Putting the "trust" back in Bank & Trust

This is an excerpt from the original pdf; it is also embedded in slide form below.

Marketers - from many industries - are spending money talking about "trust." Airlines, Insurance, Investments, and of course Banks. Is it working?

We asked:

• Are consumers as concerned with "trust" as corporate America (banks in particular) seems to believe?
• What does "trust" actually mean in this context - and is it important?
• How do users interpret online content from banks? Does it affect their feelings about their financial institutions?
• How can financial institutions use the online channel to establish credibility with their customers and potential customers?

Two Part Study
Quantitative

• high level assessment of WHAT people think about banks and trust issues

Qualitative

• deeper insight into WHY specific bank websites are effective, or not, in building trust

Quantitative: What we learned
Results were surprising - and more nuanced than anticipated.

• 80% rarely think about which bank they use
• 66% do not think their banks care about their interests
• 56% don't think their banks care about them at all
• 44% don't believe anything they see in banking ads or websites
• 49% "sometimes" believe what they see in banking ads or websites

When asked, "Can you name a bank you can trust?"

• 40% answered with some variation of "no."

But it gets surprising:

• 71% reported that they do not trust banks any less than they did 18 months ago.
• Only 36% said that when considering a bank, "security" and "safety" are the main decision drivers. (The leader was "customer service," at 52% by the way.)

That's the "what."

Let's talk about Qualitative: the "why."
14 lucky consumers came in to chat. We looked at 3 categories of banks.

Who we studied:

• "The Establishment"
• Wells Fargo
• Bank of America
• "The Brand Extension"
• E-Trade Bank
• "The Challengers"
• Ally Bank
• Redneck Bank

What was on the menu?

• The users did not know the intent of the study.
• "Assume that you have re-located to a new part of the country and have to find a new bank."
• We gave users the URLs of the banks mentioned previously and asked to explore them.
• We eye-tracked their experiences, and then asked them to walk us through what they were thinking and what they were doing with each click.
• In the process, we focused our questions around issues of "trust."

What we learned:

• "Trust" did not resonate as much as expected
• Most thought "FDIC Insured" = "money is safe" (all banks were viewed as safe)
• Other words were mentioned as alternatives to "trust":
• Credibility
• Dependability
• Honesty
• Reliability

People's thoughts on: trust

• Will I be treated fairly?
• Will I be valued?
• Identity theft - am I safe?
• What does a bank do in the community?
• How are its business practices? Is it scandal free?
• How complex are terms & conditions? How much fine print?
• Will they suggest services appropriate to me, or just try to sell me things?
• Is there a Chinese wall from investment banking arm?
• Does it have a track record of responsible lending practices?
• Are bonuses for bank executives "coming out of my money?"

People's thoughts on: banking

• Still Standing
• People felt that if a bank is still standing, it's safe.
• Not a lot of perceived differentiation
• Common sentiment: "Most banks are pretty much the same."
• Not much has changed
• "Current climate has not changed my view of banking."