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.

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

˃ 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

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

Australian Bank
Trust 2013

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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: