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The trust trap - Rebuilding trust in the aftermath of the GFC

New research released has found that Australia's leading financial services names may be in for a shock when the recovery in markets does not lead to an equal recovery of trust in their brands.  This 'trust trap' could leave some firms floundering due to a lack of focus on the most important drivers of trust - such as honesty and communication - that have taken on renewed significance in the wake of the Global Financial Crisis.

The research, commissioned by endgame communications and carried out by industry research house Investment Trends, found:

• When asked to nominate multiple factors that would increase trust, openness about fees was nominated by 68 percent of respondents.
• Following through on promises was next at 60 percent.
• Giving good returns was far down the list at 29 percent.
• Seven out of the top 10 nominated factors were related to openness and transparency about fees.

The research also found that many consumers view what financial services firms say with great suspicion.  For example, 80 percent of respondents found it unlikely that a financial services firm was telling the truth when it said "we care about you".

endgame communications has used this research to develop 5 strategies to assist companies in rebuilding trust.  Please contact us if you'd like to discuss how these apply to your business.

For more details on this research please view our press release and related articles published in the media:

The Australian - Sorry seems to be the hardest word
Financial Standard - Trust is a hard currency
InvestorDaily - Trust is all about fee transparency