
39
40
About the study
Executive summary
Why do we look at trust?
How do we look at trust?
Demographic...
Distrust	
  	
  
This study was conducted in May 2014 with a general
population sample of almost 1200.
It is part of the a...
Consumer banking trust:
The Big 4 banks have recovered
from a slight fall in trust among
their customers in 2012.
Bendigo ...
Trust is the most powerful human
motivator.
A 20% improvement in trust can
mean a 400% improved customer
attitude and beha...
0%	
  
5%	
  
10%	
  
15%	
  
20%	
  
25%	
  
30%	
  
35%	
  
40%	
  
45%	
  
0	
   1	
   2	
   3	
   4	
   5	
   6	
   7	...
ANZ	
   CBA	
  
NAB	
  Westpac	
  
Bendigo	
  
The sample comprised :
1166 Consumer respondents
Consumer
customers
Consume...
7.36	
  
7.48	
  
7.57	
  
7.47	
  
8.04	
  
4.95	
  
4.76	
  
4.96	
  
4.86	
  
5.31	
  
4	
   5	
   6	
   7	
   8	
  
AN...
ANZ have slightly increased their trust level – even
compared to 2011.
CBA had made good trust gains in the last years, bu...
Except for Bendigo Bank, non-customers score
just within the distrust threshold. However, the
level of distrust is slowly ...
The Big 4 show a ‘bracket’ pattern with younger and older
people showing more trust than the 35-54 year olds.
Bendigo Bank...
28%	
   29%	
   28%	
   30%	
  
23%	
  
39%	
   32%	
   37%	
   39%	
  
44%	
  
21%	
  
24%	
  
22%	
   20%	
   22%	
  
12...
All banks are well trusted by
their own customers. Especially
Bendigo Bank performed very
well in this study with over 80%...
1) Trust is the prerequisite for purchase.
Non customers don’t trust the other banks, making a purchase unlikely.
2) Trust...
Trust is made up of 6 clear psychological facets that are statistically
and practically validated.
Whenever we interact or...
HuTrust®	
  is	
  trademark	
  of	
  ifm/mext	
  and	
  Stefan	
  Grafe.	
  The	
  HuTrust®	
  Model,	
  its	
  facets,	
 ...
HuTrust Profile HuTrust Drivers
The colour of each HuTrust Facet
points out how well the brand
performs. The number shows ...
Customer HuTrust Profile
ANZ’s trust is carried only by trust in its
stability and future development
Customer HuTrust Dri...
Non-Customer HuTrust Drivers
Relationship aspects would build trust most
with non-customers.
17%	
  
28%
Non Customer HuTr...
After a dip in the last 2 years, ANZ is
recovering its stability, development
and relationship trust.
Customer‘s trust in ...
18%
27%
6.6	
  7	
  
8	
   7.6	
  
6.9	
  7	
  
Customer HuTrust Profile
Compared to 2013, CBA has lost ground in
relation...
Non-Customer HuTrust Profile
Non CBA customers distrust CBA for its vision,
benefits and ability to offer an appealing
rel...
CBA improved in two HuTrust
Facets, held their score in 2,
but declined in relationship
trust.
Customer HuTrust Profile
Nab’s HuTrust Profile has developed well,
reaching trusted status now in 5 out of 6 facets
– even...
20%	
  
27%
Non-Customer HuTrust Profile
Nab’s HuTrust profile with non-customers is
similar to that of the other Big 4.
N...
Nab has had steady gains
in all HuTrust facets in the
last 3 years.
Customer HuTrust Profile
Westpac is trusted for half of the trust qualities it
needs to be trusted for
8	
   7.5	
  
6.9	
...
6.3	
   6.1	
  
4.8	
  
4.4	
  
4.5	
  
5.1	
  
27%
Non-Customer HuTrust Profile
Westpac’s HuTrust profile with non-custom...
After a significant dip in
trust in the last 2 years,
Westpac is rebuilding trust
with customers and has
almost reached 20...
7.8	
   7.7	
  
