Drivers of Trust (by Brand) for Australian Banks.
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Analysis of Trust for Australian Banks. ...
Analysis of Trust for Australian Banks.
Firstly, why would you care? Don’t we all know that the banks are not trusted? All 4 major banks are, on average, not trusted or just straddle the trust threshold.
Trust is the link between customer behaviour and company performance.
If banks could shift their average trust rating by just 5-10%, they would double positive predisposition. A shift of 20% would increase positive predisposition by 400%.
On the company performance side, trust, satisfaction and propensity to recommend (NPS) always measure the same and the causality is obvious. So, if you can precisely build trust, you drive business results.
Considering that all banks say they are heavily investing into relationship building, they appear to miss the point and don’t understand what relationship customers actually want to trust them for.
On trust in a vision or purpose, none gets even close to the trust threshold. Vision is a curious one. Constituting one sixth of trust, it is totally overlooked as a driver of trust and customer engagement.
Analysis of the 6 drivers of Trust shows, for each bank, the Trust facet(s) that contributes most to over all trust. Or, what facets each bank should invest into to increase trust – and thereby its KPIs and positive customer behaviour.
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