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Monday, October 12, 2020

Brand marketing: the importance of trust to a financial services brand

In episode three of the Talketer PodcastNatalie Zensius (SVP Marketing Communications, Integrated B2B Marketing, Sales Activation & Enablement, Brand Strategy. Corporate Comms professional) joined the show to discuss brand marketing. In this clip we discuss the importance of trust to a financial services brand. Watch and listen to the clip right here:

 

Nick Andrews : 

So, as a consumer, one of the most important things for me is specific to the financial services industry is trust. Thinking about banks, for example, and about six months ago, I think it was Capital One got hacked. It was an inside job, it turns out, but nevertheless, when a bank gets hacked, that's a loss of trust. 

And as a consumer, when you're giving a bank your money, you want to make sure that your that it's safe that you feel like it's safe. So from how does a company like Capital One recover? It just seems like people forget and they just move on. But in the short term, how does how does a situation like that impact a bank such as Capital One after they get hacked? And how do you recover from that from a brand strategy perspective?

Natalie Zensius : 

Yeah, I mean, at the end of the day, when you really distill it down, brands are about creating trust, right, so you know, everything we do. Our human brains are kind of looking for signifiers and connectors and we're trying to connect the dots. In our, in our mind and where I, you know, we're having a series of experiences, like I said at the top of this call, you know, with the brands that we interact with, and they're either validating or creating sort of a cognitive dissonance for us that this brand is what it says it is.

And so, trust is is absolutely paramount. And I think, you know, we were chatting about this the other day, when we were having another conversation about how we are in a little bit of a crisis of trust right now. And, you know, sort of developing that and keeping that trust is is definitely paramount. Once you lose it, it's kind of a it is kind of a challenge to get it back. And I think, you know, it's it's around sort of transparency, you know, owning up to you know, we made a mistake, here's what we did wrong. Here's how we're going to fix it.

Here's what you can count on us. You know, moving forward and deliver, you know, do whatever it takes to kind of deliver on that promise. Think it, it isn't a lost cause, you can certainly gain back that trust and there is some fluidity in it. I mean, I think even you know, we know, if we think of, you know, an individual's reputation is to us as individuals water brand is to accompany. We know that as individuals, you know, we sometimes have we do or say things that make people question us.

And we, I think the Harvard Business Review, had a really interesting article about this not too long ago, and they said, you know, we all kind of wobble back and forth a little bit sometimes in terms of, you know, can we can we be trusted as individuals, like, do we say, do what we say we do? Are we able to do do our jobs, are we able, you know, whatever it is, and so we all have that wobble and I think brands have that wobble too. And once you do have that wobble, I think you can get it back. You just have to kind of, you know, you just have to take the steps to fix it.


Listen to the full episode here: