Reputation Institute, a research and advisory firm that focuses on tackling and analyzing the reputation of companies worldwide, released its annual ranking of the most reputable U.S. banks.
According to the report (and a basic understanding of human nature!), a company’s reputation has an effect on:
- Customers buying your products and services
- Policymakers and regulators giving you a license to operate
- The financial community investing in you
- The media reporting on your point of view
- Employees delivering on your strategy
The firm suggests that a company’s reputation revolves around its ability to deliver on seven dimensions, which a company can foster through communication and engagement with stakeholders.
- Products / Services
- Innovation
- Workplace
- Governance
- Citizenship
- Leadership
- Performance
In addition to identifying the top 10 most reputable banks in the U.S., the survey also found that regional and non-traditional banks have much better reputations among customers than large banks.
Reputation Institute’s report is not something banks should take lightly. Compared to brands in other industries, banks don’t score as high. The reputation of automotive companies and airlines, for example, are better. While more banks do have a stronger reputation than prior years, they still need to do a better job of improving (and managing) their reputations. But how?
By behaving ethically and being fair in the way they do business. And, by meeting customer needs and offering high quality products and services. These are the most critical trigger points when it comes to enhancing reputation.
Companies need to change the way they’re doing business through better governance, innovation, and technology. They need to change the way they communicate and engage with consumers. They need to be there when customers want them to be there, and even when they’re not called upon.
That’s the way companies can succeed in our fast-paced world, in which consumers expect a quick, hassle-free, and friendly experience. Digital transformation can help with all of this, resulting in not only an improved reputation, but greater overall success.
To see the complete ranking of U.S. banks and learn more about the survey methodology, you can access the presentation here.