7.9	
  
7.3	
  
7.4	
  
7.3	
  
18%
21%
Customers HuTrust Profile
Bendigo Bank customers trust the bank in...
Non-Customer HuTrust Drivers
Trust in Bendigo’s strong foundation and an appealing
relationship would drive trust most.
No...
After a deep dip in trust in the
wake of the GFC, Bendigo
Bank’s trust surged again, but
in 2014 stays a marginally
lower ...
All of the Big 4 lack in trust in their vision. Except for ANZ all banks are trusted at least for 3 of their 6 HuTrust Fac...
Distrust in the bank’s vision and in the customer benefit drag down the bank’s trust most – shortly followed by distrust i...
Considering the importance of trust in the relationship aspects, we conducted qualitative
work to gain further insight int...
Mext is a brand & customer experience consultancy.
We have been around for over 10 years and have offices in Melbourne
and...
Global central contact for brand, experience & sales performance:
stefan.grafe@mextconsulting.com
Asia:
laurenz.koehler@du...
Grow with vision,
precision and
certainty®
Bank: Trust, Loyalty, Satisfaction, Growth.
Bank: Trust, Loyalty, Satisfaction, Growth.
Bank: Trust, Loyalty, Satisfaction, Growth.
Bank: Trust, Loyalty, Satisfaction, Growth.
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Bank: Trust, Loyalty, Satisfaction, Growth.

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2014 Consumer Banking Trust:

The Big 4 banks have recovered from a slight fall in trust among their customers in 2012.

Bendigo Bank, as the regional bank tracked in this study has regained previous trust levels – well ahead of the Big 4 banks at an average of 8/10.

Non-Customers continue to distrust the other banks. CBA’s trust among non-customers is lowest and appears to have been hit by the protracted financial planning scandals. Only Bendigo Bank, is, on average, not distrusted by non-customers. Because of customer’s distrust of other banks, despite low trust in their own bank, switching is very unlikely.

The bank that can increase it’s trust with non-customers will gain a significant acquisition advantage.

The ability to build more trust with own customers will be key determinant of customer product holding, especially wealth and super products.

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Bank: Trust, Loyalty, Satisfaction, Growth.

