PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

New financial services study shows impact of brand trust on company performance - and executive bonuses.

Mext's 2010 Trust in Financial Service Study shows that the banks key performance measures (advocay and satisfaction) are strongly correlated to trust and that trust can drive those measures.

2010-11-13
CREMORNE, AUSTRALIA, November 13, 2010 (Press-News.org) In their 2010 trust in financial services study, mext and Australia Online Research claim to prove the importance of fully understanding trust for business success.

While most organizations focus on 'advocacy' and 'satisfaction' measures, brand trust is often merely tracked as a byproduct. 'The common perception is that trust is warm and fuzzy, but has little business impact and can not be precisely implemented and measured', says mext managing partner, Stefan Grafe.

This couldn't be farther from the truth, according to mext. The impact of trust on business is intuitively right and also well documented with customers agreeing that if they trust a brand they will recommend it, use more its products and services, will look to it first for things they need - and more.

In fact, the new study by mext proves that recommendation and satisfaction are closely correlated to trust. With correlation coefficients of 0.65 - 0.8 for all major banks, one could say that satisfaction and recommendation are a question of trust.

'Satisfaction' and 'advocacy' are nice and simple scores and their relationship to company performance also well documented - that is why many organizations tie their executive bonuses to them. However, a key issue managers face with these measures is that they don't comprise a clear implementation framework. Current practice in 'satisfaction' measurement is the scoring of mostly service related statements. Because they tend to be rationally based, it leads to a functionally focused implementation. Trying to drive 'recommendation' is equally difficult. Despite much investment and experimentation, many share their frustration at trying to connect their market investment to their indicator movements.

Mext's 2010 financial services trust study could provide a potential answer. It confirms that trust is driven through six clear facets - what the brand & organisation can be trusted for. The study exposes that underperformance on any of these facets directly impacts the overall level of trust. According to mext, understanding that trust is built through six clearly defined facets allows to implement 'trust building' measures very precisely and effectively. And thus by implication drive 'advocacy' and 'satisfaction'

To prove their point, mext take the example of Bendigo Bank. Although Bendigo Bank is the overall most highly trusted bank, it underperforms very strongly in the 24-35 age group: They simply do not find appealing what the Bank can be 'trusted for'. This is critical, because this is this age group that makes most key financial decisions and form their banking relationship for a life to come. Unlike satisfaction and advocacy measure, trust and its facets could provide Bendigo Bank with a clear framework for improvement.

Trust could be the next generation market based performance measure. If the study is right, trust, more than any other measure (including satisfaction and recommendation) can provide a clear implementation framework to drive performance measures and customer behaviour - and of course those famous executive bonuses.


About the study
The study was conducted with a general Australian population sample of 1,110 respondents by Australian Online Research and comprised a special segment on trust by mext market management consultants.

About HuTrust
HuTrust is the mext's proprietary model for understanding and building trust. Developed under supervision of Professor Wilhelm Salber, the father of the most modern psychology theory, it has been applied with many leading brands globally and shown to improve ROI by up 36%. HuTrust identifies the 6 facets of trust and thus makes 'building trust' a practical concept.

About mext
Mext is a globally operating market management consultancy with offices in Australia, Singapore and Germany and Partners in North America and the Netherlands.
Mext focus on helping clients grow with vision, precision and certainty by connecting psychological insight with rigorous business application.

About Stefan Grafe
Stefan is the founder and managing Partner of mext. With an international background as Head of Strategy & Consulting with the Bates and BBDO Groups, Stefan founded mext in 2004. During his career he advised many leading services organizations including KPN Europe, Allianz and AXA.


