Who Do You Trust?
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This document discusses the importance of trust. It notes that since the beginning of time, people have been taking advantage of others through practices like price fixing and monopolies. However, with greater technology, it will become harder for companies to get away with untrustworthy behaviors. The document emphasizes that trust is crucial in banking relationships and transactions, and that protecting customer trust is essential for companies' survival. It also cites a statistic showing millennials' high level of trust in banks compared to other institutions. Throughout, it stresses the central role of trust in commercial relationships and interactions.
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Who Do You Trust?
- 1. WHO DO YOU TRUST? U X A U S T R A L I A 2 0 1 6 , M E L B O U R N E Jake Causby @jakecausby
- 2. WHY IS IT IMPORTANT? T R U S T
- 3. SINCE THE BEGINNING OF TIME, PEOPLE HAVE BEEN RIPPING PEOPLE OFF*
- 4. PRICE FIXING MONOPOLY (OR OLIGOPOLI) C O M P E T I T I O N I N C A H O O T S
- 5. QUALITY UNKNOWN H O W G O O D I S I T ?
- 6. IT’S JUST TOO HARD TO CHANGE I N E R T I A
- 7. IT’S GOING TO BECOME HARDER FOR COMPANIES TO GET AWAY WITH THIS W I T H G R E A T E R T E C H N O L O G Y
- 8. "THE CURRENCY OF THE NEW ECONOMY IS TRUST” R A C H E L B O T S M A N
- 11. EVERY TRANSACTION SHOULD BE A WIN/WIN O L D - S C H O O L P R I N C I P L E …
- 12. NOT JUST ACCOUNTS B A N K I N G T R A N S A C T I O N A C C O U N T S A V I N G S A C C O U N T C R E D I T C A R D H O M E L O A N Products
- 13. NOT JUST ACCOUNTS B A N K I N G T R A N S A C T I O N A C C O U N T S A V I N G S A C C O U N T C R E D I T C A R D H O M E L O A N Products C A R D L E S S P A Y M E N T S A U T O M A T I C T R A N S F E R S C A R D O N H O L D T O P U P S Services
- 14. NOT JUST ACCOUNTS B A N K I N G T R A N S A C T I O N A C C O U N T S A V I N G S A C C O U N T C R E D I T C A R D H O M E L O A N Products C A R D L E S S P A Y M E N T S A U T O M A T I C T R A N S F E R S C A R D O N H O L D T O P U P S Services A P I
- 15. “ T R U S T I S O U R S T O L O S E . I F W E D O N ’ T P R O T E C T T H A T T R U S T , I T ’ S G A M E O V E R ” R I C H A R D D A V I S , P R E S I D E N T A N D C E O , B A N C O R P U S
- 16. “ 7 6 % O F M I L L E N N I A L S T R U S T E D B A N K S M O R E T H A N A N Y O T H E R I N S T I T U T I O N ” R O C K Y S C O P E L L I T I , T E L S T R A
- 17. TRUST= T R U S T E D A D V I S O R A S S O C I A T E S — T R U S T E D A D V I S O R . C O M C R E D I B I L I T Y I N T I M A C YR E L I A B I L I T Y S E L F - O R I E N T A T I O N + +
- 18. thehappypath.co/trust 3 0 S E C O N D S U R V E Y
- 19. WHY IS IT IMPORTANT? T R U S T thehappypath.co/trust
- 20. THANK YOU! U X A U S T R A L I A 2 0 1 6 , M E L B O U R N E Jake Causby @jakecausby thehappypath.co/trust
Editor's Notes
- TRUST! Why is it so important? It just is. OK? Take my word for it. What? Don’t you trust me?
- Since the beginning of time, people have been ripping people off. (To be honest, I have no evidence to support this, but surely greed has always been a thing) And you might think: "The customer doesn't have to purchase. They always have the right to go elsewhere.” And this is usually true, but not always. Let’s look at a couple of examples…
- Once you're reliant on a product or service, it's possible for all the suppliers in a particular industry to inflate prices and get away with it. Googling the topic brings up plenty of examples, naming and shaming some very familiar brands, price fixing products like milk, petrol, pharmaceuticals, electronics and more.
- It's also possible for new companies no one has heard of, with a new product, to oversell quality. This happens all the time. We probably all have examples of things we bought for good money that turned out to be a steaming heap.
- Maybe it’s just a major hassle to go elsewhere. I think a lot of companies take advantage of this. Or maybe it’s too hard to compare apples with apples. Better the devil you know?
- The good thing is, I think it's going to become harder and harder for companies to get away with this sort of behaviour. Why? As technology becomes more sophisticated, we’re seeing two trends The first is, it’s getting easier for new companies to enter the global marketplace, often with innovative solutions. And the other, is the proliferation of ratings and recommendations.