  1. 1. 3 4 5 6 7 9 15 18 38 39 40 About the study Executive summary Why do we look at trust? How do we look at trust? Demographics Consumer Bank Trust 2014 Trust Distribution HuTrust Analysis Qualitative focus on relationship trust About mext Key Contacts
  2. 2. Distrust     This study was conducted in May 2014 with a general population sample of almost 1200. It is part of the annual brand trust tracking initiated by mext. The methodology uses HuTrust, a psychological tool to assess the drivers of trust, NPS and satisfaction to help brand owners build more trust, achieve clearly connected bottom line improvements and manage their brands more effectively Mext are brand and customer experience specialists based in Melbourne and Singapore and working with clients globally. The HuTrust methodology is used by HuTrust Partners globally. Clients and service suppliers can integrate the methodology into any of their surveys to better understand the key drivers of their KPIs. For more information please contact: Stefan Grafe Managing Director Mext Stefan.grafe@mextconsulting.com
  3. 3. Consumer banking trust: The Big 4 banks have recovered from a slight fall in trust among their customers in 2012. Bendigo Bank, as the regional bank tracked in this study has regained previous trust levels – well ahead of the big 4 banks at an average of 8/10. 0   1   2   3   4   5   6   7   8   9   10   2011   2012   2013   2014   Axis  Title   Bank Trust Comparison 2011 - 2014 ANZ   CBA   NAB   Westpac   Bendigo     Customers vs non-Customers Non-Customers continue to distrust the other banks. CBA’s trust among non- customers is lowest and appears to have been hit by the protracted financial planning scandals. Only Bendigo Bank, is, on average, not distrusted by non- customers. Because of customer’s distrust of other banks, despite low trust in their own bank, switching is very unlikely. The bank that can increase it’s trust with non-customers will gain a significant acquisition advantage. The ability to build more trust with own customers will be key determinant of customer product holding, especially wealth and super products. The study shows that the opportunity in consumer banking lies in understanding what ‘trust in an appealing relationship’ means. Through our qualitative work we shed some light on this. Unlike previous years, the Big 4 bank’s trust is now driven most by the same driver, Relationship trust. While trust increases over the last years have been marginal, the banks have done well retaining their trust levels despite many public challenges. distrust   neutral  trust   trust   high  trust  
  4. 4. Trust is the most powerful human motivator. A 20% improvement in trust can mean a 400% improved customer attitude and behaviour. Trust makes up over 70% of the NPS and over 2/3 of customer satisfaction, the most common KPIs of financial services organisations. Therefore, if we understand trust, we understand what drives (or inhibits) the vast majority of these KPIs. Further, if we understand trust, these KPIs can be more effectively built and managed. 1. Trust is the prerequisite for purchase. In most studies, trust and product performance are equal drivers or purchase and sign up. 2. Trust in itself is not enough. More trust is the key – and every little more has a huge impact on customer behaviour. 3. Trust is not a competitive advantage unless you are more trusted than your competitors. A note on NPS and customer satisfaction: Both NPS and satisfaction measures are primarily directed at one’s own customers. While they can be benchmarked against competitors, they are less applicable for potential customers and their propensity to choose a provider. Trust doesn’t have these inhibitions. Trust by own customers is a clear indicator of loyalty and willingness to buy more. With potential customers it provides a direct understanding of their likelihood to choose one provider over another.
  5. 5. 0%   5%   10%   15%   20%   25%   30%   35%   40%   45%   0   1   2   3   4   5   6   7   8   9   10   Trust  Score   Likelihood  to  recommend   Feel  connected  to   Go  out  of  my  way  to  buy  a   specific  brand/product   0   1   2   3   4   5   6   7   8   9   10   Distrust   No  trust   Low  trust   High  trust   Trust is the root cause of your customer’s behaviour. The more your customer can trust you, the more business they want do with you. A 20% improvement in trust can mean 400% improved customer predisposition. Score Meaning Behaviour examples 0-4 Distrust Will recommend against, complain a lot, actively work against 5-6 Neutral (don’t trust & don’t distrust) Sit on the fence. Would switch readily if there is an alternative. Spread products. Don’t commit. Question, are critical, but somewhat open to listen. 