In 2017, Cone Communications revealed that 91% of global consumers expect companies to go beyond just offering products and services by behaving ethically, transparently, and responsibly to earn their trust. Since then, banks and insurance companies have multiplied their commitments: HSBC promises carbon neutrality for its logistics operations by 2030, Crédit Agricole has labeled its investment funds with SRI since 2021, and CITI bank has committed to investing $1 trillion in sustainable initiatives. These initiatives show two key objectives: contributing to building a better world while meeting the expectations of current and future customers.
But are these commitments really integrated into the core value proposition of brands? How can banks and insurance companies highlight these commitments in their communication, and what results can they expect?
The commitments of banks and insurance companies can be divided into several dimensions:
To highlight their commitments, banks and insurance companies must fully integrate them into their communication strategy.
For a commitment to be effective, it must be aligned with the overall vision and values of the company. This ensures coherence and continuity across all communication actions and strengthens perceived authenticity.
Consumers are increasingly attentive to brand transparency. Open communication about goals, progress, and potential obstacles helps build a lasting relationship of trust.
Transparency directly contributes to customer trust and loyalty. According to a study by Label Insight, 94% of consumers are more loyal to a brand that demonstrates transparency. For example, Patagonia, a company committed to ethical practices, saw its sales increase by 30% after a campaign highlighting its transparency.
Authentic communication can help differentiate the brand in a saturated market. According to a study by Cone Communications, 91% of global consumers expect companies to act ethically and responsibly. For example, Danone strengthened its brand image by communicating about its sustainability actions, which led to a notable increase in market share.
Consumers prefer to engage with authentic brands. According to Accenture, 62% of consumers want companies to take a stand on current issues. For example, Nike took a stance on social issues such as inclusion, leading to increased customer engagement and sales.
Transparency can prevent crises by addressing issues before they escalate. According to a study by PwC, 87% of consumers are more likely to forgive a brand after a bad experience if it has shown transparency. For example, when IKEA faced criticism for using illegal wood, the transparency of its communication regarding corrective actions helped regain consumer trust.
Transparent companies enhance their credibility and legitimacy. According to the "2022 Edelman Trust Barometer" study, 88% of investors believe that a transparent company is more trustworthy. For example, Unilever strengthened its credibility by openly communicating about its sustainability goals, which helped attract more investors.
Transparent communication positively influences purchasing decisions. According to a study by Sprout Social, 73% of consumers are willing to pay more for transparent products. For example, Everlane, a clothing brand that emphasizes cost transparency, saw an increase in sales due to this approach.
Employees are more motivated when they work for a company aligned with their values. According to a study by Glassdoor, 79% of employees believe that the company’s mission is important for their job satisfaction. For example, Salesforce focuses on values such as equality and social impact, contributing to high employee satisfaction and retention.
⁰¹ Label Insight, "The ROI of Transparency", 2016 ⁰² Cone Communications, "2017 Cone Communications CSR Study" ⁰³ Accenture Strategy, "From Me to We: The Rise of the Purpose-led Brand", 2018 ⁰⁴ PwC, "Experience is everything: Here’s how to get it right", 2018 ⁰⁵ Edelman, "2022 Edelman Trust Barometer" ⁰⁶ Sprout Social, "Championing Change in the Age of Social Media", 2020 ⁰⁷ Glassdoor, "Glassdoor Mission & Culture Survey 2019"
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