2013 Australia Bank Trust Study

MELBOURNE, Australia - Nov. 11, 2013 - PRLog -- The 2013 Australian HuTrust® study conducted by mext and UMR shows that ANZ and Westpac have stagnated or lost ground, while nab and CBA have increased their trust slightly.

The 2013 HuTrust study shows that customers of Big 4 banks have a low level of trust in their bank, scoring 7.2 out of 10. But customers score the banks they are not with at a low 4.7, indicating distrust.

These findings are important, because customer trust is the root cause for loyalty, consideration, satisfaction and advocacy. The low score by non customers explains why the government initiatives to make switching easier don’t overcome the customer inertia.

‘Even if I have only very little trust in my bank, why would I switch to a bank I actually distrust?’ says mext Managing Director, Stefan Grafe, ‘for the big 4 it matters that low trust in their competitors is a great barrier to customer defection. But it takes only one to be able to break out of that.’

Further, the study looks at the 6 drivers of trust with HuTrust. This analysis shows what makes and breaks the bank’s trust and what customers most value. Trust in an appealing vision scores lowest with all 4 big banks for the 3rd year, with trust in a customer benefit and the bank’s competencies scoring second and third lowest.

See report at http://www.slideshare.net/mext165/australia-bank-trust-nps-satisfaction



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For more information, contact mext MD, Stefan Grafe, stefan.grafe@mextconsulting.com, 0400 575 410

Mext is a specialist customer engagement consultancy working with clients internationally and Australia

UMR is a leading market research company with offices in Australia, New Zealand and Germany.