Poor trust sees financial services consumers tune out
Financial services brands that have lost the trust of the public may struggle to get it back, with consumers "switching off" when they see their ads.
Such is the conclusion of Ipsos Australia research, which found people who don't have a high level of trust for a financial services organisation often don't even remember seeing the brand's advertising.
It also found financial services brands that were considered "trusted" were five times more likely to register with potential customers, than those who rated below average on trust.
Director of Behavioural Science at Ipsos Australia, Pascal Bourgeat, PhD, said the research found a 70 per cent correlation between trust and the net promoter score, which measures how likely a person would be to recommend the brand to a friend or colleague.
"Trust can act as a switch-off or enabling mechanism at any point of the customer journey affecting how much customers pay attention, how motivated they become, which options they really consider and ultimately which decisions they made," he said.
Recommended for you
At the FAAA Congress in Perth this week, HUB24 has announced it is developing myhub, an integrated advice solution designed to address productivity challenges in the industry.
The FAAA has written to over 2,000 affected members to warn them of the upcoming education deadline with the organisation warning the numbers yet to meet the requirements are “very, very high” with just six weeks to go.
HUB24 has taken an equity stake in Finura Group’s digital arm to accelerate the development of its SaaS platform, triggering the separation of Finura’s advisory business.
Coastal Advice Group has announced a rebrand to mark the next phase of the firm as it pushes to hit a target of 15 acquisitions in FY25-26, expanding its national reach across Australia.
