Credit Cards Need Trust For Recommendations

I’ve started to analyze our 2011 Temkin Trust Ratings and decided to look at how trust and loyalty are connected. I started by looking at the connection between the level of trust that a consumer has in a credit card provider and the likelihood of that consumer to recommend the company.

Here’s a chart with the data; I think it speaks for itself…

The bottom line: Credit card companies need to design for trust

About Bruce Temkin
I am a customer experience transformist, helping large organizations improve business results by changing how they deal with customers. As part of this focus, I examine strategy, marketing, interaction design, customer service, and leadership practices. I am also a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Simply put, I am passionate about spotting emerging best practices and helping companies master them. And, as many people know, I love to speak about these topics in almost any forum. My “title” is Managing Partner of the Temkin Group, a customer experience research and consulting firm that helps organizations become more customer-centric. Our goal is simple: accelerate the path to delighting customers. I am also the co-founder and chair of the Customer Experience Professionals Association (CXPA.org), a non-profit organization dedicated to the success of CX professionals.

4 Responses to Credit Cards Need Trust For Recommendations

  1. Rob Peters says:

    Bruce:

    I agree with your perspective 100%. The open standard Relationship Capital (RC) measurement would be the ultimate Rewards Program for positive perceptions and kept-commitments not only for the credit card company, but for it’s customers, partners, suppliers, and brand advocates. The whole ecosystem wins with RC!

  2. Hi Bruce,

    Is this really news? I’d be surprised if the opposite was true.

    It’d be interesting to see how this compared with other sectors (trust is obviously especially important when it comes to our money) and other measures (ease of use, for example).

    L

    • Bruce Temkin says:

      Leon: I agree, not surprising at all. I sometimes thinks it helps to see data, even when it reinforces what we already believe to be true. Obviously, data can be even more powerful if it runs counter to what we believe. I’ll be looking at this data across industries within the next couple of weeks — so stay tuned!

  3. carencole says:

    And yet again we see that we live in a world where more accent and trust is put on your ‘reputation’ that is at anyone’s discretion rather than accent being put on yourself as a person. I remember that Yuri Mintskovsky somewhat said a couple of years ago that we will end up living in a world where anything about anyone would be available online.

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