7-8 Low level of trust Functionally satisfied. Open to listen and slightly positive in their outlook. Still look around and compare. Still spread products. 9-10 High trust Committed. Don’t look around, have most products with one provider. Very open to contact and suggestions. Will proactively ask. The Trust Effect HuTrust®  is  trademark  of  ifm/mext  and  Stefan  Grafe.  The  HuTrust®  Model,  its  facets,  descriptors  and  statements  are  copyright  ifm/mext  and  may  not  be  used,  reproduced  or  stored  in  any  medium  unless  expressly  permiVed  by  ifm/mext.     HuTrust®  is  applied  in  Brand  trust  development,  Customer  experience  &  value  proposiYon  development,  Sales  and  Business  Development  Performance  &  Training,  Employer  branding  &  Employee  engagement,    Manager  Coaching  &   Leadership  training,  transformaYon  and  change  management  and  corporate  affairs  &  PR.,  and  Research  &  Tracking.  www.hutrust.com  
  6. 6. ANZ   CBA   NAB  Westpac   Bendigo   The sample comprised : 1166 Consumer respondents Consumer customers Consumer Non-customers
  7. 7. 7.36   7.48   7.57   7.47   8.04   4.95   4.76   4.96   4.86   5.31   4   5   6   7   8   ANZ   CBA   NAB   Westpac   Bendigo   Average  trust  score   Customers   Non-­‐ customers   Based on the general population, no bank reaches trusted status But customers, on average, trust their own bank. However, non-customers distrust the Big 4 banks, while they are just trust neutral towards Bendigo Bank. Compared to other service industries such as Telco and Energy, this is a strongly polarised image. Bank Trust 2014 Base: customers vs. non-customers 5.25   5.39   5.27   5.17   5.47   4   5   6   7   8   ANZ   CBA   NAB   Westpac   Bendigo   Average  trust  score   Bank Trust 2014 Base: All respondents
  8. 8. ANZ have slightly increased their trust level – even compared to 2011. CBA had made good trust gains in the last years, but this year lost ground. The reason is likely to be the handling of the financial planning issues. Considering the protracted coverage of the issues, trust is probably propped up by the sustained CAN advertising campaign. While nab’s break up campaign didn’t show a lot of effect to start with, now nab appears to gain trust ground rapidly. This is likely due to significant systems changes and revamped products that now positively impact customers. Westpac lost ground last year, but has regained that ground and added more trust. While Bendigo Bank dipped in 2012, among its own customers, Bendigo Bank has made up all ground and continue to be most trusted (please note, that this is typical for smaller, tightly positioned players). Customer’s trust in their own bank has slowly increased over the last 4 years. There are some interesting developments for each brand. Bank Trust Comparison 2011-2014 Consumers Base: each bank own customers
  9. 9. Except for Bendigo Bank, non-customers score just within the distrust threshold. However, the level of distrust is slowly decreasing. Bank Trust Comparison 2013 – 2014 Base: each bank non-customers
  10. 10. The Big 4 show a ‘bracket’ pattern with younger and older people showing more trust than the 35-54 year olds. Bendigo Bank’s Profile differs significantly, with trust increasing with age. Importantly, younger people trust Bendigo Bank less than the other banks, strongly limiting Bendigo Bank’s ability to attract younger customers. Despite being overall most trusted, the trust age profiles are likely to be a significant inhibitor. Bank Trust 2014 Non Customers Base: each bank non-customers by age Bank Trust 2014 Base: each bank customers by age
  11. 11. 28%   29%   28%   30%   23%   39%   32%   37%   39%   44%   21%   24%   22%   20%   22%   12%   15%   13%   12%   12%   0%   20%   40%   60%   80%   100%   120%   ANZ   CBA   NAB   Westpac  Bendigo   Trust Distribution Base: all respondents Highly  trust  (9-­‐10)   Trust  (7-­‐8)   Neutral  (5-­‐6)   Distrust  (0-­‐4)   Overall distrust and neutral trust range between 61% (CBA) and 79% ( Westpac), however trust neutral percentages are significantly higher than distrust percentages. This puts the banks in a promising position to turn neutrals into trusters which is easier than turning distrusters into trusters.
