2012 Australian Bank HuTrust. Big changes in the drivers of trust.

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This finance trust study is a re-evaluation of trust in banks since our last study in 2010. Trust in individual Australian banks is compared and further investigated into what banks are (not) trusted and where the banks need to focus on. Prioritisation and focus of trust building aspects is established by means of a driver analysis. In addition a breakdown against the financial institution's benchmark is done according to age categories. What should banks focus on for the young new costumer and what do the older and current costumers want to trust their banks for?

The 2012 Australian Bank HuTrust Report is a great value add to the HuTrust benchmark series finding prominence across industries and countries leading to a better understanding of what drives trust and sales of financial products for financial institutions and banks.

For the full study please contact mext at info@mextconsulting.com

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2012 Australian Bank HuTrust. Big changes in the drivers of trust.

  1. 1. October 2012 2012 Australian Bank HuTrust® Report Big changes in the drivers of trust for financial services 2012 Banken HuTrust® Report – die Treiber für Vertrauen, Kundenzufriedenheit und Empfehlung (Net Promoter Score) verstehen , 2012 HuTrust® report en Banque confiance - Comprend les facteurs de confiance, la satisfaction et la recommandation pour les banques Understanding and delivering the changing drivers for trust, satisfaction and recommendation (NPS) Brand  trust  customer  sa.sfac.on,  NPS,  Net  Promoter  Score,  sales  effec.veness,  reputa.on  management,  marke.ng  management,  brand  management,  PR,  public  trust,   Financial  services  trust  www.hutrust.com  www.mextconsul.ng.com    
  2. 2. mext helps clients build greater customer value through brand development, customer experience, innovation and engagement planning. Knowing that trust is most valuable to customers, we specialise in building trust in client’s organisations, brands, people and products. With strong international experience, rigorous processes and world best tools we work with many of the foremost organisations to significantly improve their performance. www.hutrust.com www.mextconsulting.com melissa.wraith@mextconsulting.com stefan.grafe@mextconsulting.com + 61 3 9428 5417 5 17 32 29 The methodology HuTrust® drivers 2012 HuTrust® Bank Profile – General Insights Summary & Conclusion part  of  the  Asia  Pacific  mext/duxton  group   Content
  3. 3. 6.9   7.2   7.3   7.1   7.3   7.2   7.2   7.4   7.3   7.2   6.9   7   7   7.1   7.2   4   5   6   7   8   Bendigo   Westpac   NAB   CBA   ANZ   Trust   Sa.sfac.on   Recommenda.on   Trust, Satisfaction and propensity to recommend increased slightly in the last 18 months. However. Trust in Bendigo Bank appears to have diminished. distrust   neutral   Low  trust   part  of  the  Asia  Pacific  mext/duxton  group   2012 HuTrust® Bank Profile – General Insights
  4. 4. 7.2   7.7   6.5   6.7   4   5   6   7   8   Sparkasse   GenossenschaTsban k   Commerzbank   Deutsche  Bank   Average  Trust  Score   German commercial banks fare only little lower. Community and locally focused banks score as high or higher than any Australian bank. distrust   neutral   Low  trust   part  of  the  Asia  Pacific  mext/duxton  group   2012 HuTrust® Bank Profile – General Insights
  5. 5. The HuTrust® Profiles What are the banks (not) trusted for? TRUST part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  6. 6. The trust/sat/recommendations scores can be analysed using HuTrust®. HuTrust® examines the 6 components of trust – psychologically correct, statistically and practically proven. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® Profile
  7. 7. In 2010/11 the bank profiles looked almost identical, showing a weakness in the relationship, vision and competence trust facets. 4   5   6   7   8   9   Bendi West NAB   CBA   ANZ   2010/11 HuTrust® Profiles Stability   Development   Rela.onship   distrust   Low  trust  neutral   part  of  the  Asia  Pacific  mext/duxton  group   2012 HuTrust® Bank Profile – General Insights
