Ford Motor Company has published some interesting market research that has attracted a lot of positive attention for the automaker. The attention has been so well-received, in fact, that Business Insider named Ford one of its most well-liked brands in the United States, among such other well-known names as Amazon and Google. Ford was the only car manufacturer or financial services institution to make the list.
Ford recently published 13 trends for 2013
that include some eye-opening data points related to lending and financial services. The overall theme of the market research published by Ford is that companies need to be more accountable to themselves and to their customers in today’s environment.
If trust were bottled as wine, the vintages of recent years would be bitter—and scarce. The global financial crisis. Scandals in business, politics and religion. Environmental disasters, widening economic disparities and unrest. The social contract as we know it has been broken; mistrust of corporations, governments and media is rampant. Weary of misinformation, people are reappraising their relationships with companies and brands, making integrity a new form of competitive advantage.
Among the more interesting and relevant statistics published by Ford in the report:
- 40% of surveyed consumers would open a bank account with Amazon.com, while 30% would open a bank account with Bank of America.
- The correlation between trust and brand equity has increased 35% since the economic crisis started in 2008.
- 40% of consumers would rather take out a loan from friends or peers than a bank, even at the same interest rate.
- 82% of people agree that “having and admitting failures is critical to success.”
The report is a roadmap that any company, including financial institutions, can use to develop better relationships with customers and chart a course for success in a changed economic landscape. Looking at a number of important social trends that are often overlooked in the financial services industry, the report weaves together numerous threads that provides a portrait of today’s consumers. What drives them, what motivates them, and what they are searching for. No other industry relies as heavily on trust as the financial services industry. This report can help any lender understand today’s consumers and how to build a strong relationship with them.
