{"id":66786,"date":"2023-07-20T14:11:44","date_gmt":"2023-07-20T03:11:44","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=66786"},"modified":"2023-07-25T13:45:53","modified_gmt":"2023-07-25T02:45:53","slug":"trust-and-service-are-the-keys-to-growth","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/07\/20\/trust-and-service-are-the-keys-to-growth\/","title":{"rendered":"Trust and Service are the Keys to Growth"},"content":{"rendered":"

Consumer trust in large financial institutions is slipping away, says CoreData Group\u2019s founder and CEO Andrew Inwood<\/strong>.<\/p>\n

Speaking at the 2023 MDRT Annual Meeting in Nashville, North America, Sydney-based Inwood told an international audience of industry professionals that \u201c\u2026largest doesn\u2019t mean \u2018most trusted\u2019.\u201d<\/p>\n

Based on research carried out by his firm, Inwood says: \u201cTrust scores in the biggest funds are collapsing in Australia because they can\u2019t deliver the outcomes that people want.<\/p>\n

\"\"<\/a>
Andrew Inwood …People do not want the cheapest price for everything. They want service<\/figcaption><\/figure>\n

\u201cPeople do not want the cheapest price for everything. They want service. That means the power is shifting from the big aggregators to the people who can deliver service to them.<\/p>\n

…It is trust that will drive the economy forward\u2026<\/p><\/blockquote>\n

\u201cService is becoming the biggest driver for satisfaction. It is trust that will drive the economy forward in the future.\u201d<\/p>\n

Inwood says advisers can\u2019t control the market, other people\u2019s actions, or the government. But maintains they can control service levels, the client relationship, and the experience clients move through.<\/p>\n

\u201cAnd those will build trust faster than anything else.\u201d<\/p>\n

He says discounting goods and services is not the route to prosperity.<\/p>\n

\u201cCredit Suisse is the most recent example of this,\u201d he says. \u201cThey\u2019ve gone. They tried to be the cheapest in the market and it just didn\u2019t work out.\u201d<\/p>\n

UBS has acquired Credit Suisse creating a new consolidated banking group.<\/p>\n

Inwood says: \u201cUBS focused at the other end, on service, engagement, and experience. It\u2019s harder, stickier, and it scales much more fundamentally.\u201d<\/p>\n

He says the world is changing and moving quickly to a different model of doing business, adding that businesses need to:<\/p>\n

    \n
  • Be based on service, rather than engagement<\/li>\n
  • Quickly move to relationship<\/li>\n
  • Be in control of the experience<\/li>\n<\/ul>\n

    Turning to advisers, Inwood says the hard work has to be done by them. And that to succeed will require benevolence, competence, integrity, and predictability.<\/p>\n

    \u201cThe more lives you can transform, the better off we are all going to be,\u201d he says.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Consumer trust in large financial institutions is slipping away, says CoreData Group\u2019s founder and CEO Andrew Inwood. Speaking at the 2023 MDRT Annual Meeting in Nashville, North America, Sydney-based Inwood told an international audience of industry professionals that \u201c\u2026largest doesn\u2019t mean \u2018most trusted\u2019.\u201d Based on research carried out by his firm, Inwood says: \u201cTrust scores […]<\/p>\n","protected":false},"author":24,"featured_media":66789,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-66786","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/66786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=66786"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/66786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/66789"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=66786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=66786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=66786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}