What drives bank trust? Update on slideshare now.

First, why would you care? We all know that the banks are not trusted, right? All 4 major banks are, on average, not trusted or just sit on the trust threshold. In business banking none even comes close to an average trust rating.

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.

Looking at the facets of trust with HuTrust®, all major banks have a similar HuTrust® Profile. There is no differentiation (we all know that).  Banks are trusted for their stability and they are trusted for being there in the future. Our qual research repeatedly showed that this is partly perceived to be a result of tight regulation –‘being  kept on the leash by the government’. 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. Aside from knowing your strengths and weaknesses, which of the HuTrust® facets actually drive trust the most and provide the biggest opportunity? What facets should banks invest into to increase trust – and thereby their KPIs and positive customer behaviour?

In NAB’s case vision trust is not only the worst performing trust facet, it is also the most important one to drive trust and engagement. For NAB it is also the one facet through which it could differentiate substantially and provide more meaning to 'breaking up' than minuscule rates and fees differences. 

Conversely, for Westpac it is competence trust. Interestingly, neither bank really appears to invest into either of these. Maybe that is the reason why none of the banks make any significant shifts in their satisfaction and NPS scores?

BTW - HuTrust facets account for 63-80% of trust variation & 52-88% of variation in propensity to recommend (NPS).

View more presentations from mext Consulting

HuTrust® proves itself in politics

Every politician would agree that it is all about trust. 

This study, with 1500 respondents, employed our HuTrust® IP to also analyse trust in Canadian politicians. Apart from the interesting results for the Premier of British Columbia and the Mayor of Vancouver, the 6 drivers of trust in the HuTrust® methodology were statistically proven to fully explain trust. We were able to analyse the HuTrust® Profiles and the politician’s specific drivers to understand what they would have to do to build more trust.

Analysing Trust in Politicians

View more presentations from mext Consulting

King & Wood Mallesons brand launch effect

The launch of the merged King & Wood Mallesons brand as one of the world’s top legal firms created a lot of activity.

The press exposure following the brand and advertising launch created a strong, free exposure for the brand and was very well received. The coverage is remarkable considering that at the same time Blake Dawson, a key competitor, rebranded to Ashurst, another global leading law firm. The contrast between the two launches was rather stark, with the industry commenting on the weak positioning of Ashurst compared to King & Wood Mallesons.

The launch generated a buzz and highly positive client feedback and led to a flurry of new business opportunities locally and internationally – with Asian publications saying over 40 leads had been generated within a month.

Crucially, the internal launch was well accepted. Staff globally participated in an activity of writing messages to each other on T-Shirts, photographing them and posting them internally. A partner provided the feedback that the launch had taken the firm in one step from one of the most boring brands to the most cutting edge and innovative brand in the market.

Some of our clients remarked that it would have been difficult ‘to get the client to go there’. However, the credit lies with the King & Wood Mallesons team including the Managing Partners, BD, Comms and People teams. King & Wood Mallesons did not need to be pushed. We merely helped them get to where they wanted to be. A big thanks to King & Wood Mallesons for allowing us to be part of their journey.

Leading global sales training firm licenses HuTrust®

Huthwaite International, one of the world’s leading Sales Performance Consultancies, has licensed HuTrust® globally for use in their Sales Training Program. After successfully working with licensees in Asia, North America and Europe in Marketing and Brand Development, the agreement with Huthwaite is another major step in establishing HuTrust® as a leading approach to drive organisational performance. HuTrust® has been extensively used by leading organisations globally in marketing, brand development, employee engagement and helped improve performance by over 30% without additional investment. Over the last 2 years, sales and business development consulting and training with HuTrust® has proved itself to be very effective and sought after. Working with Huthwaite, the HuTrust® Sales Training Process was further refined and will now be available to Huthwaite’s clients.

 
March 2012
Brand Trust is central to new global legal brand.
Mext develops the King & Wood Mallesons brand using HuTrust
* Click here to visit mext consulting’s news update on the King & Wood Mallesons’ advertising campaign.