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2013 Australian Bank Trust Drivers

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This joint study by mext and UMR is the 3rd annual Australian Bank Trust study. It benchmarks key customer engagement drivers, analyses the underlying causes and shows opportunities to build more trust with customers better.

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

Published in: Business, Economy & Finance
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2013 Australian Bank Trust Drivers

  1. 1. Net  promoter  score,  NPS,  brand  trust,  customer  sa3sfac3on,  customer  experience,  trust,  trust  drivers,  customer  trust,  financial  services  trust,  vertrauen,  Bank  Vertrauen,   Markenvertrauen,  Kundenbindung,  Kundenvertrauen   Growing customer value in Financial Services: UMR/mext 2013 Australian Bank HuTrust® Study.
  2. 2. The 2013 UMR/mext Bank trust study is a continuation of the 2011 and 2012 studies by mext and AOR. Trust being the key driver of choice, advocacy and loyalty, the study looks at the levels of trust in the Big 4 banks as an indicator of their performance. Beyond measuring trust as a key indicator, HuTrust® is used to analyse the ‘what the banks are trusted for – and what not’. Further, HuTrust® identifies for each bank which trust drivers are most important to their brand. The UMR/mext HuTrust® study was conducted in July 2013 with an adult representative sample of the Australian population. For more information, please contact Australia Stefan.grafe@mextconsulting.com Matt@umr.com.au Asia Laurenz.koehler@duxtonconsulting.com Europe Christina.eisenschmid@psyma.com part  of  the  Asia  Pacific  mext/duxton  group   About the study
  3. 3. ˃  The bank’s customers have trust in their own bank, albeit at a low level. For Westpac, on average, this has fallen to trust neutral. ˃  Non customers distrust the banks they are not customer with (except Bendigo, which just makes trust neutral status). ˃  CBA improved trust in all dimensions and appears to separate from the pack. ˃  NAB improved trust overall slightly. ˃  ANZ lost trust in all dimensions except stability trust. ˃  Westpac lost ground in all trust dimensions. ˃  Bendigo Bank is recovering from a trust slump in 2012. ˃  The most effective drivers of trust for each bank have shifted slightly from 2012. part  of  the  Asia  Pacific  mext/duxton  group   Executive summary
  4. 4. 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   avg     customers   avg    non   customers   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 some 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 part  of  the  Asia  Pacific  mext/duxton  group   The methodology
  5. 5. Australian Bank Trust 2013
  6. 6. 4   5   6   7   8   ANZ   CBA   NAB   Westpac   Bendigo   Average  trust  score   Bank  Trust  2013   customers  vs.  non-­‐customers   Customers   Non-­‐customers   Each bank performs significantly better with own customers. Except for Westpac, on average, all banks have low trust with their customers. Westpac, on average is not trusted by its customers. Non customers distrust the other banks (except Bendigo Bank, who score just above distrust in neutral/no trust). This inhibits customer acquisition, but equally customer defection. part  of  the  Asia  Pacific  mext/duxton  group   Each bank’s customers vs. non customers
  7. 7. 4   5   6   7   8   ANZ   CBA   NAB   Westpac   Bendigo   Average  trust  score   Bank  Trust  Comparison   Trust  2013   Trust  2012   Trust  2011   Base:  all  customers   With their own customers, CBA and NAB have made continuous gains over the last 3 years. Bendigo Bank appears to recover from a trust slump in 2012. Westpac, however, appears to loose trust. part  of  the  Asia  Pacific  mext/duxton  group   2012 to 2013 comparison
  8. 8. 3   4   5   6   7   8   9   ANZ   CBA   NAB   Westpac   Bendigo   Average  trust  score   Bank  Trust  2013   Base:  all  respondents   65+  yo   55-­‐64  yo   25-­‐54  yo   15-­‐24  yo   Base:  all  respondents   CBA performs significantly better with the critical under 25 target audience, but loose that advantage with the 25-54 year old group. part  of  the  Asia  Pacific  mext/duxton  group   Trust by age group
  9. 9. Understanding and managing trust by profiling the bank’s trust strengths and weaknesses with the 6 dimensions of trust. Summary outcome: Except for Bendigo Bank, the bank’s own customers only trust for a maximum of 3 out of 6 trust drivers. 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 HuTrust® is trademark of ifm in depth research and strategies and Stefan Grafe. The HuTrust® Model, its facets, descriptors and statements are copyright ifm in depth research and strategies and may not be used, reproduced or stored in any medium unless expressly permitted by ifm. HuTrust® is applied in Brand trust development, Customer experience & value proposition development, Sales and Business Development Performance & Training, Employer branding & Employee engagement, Manager Coaching & Leadership training, transformation and change management and corporate affairs & PR. All images copyright Istockphotos and used under license by ifm & mext. Whenever customers interact with you or think of you, they assess you against these 6 drivers of trust. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® Profile SWOT.
