Trust DSW To Help You Rebuild Trust
We’re almost nine years on from the financial crisis of 2007, yet consumer surveys consistently reveal that the UK financial services industry remains one of the least trusted sectors. The reputational damage suffered as a result of this crisis being exacerbated by widespread revelations of gross malpractice across the sector.
FOR SIXTEEN YEARS
Edelman’s Trust Barometer has tracked the levels of consumer trust across 27 different countries around the world.
The 2015 results highlight that only 36% of UK consumers have trust in financial services, placing the UK 19th out of the 27 countries surveyed. This means that two out of every three people surveyed do not trust the industry; an alarming statistic which tells us that consumers believe financial services organisations have not changed despite many protestations to the contrary.
Overwhelmingly, consumers remain of the view that financial services organisations place their own self-interests above those of their customers!
SO WHAT CAN BE DONE ABOUT IT?
We believe that “nothing changes until behaviour changes” and the statistics provide a compelling case for genuine cultural change where customer needs are placed first and product (or service) second. It sounds so simple yet remains so hard to achieve because behaviour is what consumers hear and see, not what the industry wants people to think, feel or believe.
We further believe that the change agenda should be led by understanding the constituent elements that contribute to building and maintaining trust and then demonstrating behaviours that promote trust.
NOTHING CHANGES UNTIL BEHAVIOUR CHANGES
Using David Maister’s findings when developing “The Trust Equation” as a high-level diagnostic tool enables individuals and organisations to gauge the levels of trust in their approach and services
The research concludes that credibility, reliability and intimacy are pre-requisites to building trust, but the key factor is the extent to which the behaviour exhibited demonstrates the approach is either client or organisation centric i.e. whose self-interests are being served!
Our simple definition of effectively delivering advice or services to customers is “help customers make fully informed decisions with integrity”. This approach is underpinned by behaviours that truly demonstrate that you are putting the client at the centre. This is the key factor influencing the extent to which an individual or organisation is trusted.