  12. 12. All banks are well trusted by their own customers. Especially Bendigo Bank performed very well in this study with over 80% of its customers trusting. Non-customer trust is very much aligned with the trend in this study to distrust banks you don’t bank with. 10%   31%  18%   42%   31%   19%  40%   8%   Customers   Non-­‐customers   ANZ Trust Distribution Base: customers vs. non- customers 8%   35%  17%   37%   38%   19%  36%   9%   Customers   Non-­‐customers   CBA Trust Distribution Base: customers vs. non- customers 9%   31%  14%   40%   32%   21%  45%   8%   Customers   Non-­‐customers   NAB Trust Distribution Base: customers vs. non- customers 8%   33%  20%   41%   31%   18%  41%   8%   Customers   Non-­‐customers   Westpac Trust Distribution Base: customers vs. non- customers 7%   24%  11%   46%   31%   21%   51%   9%   Customers   Non-­‐customers   Bendigo Trust Distribution Base: customers vs. non-customers Highly  trust   (9-­‐10)   Trust  (7-­‐8)   Neutral  Trust   (5-­‐6)   Distrust  (0-­‐4)  
  13. 13. 1) Trust is the prerequisite for purchase. Non customers don’t trust the other banks, making a purchase unlikely. 2) Trust in itself is not enough. More trust is the key. With own customers, on average, the Big 4 just reach the trust threshold. There is a lot more opportunity in building trust with customers 3) Trust is not a competitive advantage unless you are more trusted. When it comes to potential customers, none of the banks has a trust advantage. Bendigo Bank should be best placed for growth through high customer trust and less non-customer distrust. But the lack of trust from non-customers is still too high a barrier. The Big 4 are likely to retain their customers, but mostly due to their peers being distrusted. While the banks found it hard to increase trust and advocacy after an initial clean up, more trust will be critical in customer product uptake 0%   5%   10%   15%   20%   25%   30%   35%   40%   45%   0   1   2   3   4   5   6   7   8   9   10   Trust  Score   Likelihood  to   recommend   Feel  connected  to   Go  out  of  my  way   to  buy  a  specific   brand/product   0   1   2   3   4   5   6   7   8   9   10   Distrust   No  trust   Low  trust   High  trust   ANZ   CBA  CBA   NAB  NAB   Westpac  Westpac   Bendigo  Bendigo   4.95   4.76   4.96   4.86   5.31   7.47  7.57  7.48   ANZ   7.36   8.04   Customers  Non  -­‐  Customers  
  14. 14. Trust is made up of 6 clear psychological facets that are statistically and practically validated. Whenever we interact or think of a person or organisation, our mind assesses in milliseconds: - What that person or brand can or can’t be trusted for -  How appealing or unappealing that is -  How strongly one can trust for those things These trust principles are captured in the HuTrust® Model and allow us to analyse: -  The strengths of each trust facet (HuTrust Profile) -  Which trust facet drives trust best (HuTrust Drivers) -  Which trust signals (attributes and proof points) best build each HuTrust Facet (HuTrust Attributes) HuTrust is psychologically correct, statistically sound and practically proven. For more information please visit www.hutrust.com or contact one of the global HuTrust Partners.
  15. 15. HuTrust®  is  trademark  of  ifm/mext  and  Stefan  Grafe.  The  HuTrust®  Model,  its  facets,  descriptors  and  statements  are  copyright  ifm/mext  and  may  not  be  used,  reproduced  or  stored  in  any  medium  unless  expressly  permiVed  by  ifm/mext.     HuTrust®  is  applied  in  Brand  trust  development,  Customer  experience  &  value  proposiYon  development,  Sales  and  Business  Development  Performance  &  Training,  Employer  branding  &  Employee  engagement,    Manager  Coaching  &  Leadership   training,  transformaYon  and  change  management  and  corporate  affairs  &  PR.,  and  Research  &  Tracking.  www.hutrust.com   •  The HuTrust framework drives 75% of trust. •  Trust drives up to 8% of reputation, satisfaction and NPS. •  HuTrust also drives 75% of Reputation and NPS (Advocacy) and 65% of Satisfaction. •  If you are measuring and reporting on these key metrics, then HuTrust provides the steering framework to drive improvement.
  16. 16. HuTrust Profile HuTrust Drivers The colour of each HuTrust Facet points out how well the brand performs. The number shows the average score for the HuTrust Facet on the 11 point trust scale. Distrust No trust/neutral Trust High trust The arrows show which HuTrust Facets are most important in trusting the brand. most important secondary In this study we look at the brand’s strengths and weaknesses through the HuTrust Profile. We also examine which HuTrust Facets are most important to trusting for each brand and show how each brand’s trust has developed over the last 4 years. In this study we have omitted the HuTrust Attribute Analysis. Instead some qualitative work has been done. HuTrust Attributes (not included in this study) The HuTrust Attribute Analysis determines specific proof points like attributes, behaviours and facts that best build the priority trust facets. To get beyond generic category attributes, typically qualitative research is conducted. This ensures category attributes are covered and brand specific opportunities uncovered. 