ELSE PRESS RELEASES FROM THIS DATE:

CIO Healthcare Summit Partners with Healthcare IT News

2010-11-13
The CIO Healthcare Summit team announced today that it has formed a strategic partnership with Healthcare IT News, which provides readers with information on IT strategies and tactics, statutory and regulatory issues, as well as provider and vendor updates on its website, http://www.healthcareitnews.com. The CIO Healthcare Summit, April 3-6, 2011 in Scottsdale, Arizona, is a unique opportunity for CIOs and healthcare IT leaders to network with their peers, attend educational sessions, and learn about new IT solutions. The event's strategic agenda features open forums, ...

MEDecision Webinar: Leveraging URAC-Accredited Software to Drive Quality and Improve Health Outcomes

2010-11-13
MEDecision, Inc., a leading provider of collaborative healthcare management solutions, will conduct a complimentary webinar to discuss how health plans can leverage MEDecision's URAC-accredited disease and case management software and health content to drive care management quality and improve health outcomes. The session will be held on Wednesday, November 17 at 12:30 p.m. Eastern time, and will be hosted by MEDecision's Executive Vice President and Chief Medical Officer Andrew P. Schuyler, MD; Clarice Holmes, RN, senior vice president, medical services; David Comiciotto, ...

'Chasing The Cyclone' Author Peter Thomas and Florida CAPA Law Draftee Carolyn Ann Vlk Reveal Child Abduction Epidemic In Documentary Film Titled 'Crisis In America'

2010-11-13
Child abduction prevention advocates Peter Thomas Senese and Carolyn Ann Vlk announced today that the recently completed educational documentary film segment 'Crisis In America: International Parental Child Abduction Today' will be added to the groundbreaking film series 'Chasing Parent: Racing Into The Storms of International Parental Child Abduction'. The 46 minute long segment narrated by 'Chasing The Cyclone' author Peter Thomas and directed by filmmaker Dan Nastro addresses the growing and dramatic rise of criminal international parental child abductions originating ...

Mployd.com, the premier employment resources website, has debuted a new, free iPhone job search app at www.Mployd.com/iphone

2010-11-13
Mployd.com, the premier employment resources website, has debuted a new, free iPhone job search app at http://www.Mployd.com/iphone The app allows users to search for jobs by location and by industry, from anywhere, at any time, using their iPhone or iPad. They can even use the iPhone job search app to apply for all of the open positions that they've found. The new app was developed in keeping with Mployd's philosophy of matching qualified employees with quality employers, which, according to CEO Braiden Harvey, is more important than ever in today's economy. "Government ...

NALIP San Antonio Announces ADELANTE 360°

2010-11-13
WHO: National Association of Latino Independent Producers - San Antonio (NALIP SA) WHAT: 2010 Adelante Film Forum: ADELANTE 360° WHEN: Friday, November 12 - Sunday, November 14, 2010 DETAILS: ADELANTE 360° is this year's theme for the Adelante Film Forum, sponsored by the San Antonio chapter of the National Association of Latino Independent Producers (NALIP). This year's forum will focus on how multi-platform media and technology impact the art, craft and business of film. ADELANTE 360° will begin on Friday, November 12th with a reception at Say Si Youth ...

The Red Carpet Event Company Presents Herradura Tequila Vegas Takeover

2010-11-13
The Red Carpet Events, an event management company, threw a lavish launch party for the release of the new packaging of Herradura Tequila. Herradura is a distinguished alcohol brand established since 1870 from the Mexican town of Amatitan. The launch party was held on September 24th at the Palms Casino Resort's Fantasy Sky Villa in Las Vegas, Nevada with an attendance of over 175 guests including the city's top tastemakers. The launch party was produced under a trendy marketing concept in which the participants could enjoy an open bar prepared with different tequila based ...

OilTrap Environmental Introduces the ElectroPulse Electrocoagulation System For Water Treatment

2010-11-13
Water Treatment is a field of expertise that is rapidly growing through sustainability and green technology for treatment of wash water and waste water. Focusing on Electrocoagulation technology since 1993, OilTrap Environmental is the leader in experience, reliability and ease when it comes to treating waste water streams. Electrocoagulation is a Green Technology that uses a very low voltage DC electrical charge to clean the water. It uses a proprietary treatment chamber where the DC current is applied to treat a wide range of differing waste streams containing heavy ...

Oxygen Concentrator Store - American Medical Sales and Repair's Online Oxygen Concentrator Store - Offering Top-Selling EverGo System

2010-11-13
American Medical Sales and Repair has been a top name in the world of home and portable oxygen therapy systems for more than 20 years. With the recent expansion of their company and website, the Oxygen Concentrator Store offers the widest selection available in home and portable oxygen concentrator systems at the best prices, including oxygen concentrator accessories and extensive service and warranty coverage. The Oxygen Concentrator Store also offers the top-selling, industry-leading EverGo Portable Oxygen Concentrator by Respironics at the best price available on the ...

JK Design Wins Prestigious MarCom Platinum Award

2010-11-13
For the second year in a row, leading creative services firm JK Design has been named a recipient of a MarCom Platinum Award by the Association of Marketing and Communication Professionals (AMCP). JK Design's winning entry was the "NovoLink Quarterly." This newsletter was created for Novo Nordisk, a world leader in health care and diabetes management. It includes feature stories about the company's activities and achievements, information about new products, and other news for Novo Nordisk employees - presented in a visually exciting, easy-to-read design. "As we ...

Digisonics OB/GYN customer expands to Vascular department

2010-11-13
A multi-site Digisonics customer, SSM Health Care in St. Louis, Mo., recently expanded their Image Management and Structured Reporting System to include an enterprise-wide Vascular PACS and structured reporting solution at six of their hospitals. The hospitals will utilize the DigiView Vascular software and the fully functional web-based system, DigiNet Pro, which includes a configurable clinical database, as well as the ability to edit images and create structured reports from anywhere with an Internet connection. Digisonics DataLink modules will streamline the health ...

LAST 30 PRESS RELEASES:

Scientists unlock secrets behind flowering of the king of fruits

Texas A&M researchers illuminate the mysteries of icy ocean worlds

Prosthetic material could help reduce infections from intravenous catheters

Can the heart heal itself? New study says it can

Microscopic discovery in cancer cells could have a big impact

Rice researchers take ‘significant leap forward’ with quantum simulation of molecular electron transfer

Breakthrough new material brings affordable, sustainable future within grasp

How everyday activities inside your home can generate energy

Inequality weakens local governance and public satisfaction, study finds

Uncovering key molecular factors behind malaria’s deadliest strain

UC Davis researchers help decode the cause of aggressive breast cancer in women of color

Researchers discovered replication hubs for human norovirus

SNU researchers develop the world’s most sensitive flexible strain sensor

Tiny, wireless antennas use light to monitor cellular communication

Neutrality has played a pivotal, but under-examined, role in international relations, new research shows

Study reveals right whales live 130 years — or more

Researchers reveal how human eyelashes promote water drainage

Pollinators most vulnerable to rising global temperatures are flies, study shows

DFG to fund eight new research units

Modern AI systems have achieved Turing's vision, but not exactly how he hoped

Quantum walk computing unlocks new potential in quantum science and technology

Construction materials and household items are a part of a long-term carbon sink called the “technosphere”

First demonstration of quantum teleportation over busy Internet cables

Disparities and gaps in breast cancer screening for women ages 40 to 49

US tobacco 21 policies and potential mortality reductions by state

AI-driven approach reveals hidden hazards of chemical mixtures in rivers

Older age linked to increased complications after breast reconstruction

ESA and NASA satellites deliver first joint picture of Greenland Ice Sheet melting

Early detection model for pancreatic necrosis improves patient outcomes

Poor vascular health accelerates brain ageing

[Press-News.org] New financial services study shows impact of brand trust on company performance - and executive bonuses.
Mext's 2010 Trust in Financial Service Study shows that the banks key performance measures (advocay and satisfaction) are strongly correlated to trust and that trust can drive those measures.