  10. 10. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   ANZ  HuTrust®  Profiles  2012  vs.  2013   Base:  all  customers   2013   2012   ANZ has lost significant ground in benefit trust. part  of  the  Asia  Pacific  mext/duxton  group   ANZ HuTrust® Profile 2012 vs. 2013 – own customers
  11. 11. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   CBA  HuTrust®  Profiles  2012  vs.  2013   Base:  all  customers   2013   2012   CBA has improved its performance slightly in all HuTrust® Facets, except benefit trust. This explains the overall increase in trust in CBA. part  of  the  Asia  Pacific  mext/duxton  group   CBA HuTrust® Profile 2012 vs. 2013 – own customers
  12. 12. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   NAB  HuTrust®  Profiles  2012  vs.  2013   Base:  all  customers   2013   2012   NAB has improved in all HuTrust® Facets, but lost ground in benefit trust. part  of  the  Asia  Pacific  mext/duxton  group   NAB HuTrust® Profile 2012 vs. 2013 – own customers
  13. 13. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   Westpac  HuTrust®  Profiles  2012  vs.  2013   Base:  all  customers   2013   2012   While Westpac has gained slightly in Stability trust, it has lost ground in all other trust areas, explaining the overall loss of trust. part  of  the  Asia  Pacific  mext/duxton  group   Westpac HuTrust® Profile 2012 vs. 2013 – own customers
  14. 14. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   Bendigo  HuTrust®  Profiles  2012  vs.  2013   Base:  all  customers   2013   2012   For  Bendigo  customers  N  <  100,  therefore  only  indica3ve   part  of  the  Asia  Pacific  mext/duxton  group   Bendigo HuTrust® Profile 2012 vs. 2013 – own customers
  15. 15. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   ANZ  HuTrust®  Profiles     Customers  vs.  Non-­‐customers   Customers   Non-­‐customers   part  of  the  Asia  Pacific  mext/duxton  group   ANZ HuTrust® Profile – Customers vs. non-customers
  16. 16. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   CBA  HuTrust®  Profiles     Customers  vs.  Non-­‐customers   Customers   Non-­‐customers   part  of  the  Asia  Pacific  mext/duxton  group   CBA HuTrust® Profile – Customers vs. non-customers
  17. 17. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   NAB  HuTrust®  Profiles     Customers  vs.  Non-­‐customers   Customers   Non-­‐customers   part  of  the  Asia  Pacific  mext/duxton  group   NAB HuTrust® Profile – Customers vs. non-customers
  18. 18. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   Westpac  HuTrust®  Profiles     Customers  vs.  Non-­‐customers   Customers   Non-­‐customers   part  of  the  Asia  Pacific  mext/duxton  group   Westpac HuTrust® Profile – Customers vs. non-customers
  19. 19. 2   3   4   5   6   7   8   Stability   Development   Rela3onship   Benefit   Vision   Competence   Average  score   Bendigo  HuTrust®  Profiles     Customers  vs.  Non-­‐customers   Customers   Non-­‐customers   part  of  the  Asia  Pacific  mext/duxton  group   Bendigo HuTrust® Profile – Customers vs. non-customers
  20. 20. Base:  all  respondents   What drives each bank’s trust?! 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). part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® Drivers
  21. 21. 7%   10%   13%   16%   19%   22%   25%   Stability   Development   Rela3onship   Benefit   Vision   Competence   HuTrust®  Drivers  2013   Base:  all  respondents   ANZ   CBA   NAB   Westpac   Bendigo   While the HuTrust® Profiles for the banks look very similar, the driver analysis shows significant differences in what drives trust for each bank. This shows what trust building areas to focus on most. part  of  the  Asia  Pacific  mext/duxton  group   HuTrust® Drivers
  22. 22. 7%   10%   13%   16%   19%   22%   25%   28%   Stability   Development   Rela3onship   Benefit   Vision   Competence   CBA  HuTrust  Drivers   Base:  all  customers   2013   2012   2011   What customers want to trust for most changes over time with -  Brand situation -  Societal shifts -  Economic shifts In this example, CBA should focus on understanding what relationship trust means to their customers and build this trust facet. It also shows that CBA should focus on building its weakest HuTrust Facet, ‘trust in an appealing vision’. part  of  the  Asia  Pacific  mext/duxton  group   CBA HuTrust® Drivers 2011 vs. 2012 vs. 2013
  23. 23. Duxton  ConsulNng  Singapore   Email:  laurenz.koehler@duxton   consul3ng.com   Address:    26  Duxton  Rd.   Singapore  089490   Phone:  +65  6323  3340   ChrisNna  Eisenschmid   Email:   chris3na.eisenschmid@psyma.com   Address:  Nymphenburger  Str.  14   80335  Munich   Phone+49  (0)  89  20209610   Concerto  MarkeNng   Suite  250  –  128  Has3ngs  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  InternaNonal   Adam  Thorp,  Director   Mobile:  0417  584  599     Phone:  02  9300  6439   www.tredinterna3onal.com   Email:  info@tredinterna3onal.com   Global    contact:   mext  ConsulNng  Australia     Stefan  Grafe,  Managing  Partner  &  HuTrust®  Developer   Stefan.grafe@mextconsul3ng.com     165  Cremorne  Street     Richmond  VIC  3122   +61  3  94285417   For further information and HuTrust® usage, please contact:

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