23% Inspire & support with new ideas 19% Are honest even if it’s not pleasant 17% Understand how I want to use the services 15% Are consistent in dealing with me over time HuTrust  Tracking   Tracking of trust, other KPIs and the 6 HuTrust Facets over time. – including shifts in the trust drivers. Direction and inner colour show whether it is a positive or negative development. The outline shows if the score lies in distrust, non trust/trust neutral, trust or high trust 17%  
  17. 17. Customer HuTrust Profile ANZ’s trust is carried only by trust in its stability and future development Customer HuTrust Drivers ANZ’s strongest driver of trust is trust in the bank’s ability to relate well to the customer. The secondary drivers of trust for ANZ lie in its ability to demonstrate the building of a strong foundation and conferring an appealing benefit to their customers. 20%   25%   17%  
  18. 18. Non-Customer HuTrust Drivers Relationship aspects would build trust most with non-customers. 17%   28% Non Customer HuTrust Profile A similar pattern emerges with non-customers, but at a lower level. 4.9 4.6 6.26.4 4.5 5.2
  19. 19. After a dip in the last 2 years, ANZ is recovering its stability, development and relationship trust. Customer‘s trust in ANZ being of benefit to them declined strongly in 2012 and 2013. In 2014 ANZ has recovered parts of that trust, but still doesn’t reach the trust threshold again. Trust in an appealing vision saw a decline in the last two years and the 2014 recovery is only slight. ANZ has been treading water in competence trust ANZ appears to be recovering in at least 3 HuTrust Facets from losses in the last two years.
  20. 20. 18% 27% 6.6  7   8   7.6   6.9  7   Customer HuTrust Profile Compared to 2013, CBA has lost ground in relationship trust and a little in competence trust. Customers currently don’t trust CBA for having an appealing vision and the relevant competences to pursue it. Customer HuTrust Drivers Trust in the bank to relate well to them and demonstrate a strong foundation drive trust with CBA customers most.
  21. 21. Non-Customer HuTrust Profile Non CBA customers distrust CBA for its vision, benefits and ability to offer an appealing relationship. 17%  27%   Non-Customer HuTrust Drivers Trust with non-customers would be most driven through relationship and vision aspects. 6.3   6.2   4.9   4.4   4.6   5.2  
  22. 22. CBA improved in two HuTrust Facets, held their score in 2, but declined in relationship trust.
  23. 23. Customer HuTrust Profile Nab’s HuTrust Profile has developed well, reaching trusted status now in 5 out of 6 facets – even if only just. 8.1   7.6   7   7.1   6.6   7.1   17% 25% 17% Customer HuTrust Drivers For nab trust in an appealing relationship is also most important, but trust in an appealing vision and the corresponding competences also uniquely drive nab’s trust.
  24. 24. 20%   27% Non-Customer HuTrust Profile Nab’s HuTrust profile with non-customers is similar to that of the other Big 4. Non-Customer HuTrust Drivers Nab’s trust with non-customers would also be most driven through trust in an appealing kind of relationship. 6.3   6.2   4.9   4.4   4.6   5.2  
  25. 25. Nab has had steady gains in all HuTrust facets in the last 3 years.
  26. 26. Customer HuTrust Profile Westpac is trusted for half of the trust qualities it needs to be trusted for 8   7.5   6.9   6.9   6.6   7.1   20% 26% Customer HuTrust Drivers For Westpac, trust in an appealing relationship and trust in the corresponding benefits drive trust most with customers.
  27. 27. 6.3   6.1   4.8   4.4   4.5   5.1   27% Non-Customer HuTrust Profile Westpac’s HuTrust profile with non-customers the same as the other Big 4. Non-Customer HuTrust Drivers Trust in an appealing relationship would rive trust most.
  28. 28. After a significant dip in trust in the last 2 years, Westpac is rebuilding trust with customers and has almost reached 2011 levels again.
  29. 29. 7.8   7.7   7.9   7.3   7.4   7.3   18% 21% Customers HuTrust Profile Bendigo Bank customers trust the bank in all 6 HuTrust Facets. Customer HuTrust Drivers For Bendigo Bank customers trust in their vision and the provision of an appealing benefit are most important to trusting.