  8. 8. 4   5   6   7   8   9   Bendig o   Westpa c   NAB   CBA   ANZ   2012 HuTrust® Profiles Stability   Development   Rela.onship   neutral   Low  trust   The slight increase in trust is mostly due to customer’s trusting more for a benefit. However, these gains are partly offset by a slightly lower trust in their stability and competence. Distrust   part  of  the  Asia  Pacific  mext/duxton  group   2012 HuTrust® Bank Profile – General Insights
  9. 9. Overall trust in the banks’ stability and competence appears to have decreased slightly. Most score slightly lower in Stability and Competence trust and higher in Benefit trust. 8.0   7.4   6.8   7.0   6.1   7.0   7.8   7.5   6.7   7.3   6.5   6.7   4   5   6   7   8   Stability   Development   Rela.onship   Benefit   Vision   Competence   Average  Score   CBA HuTrust® Profile 2010   2012   part  of  the  Asia  Pacific  mext/duxton  group   2012 HuTrust® Bank Profile – General Insights
  10. 10. On average, the major banks are only trusted for 3 of the 6 HuTrust® Facets, leaving ample space for improvement. No major bank reaches the trust threshold of 7 when it comes to 3 of the 6 HuTrust® Facets. Their trust is mostly carried by trust in Stability and development. 4.0   5.0   6.0   7.0   8.0   9.0   Bendigo   Westpac   NAB   CBA   ANZ   2012 HuTrust Profiles Stability   Development   Rela.onship   neutral   Low  trust  distrust   part  of  the  Asia  Pacific  mext/duxton  group   2012 HuTrust® Bank Profile – General Insights
  11. 11. Personal Bankers and advisors are, on average, not trusted. The banks as organizations just reach the trust threshold. 4   4.5   5   5.5   6   6.5   7   7.5   8   Trust  in  Banks   Trust  in  Advisor/Banker   Trust Comparison Bank vs Banker/Advisor 6. 7.2   6.5   part  of  the  Asia  Pacific  mext/duxton  group   2012 HuTrust® Bank Profile – General Insights
  12. 12. The drivers of trust: What do customers want to trust for most? What would make them more satisfied? What would make them recommend? TRUST part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  13. 13. The Facets of the HuTrust® model are equally important. Each facet contributes 16.67%. Depending on brand and context the drivers of trust can differ. The driver analysis tells us which of the HuTrust® Facets are more important than others in the brand and social/economic context. The HuTrust® Facets are proven to account for 70% of satisfaction and propensity to recommend (NPS). We can therefore use HuTrust® to examine these KPIs. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  14. 14. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  15. 15. Trust in ANZ bank is driven mostly by trust in Competence 9%   11%   13%   15%   17%   19%   21%   23%   25%   ANZ HuTrust® Drivers 2012 17%   10%   18%   26%  15%   16%   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  16. 16. Compared to 2010/11 this is a significant shift. 9%   11%   13%   15%   17%   19%   21%   23%   25%   2010   2012   ANZ HuTrust® Drivers 2010/11 vs 2012 17%   10%   18%   26%  15%   16%   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  17. 17. Trust, Satisfaction and Advocacy drivers – The same with a slightly different emphasis For ANZ the drivers of trust, satisfaction and advocacy (NPS) differ only slightly. ANZ  HuTrust®  Drivers   ANZ  Sa5sfac5on   Drivers   ANZ  Recommenda5on   Drivers   Competence     (25.5%)   Rela.onship     (27%)   Rela.onship     (31.7%)   Development     (17.7%)   Competence     (20.2%)   Vision     (15.9%)   Rela.onship     (16.5%)   Vision     (16.7%)   Development     (15.3%)   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  18. 18. The drivers of advocacy (NPS) and satisfaction for ANZ are very different depending on age group. An appealing vision is very important to younger customers to recommend and to be satisfied. 7%   11%   15%   19%   23%   27%   31%   35%   39%   Stability   Development  Rela.onship   Benefit   Vision   Competence   <35  yo   >35  yo   7%   11%   15%   19%   23%   27%   31%   35%   39%   Stability   Development  Rela.onship   Benefit   Vision   Competence   <35  yo   >35  yo   HuTrust® Facets driving ‘recommendation’ HuTrust® Facets driving ‘satisfaction’ part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  19. 19. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  20. 20. 9%   11%   13%   15%   17%   19%   21%   23%   Commonwealth Bank HuTrust® Drivers 2012 19%   13%   20%   20%  16%   12%   Competence, Development and Relationship trust are most important for CBA. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  21. 21. 