- Rachel Botsman, a thought leader on the reputation economy said "The currency of the new economy is trust" Who's heard of the reputation economy? It's basically the concept of people having an online reputation they can take with them, or share, across multiple services. Rachel predicts our reputation will become a currency, more powerful than our credit history. Think about it: Companies such as Airbnb, Uber and eBay depend on the willingness of strangers to trust one another at a global scale.
- “Traity" is a new service that has started up that allows people to maintain their own reputation profile. Combining all their reputation data from social networks and other sites such as Airbnb, eBay etc and combine it all in a single profile. A series of things that give your reputation more weight. You can share it with people or other online services to prove your trustworthiness. In either the online or offline world. Here’s my profile: I linked it to 6 existing web accounts and verified my email and mobile. I had 9 reviews sucked in from airbnb and eBay. Now I have a “gold” reputation! Now do you trust me?
- But it doesn't end there. This sort of reputation data will start to build for businesses too. There's already lots of consumer reviews about companies and their products or services. Authenticity is the problem in this space at the moment, but it's only going to get easier for algorithms to decipher mountains of this data, ignore the ones that don’t look authentic and give consumers an accurate view of the perception of the company's offerings.
- So how might we ensure our businesses are trustworthy? I think we should return to an old-school principle : Every transaction should be a win/win scenario. A win for the customer, and a win for the company. At this point let’s take a step back and investigate what this might mean for banking, since I'm in the banking industry (working for Westpac)
- Most people think of banking as a bunch of different accounts: Transaction, savings, credit card, personal loans, home loans.
- In addition to these products we also have a service layer. Traditionally you would need to go to a branch to carry out the majority of these services But banks are very quickly digitising more and more of these services and making them available in their apps. But we’re probably not far off the regulators mandating an open standard for APIs…
- This is already starting to happen in Europe and the UK and could effectively enable anyone to build their own services within this layer. These services would talk to your bank accounts via these APIs. We’re not just talking fintechs either. There’d be nothing stopping the likes of Facebook, Google and Apple stepping into this finance space creating all sorts of innovative services. It will probably mean the products themselves will become hugely commoditised. The value will lie in the experience. Maybe it’ll even get to the stage where you could choose any account from any provider and manage all your entire portfolio in one seamless place. If this were to happen, would you continue to trust your bank to be your financial services custodian? Or would you perhaps entrust the company you currently trust with your email? It’s certainly going to be interesting to see how this plays out.
- As Richard Davis, President and CEO of Bancorp US said... "Trust is ours to lose, If we don't protect that trust, it's game over.” Do customers really trust their bank?
- In a recent global survey conducted by Telstra's Rocky Scopelliti, he found 76% of millennials trusted banks more than any other institution. But let's look at this in a little more detail. -- I'm sure most people trust their bank to keep their money secure -- I think most people probably trust their bank to keep their personal data safe But do most people trust their bank to act in their best interest? I'm not sure. So I've set out to try and find out.
- I came across The Trust Equation, published by Trusted Advisor Associates. It basically states that trust is made up of the sum of Credibility — Do they have the necessary expertise and track record to deliver? Reliability — Do they always do what they say in a consistent manner? Intimacy — How comfortable am I doing business with them, and/or giving them my personal data? Then divide this by self-orientation — Are they just focused on profits, or do they truly strive to deliver value to their customers. This got me thinking: if we could effectively measure trust, and the components of trust, then we should be able to design for it.
- Based on this, I've put together a very quick, 30 second survey that attempts to measure the trust people have in their bank. thehappypath.co/trust This survey needs some work. It’s more of a draft at this stage, but I’m interested to see the initial results so I can get a feel if I’m going in the right direction.
- So back to this slide. Trust is important because… If you don’t keep customers' best interest at the core of your offering, if you don’t act with integrity, if you don’t offer value for money, Customers will soon have the tools to know how dodgy your organisation is. You’ll be out of business before you know it. As designers, we have the ability to not just design new features and services, but also affect the culture of our organisations. To influence change. Let’s make a difference and start designing for trust. Don’t be evil Make sure your product or service does what it says on the tin If you’re a bank, you don’t push credit card debt onto people who are going to struggle to repay it If you’re a large multi-national earning a profit in Australia, pay some taxes If you’re a car manufacturer, don’t cheat on emissions tests If you’re a large supermarket chain, don’t screw over the farmers And this is just the tip, of the melting iceberg If you govern a country, don’t prioritise new dirty coal projects over renewable energy initiatives. If you do what’s right, you will earn and keep, the trust of your customers.