  30. 30. Non-Customer HuTrust Drivers Trust in Bendigo’s strong foundation and an appealing relationship would drive trust most. Non-Customer HuTrust Profile Bendigo Bank is only distrusted by non-customers for their vision and benefit. 5.8   6.2   5.3   4.7   4.9   5.3   25% 21%
  31. 31. After a deep dip in trust in the wake of the GFC, Bendigo Bank’s trust surged again, but in 2014 stays a marginally lower level than 2013. The loss has been strongest in development and benefit trust.
  32. 32. All of the Big 4 lack in trust in their vision. Except for ANZ all banks are trusted at least for 3 of their 6 HuTrust Facets, something out studies show to be important for a string brand. ANZ   CBA   nab   Westpac   Bendigo   HuTrust Drivers– Own Customer With all Big 4 banks, own customer trust is mostly driven by trust in an appealing relationship. Of the Big 4 nab now achieves trusted status in that critical HuTrust Facet. Apart from the similarity in the importance of relationship trust, each bank brand has a unique set of trust drivers.
  33. 33. Distrust in the bank’s vision and in the customer benefit drag down the bank’s trust most – shortly followed by distrust in the ability to offer a good relationship. With non-customers that relationship distrust is important as it would also be the biggest driver of trust. The uniform drivers (as opposed to own bank customers) suggest that non-customers see the banks as undifferentiated. HuTrust Drivers – Non Customer ANZ   CBA   nab   Westpac   Bendigo  
  34. 34. Considering the importance of trust in the relationship aspects, we conducted qualitative work to gain further insight into what ‘relationship trust’ means for banks. Personal contact is not the driver Relationship trust doesn’t mean having a relationship to a specific banker. Constant people rating and reminders in the branches don’t appear to enhance relationship trust. Customers feel the friendliness is enforced rather than driven by the person they deal with. The branch manager or personal banker as a person doesn’t appear to be as a big draw card as: -  personal contact it is less and less needed and desired -  when needed, the personal contact turned out to be useless in the face of the overriding systems ‘I want as little personal contact with them as possible. What I want is for them to make my other interactions as great as possible.’ Changes in the way we transact Customers want to see banks better understand how their way of interacting and transacting changes – and could change. Specifically in the areas of mobile interaction, international offers and alternative financing banks are still seen as reluctant followers and not innovative enough (with CBA’s recent advances being positively noted). ‘The mobile apps still don’t allow you to do enough and they are too fragmented. I also think they are not flexible enough when it comes to new ways of paying and getting money or borrowing it. When you compare it to how innovative others work with technology…” About face With regards to home loans, even high and stable earners complain about the bank’s about face in terms of willingness to lend and being helpful. A typical complaint is that when it suited the banks, they threw money at them, just to turn 180 degrees without reason – causing some significant difficulties. ‘Before the GFC they pushed me and pushed me to buy property, despite my income not being very high and stable yet. Now that I earn a lot more and consistently, they don’t even want to lend me much less than they did before. I had to find different ways of financing. I won’t forget that.’ Number gaming Customers understand that data can greatly help their experience – and in some interactions it does. However, on the flip side, customers feel they are now just number gamed – and in a crude manner at that. In our interviews this included debt as well as badly targeted product offers. This perception of relying on complex systems (that ‘even employees don’t understand and can’t explain’ anymore) diminished relationship trust ability.
  35. 35. Mext is a brand & customer experience consultancy. We have been around for over 10 years and have offices in Melbourne and Singapore. Our reputation and brand tools are licensed globally. Clients that seek our services include organisations ranging from leading FMCGs to Airlines, Telcos and Government.
  36. 36. Global central contact for brand, experience & sales performance: stefan.grafe@mextconsulting.com Asia: laurenz.koehler@duxtonconsulting.com Global reputation management: anne.higgins@newgateresearch.com.au Global sales optimisation: adam.thorp@tredinternational.com
  37. 37. Grow with vision, precision and certainty®
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