2013 australian bank trust drivers
DESCRIPTION
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 [email protected]TRANSCRIPT
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 [email protected]
[email protected] [email protected] [email protected]
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: [email protected] 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: [email protected] 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: [email protected]
Global contact: mext ConsulNng Australia Stefan Grafe, Managing Partner & HuTrust® Developer [email protected] 165 Cremorne Street Richmond VIC 3122 +61 3 94285417
For further information and HuTrust® usage, please contact: