How much work does Financial Services still have to do?


Directions

It is a serious question! It genuinely bothers me that FS is rated as less trusted than banking [Edelman Trust Barometer] for the third straight year.

Equally I am incredulous that the UK insurance industry has the audacity to, still, be talking about increasing “professionalism” when the Aldermanbury Declaration is nothing more than yet another attempt at (well-practised) misdirection…or, if you like, ‘turd-polishing’.

Don’t try to see into the future using the past as your lens!

You are looking in the wrong direction. By all means know about and learn from the past but don’t use the wrong lens to try to look too far ahead. As a concerned mother of my parents’ generation would say “you’ll just strain your eyes”! Look within: not necessarily in some mystical or philosophical sense – although there are numerous historical references that still hold good – but in a practical manner as far as the structure, culture and operation of the business is concerned. And in a metaphorical sense in respect of your own biological system. Read more of this post

It’s here!:: Edelman Trust Barometer 2013


Here it is, the moment that Banks and Financial Services companies have been waiting for. The 2013 Trust Barometer has been released. But, it is NOT good news! Sorry to say that it is an inglorious hat trick.

Edelman Trust 2013

Yep, sorry to say that Banks and FS are bottom of the heap AGAIN. For the third straight year …

Following is the full Presentation but commentary on past reports here:

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When Hiscox talk about credibility others should listen


This is a topic that I have been going on about for AGES and I could have (but didn’t) write the article I have included below. I have oft quoted the Annual Edelman Trust Barometer. But, as Annabel reiterates, the industry’s understanding of their own marketplace is so poor that they would rather SPEND on telling you that they care rather than INVESTING to demonstrate it: RHETORIC WILL NOT RESTORE TRUST, for it does not facilitate transparency!!!

If ever you wanted evidence that an industry doesn’t listen to those that fund it, this is it. Insurers and brokers clearly understand competition and their prevailing model but struggle with the concept of how to move to a new (better) model that is fit for the Digital Age and future financial landscape. One that offers demonstrable customer value: NOT ambiguous strategies, unsustainable pricing and unjustified commission levels.

“It is easier to understand that you face competition than obsolescence”

CHANGE WILL HAPPEN. Business systems that, for whatever reason, fail to adapt to a rapidly changing environment are extremely vulnerable. Those that aren’t embracing and benefiting from meaningful two-way interaction across their business ecosystem, will make it easier for new models to gain the foothold they need to, initially, survive and to thrive in the coming years.

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Leadership requires principles:: trust is earned not bought


Edelman Trsut attributes“Leaders” in the prevailing culture aren’t good at dealing with the truth…unless it’s their own particular brand. So it doesn’t come as much of surprise that the annual “Edelman Trust Barometer” tends to slip-by almost unnoticed!

After all, if it reinforces that such a vital component is missing from current strategies and, as a “leader”, you KNOW that the path to rebuilding trust is going to be a long and difficult one. Read more of this post

TRUST:: only if “leaders” can walk the talk!


I can’t speak for anyone else but I have always reckoned that TRUST should be pretty high on the agenda for GOVERNMENTS and FINANCIAL SERVICES!? Edelman Trsut attributesIF you still listen to “leaders” from either, they will tell you that IS the case.

Of course they do…and if you really want to tax your brain, consider the liar paradox! [have fun]

According to the old adage, “talk is cheap” and, from relatively early in our development, “easy”. Likewise, walking is another “basic” human skill. We see it happening every day in life and, those of us fortunate enough to have been blessed with the ability to do both, practise them on a daily basis…sometimes, even, simultaneously!

SO, it would be reasonable enough to expect that individuals who have reached the upper echelons of their chosen careers would have no difficulty in doing both?

But, there is growing evidence to suggest that this is not the case. The inability of a leader to “walk the talk” is a reliable indicator of a contaminated culture.

Read more of this post