The repercussions of the Hayne Royal Commission are definitely being felt by the big-four banks, and the latest Roy Morgan survey shows that NAB is faring the worst of all.
According to the Roy Morgan Net Trust Score Survey conducted February 9/10, shortly after the Hayne Report was handed down, NAB has attained the dubious distinction as the most distrusted bank brand in Australia.
The study, which has measured the banks’ Net Trust Score (NTS) since 2017, showed a predictable decline for all of the big-four banks, however NAB’s distrust score has managed to double year-on-year.
Though good customer service ranks as the number one factor of a brand’s trust, the data shows that greed, dishonesty and a lack of integrity are the major driving factors of distrust.
Prior to the Hayne Report, January’s survey revealed CBA as the bank brand with the lowest level of trust and highest level of distrust.
In January, 36.9 per cent of Australians distrusted NAB, a number which jumped to 53.7 per cent in February.
With NAB’s trust rating dropping from 18.5 per cent to 11.5 per cent, its Net Trust Score sits at a stunning -42.2 per cent, as compared to the other three major banks, which are sitting in the minus twenties.
Roy Morgan CEO Michele Levine describes NAB’s rating as being: “the highest level of distrust we have ever seen for a bank brand in Australia.
“The real question is what happens next”.
It falls on Clemenger Melbourne, NAB’s creative and digital agency, to stop the bleeding and rebuild the bank’s flagging public image.
NAB is the agency’s biggest client, and the upcoming campaign — alongside the campaigns for the other big-four banks — could turn out to be its most important yet.
B&T spoke with WE Buchan’s Michelle Ryan following the results of the Hayne Royal Commission about how the banks should respond, in both a commercial and ethical sense.
The full interview can be read here.