9%   11%   13%   15%   17%   19%   21%   23%   2010   2012   CBA HuTrust® Drivers 2010/11 vs 2012 19%   13%   20%   20%  16%   12%   Development trust has increased in importance significantly while Vision trust has diminished in importance. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  22. 22. CBA  HuTrust®  Drivers   CBA  Sa5sfac5on   Drivers   CBA  Recommenda5on   Drivers   Competence     (20.1%)   Rela.onship     (21.9%)   Rela.onship     (24.7%)   Development     (19.7%)   Development     (20.1%)   Competence     (18.5%)   Rela.onship     (18.5%)   Competence     (18.3%)   Stability     (16.6%)   Competence, Development and Relationship trust are also the top drivers for satisfaction and advocacy (NPS). part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  23. 23. The drivers of trust for CBA are different depending on age group. This is also true for the drivers of satisfaction & recommendation. 9%   13%   17%   21%   25%   29%   33%   Stability   Development   Rela.onship   Benefit   Vision   Competence   <35  yo   >35  yo   HuTrust® Facets driving trust part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  24. 24. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  25. 25. Trust in Stability and Benefit drive NAB trust most. 9%   11%   13%   15%   17%   19%   21%   23%   NAB HuTrust® Drivers 2012 16%   12%   15%   14%  22%   21%   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  26. 26. Vision and Competence trust have diminished in importance. Benefit and Stability trust has increased significantly. 9%   11%   13%   15%   17%   19%   21%   23%   2010   NAB HuTrust® Drivers 2010/11 vs 2012 16%   12%   15%   14%  22%   21%   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  27. 27. Trust, satisfaction and advocacy (NPS) are driven by the same HuTrust ® Facets. NAB  HuTrust®  Drivers   NAB  Sa5sfac5on   Drivers   NAB  Recommenda5on   Drivers   Benefit     (22.1%)   Stability     (21.6%)   Stability     (21.8%)   Stability     (21%)   Benefit     (18.1%)   Rela.onship     (18.5%)   Rela.onship     (16%)   Rela.onship     (16.5%)   Competence     (16.3%)   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  28. 28. In the under 35 group, Stability and Benefit trust are most important for driving trust. But Competence trust is important in addition to drive recommendation (NPS) and satisfaction. For the 35+ group, Relationship and Development trust are most important to drive recommendation (NPS) and satisfaction with NAB. 7%   11%   15%   19%   23%   27%   31%   Stability   Development  Rela.onship   Benefit   Vision   Competence   <35  yo   >35  yo   HuTrust® Facets driving satisfaction part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  29. 29. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  30. 30. For Westpac trust in Competence is key to building trust. 9%   13%   17%   21%   25%   29%   33%   Westpac HuTrust® Drivers 2012 13%   12%   13%   31%  18%   13%   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  31. 31. For Westpac the importance of Competence trust has increased substantially in the last 18 months. 13%   12%   13%   31%  18%   13%   9%   13%   17%   21%   25%   29%   33%   2010   2012   Westpac HuTrust® Drivers 2010/11 vs 2012 part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  32. 32. Competence, Benefit and Vision trust are most important for Westpac. Relationship trust is also important if the NPS is to be focused. Westpac   HuTrust®  Drivers   Westpac     Sa5sfac5on  Drivers   Westpac     Recommenda5on   Drivers   Competence     (31%)   Benefit     (21.1%)   Rela.onship     (25.3%)   Benefit     (17.9%)   Vision     (18.7%)   Vision     (21.1%)   Development     (13.3%)   Competence     (18%)   Benefit     (18.3%)   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  33. 33. Competence trust is almost equally important for both age groups to drive trust. But to drive recommendation (NPS), the under 35 age group needs to be able to trust in Stability and Relationship, while the 35+ group needs to be able to trust in Relationship, Benefit and an appealing Vision. 5%   9%   13%   17%   21%   25%   29%   33%   Stability   Development   Rela.onship   Benefit   Vision   Competence   <35  yo   >35  yo   HuTrust® Facets driving ‘recommendation’ part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  34. 34. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  35. 35. Bendigo’s key HuTrust® Facet is Competence trust. 7%   11%   15%   19%   23%   27%   31%   Bendigo Bank HuTrust® Drivers 2012 16%   9%   13%   29%  17%   17%   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  36. 36. Competence trust increased significantly in importance, Vision trust decreased the most. 7%   11%   15%   19%   23%   27%   31%   2010   Bendigo Bank HuTrust® Drivers 2010/11 vs 2012 16%   9%   13%   29%  17%   17%   part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  37. 37. Bendigo  Bank   HuTrust®  Drivers   Bendigo  Bank     Sa5sfac5on  Drivers   Bendigo  Bank   Recommenda5on  Drivers   Competence     (28.8%)   Competence     (29.8%)   Competence     (24.9%)   Benefit     (17.2%)   Rela.onship     (17.1%)   Rela.onship     (21.8%)   Stability     (16.7%)   Benefit     (15.8%)   Stability     (15.4%)   Competence trust is the HuTrust® Facet that drives all of Bendigo Bank’s KPIS the most. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  38. 38. Competence trust is overall the strongest driver for all KPIs. But when it comes to recommendation (NPS), younger customers need to be able to also trust in Bendigo’s Development, while the 35+ need to be able to trust in the Relationship. 5%   9%   13%   17%   21%   25%   29%   33%   Stability   Development   Rela.onship   Benefit   Vision   Competence   <35  yo   >35  yo   HuTrust® Facets driving ‘recommendation’ part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  39. 39. In the last 18 months bank trust and their HuTrust® Profiles have improved slightly. The increases are mostly due to a slightly increased trust in Benefit. The bank’s trust levels and what they are (not) trusted for are still almost identical. However, while their HuTrust® Profiles look the same, the drivers of trust, satisfaction and advocacy (NPS) are very different for each bank. These drivers have changed significantly for each bank in the last 18 months. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® drivers
  40. 40. As trust is equal to the average of the HuTrust® Facets, it will be important to build the underperforming HuTrust® Facets. To effectively improve their KPIs, financial services institutions need to focus on their (typically 2-3) key drivers. In most cases the key drivers are also the underperforming HuTrust® Facets. Understanding what these mean to customers and focusing them will more effectively drive the bank’s KPIs. part  of  the  Asia  Pacific  mext/duxton  group   Summary & conclusion
  41. 41. Trust is the most powerful driver of customer engagement. -  Trust is the root cause of satisfaction and advocacy (NPS) -  Trust, satisfaction and advocacy (NPS) are correlated by a factor of 0.96 -  Trust drives at least 70% of your reputation, satisfaction and advocacy (NPS) part  of  the  Asia  Pacific  mext/duxton  group   The methodology
  42. 42. The more your customer can trust you, the more business they do with you. A 20% improvement in trust can mean 400% improved customer predisposition. ‘Ka-ching!’ Bank avg part  of  the  Asia  Pacific  mext/duxton  group   The methodology
  43. 43. HuTrust® dimensionalises trust into its 6 drivers. §  Psychologically correct §  Statistically proven §  Practically proven to help increase trust and actual performance typically by over 30% www.hutrust.com Whenever customers interact with you or think of you, they assess you against the 6 drivers of trust. part  of  the  Asia  Pacific  mext/duxton  group   The methodology
  44. 44. Global    contact:   mext  Consul5ng  Australia     Stefan  Grafe,  Managing  Partner  &  HuTrust®  Developer   Stefan.grafe@mextconsul.ng.com     165  Cremorne  Street     Richmond  VIC  3122   +61  3  94285417   Duxton  Consul5ng  Singapore   Email:  laurenz.koehler@duxton   consul.ng.com   Address:    26  Duxton  Rd.   Singapore  089490   Phone:  +65  6323  3340   Chris5na  Eisenschmid   Email:   chris.na.eisenschmid@psyma.com   Address:  Nymphenburger  Str.  14   80335  Munich   Phone+49  (0)  89  20209610   Concerto  Marke5ng   Suite  250  –  128  Has.ngs  St.  West   Vancouver,  BC  V6B  1G8   t:  604-­‐684-­‐8933   f:  604-­‐684-­‐8934   Who  Group  Australia   M.Dudley     Email:  md@whogroup.com   Level  2,  1  Southbank  Blvd   Southbank  VIC  3006   03  8636  4000   Tred  Interna5onal   Adam  Thorp,  Director   Mobile:  0417  584  599     Phone:  02  9300  6439   www.tredinterna.onal.com   Email:  info@tredinterna.onal.com   For further information and HuTrust® usage, please contact:

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