- Fintech Sector
- Fleishman Hillard Fishburn research shows the gap between expectation and reality in the Fintech Sector’s performance.
- The sector performs 6.8% below expectations in delivering customer care and ‘doing right’.
- However, the sector performs best in delivering credible communications, with a reality 6% above expectation.
- The research has also indicated a good performance in providing better value, innovation and consistency of performance but falls short in caring for its employees and caring for the environment.
A detailed new multi-industry survey has highlighted for the first time the often critical differences between customer expectation and experience in the fintech industry, with many companies failing to deliver the value that customers crave. It has also flagged up the critically low standing that the voice of many CEO’s have for customers.
FleishmanHillard’sFishburn’s (FHF) Authenticity Gap survey crunched the numbers on communication and experience data to produce findings that might make stark reading for many CEOs within the fintechsector.
“We’ve seen politicians and companies scramble to claim the mantle of authenticity as voters and customers seem to care less about what leaders do and more about their perceived character and intentions,” said FHF’s CEO Jim Donaldson.
The aim of the study is simple: clearly identify the biggest gaps between what companies say and how they behave with the shared perceptions of others. The pressure to bring brand and reputation together is driving the evolution of a new model, where the intersection of brand and reputation offers executives a new, single view of their organisation.
The Authenticity Gap is a methodology to help companies understand and proactively manage the gap between audiences’ expectations and actual experiences with a company or industry. The insights allow organisations to create true relationships with their audiences – authentic engagement that drives progress and opportunity.
Insights into the Fintech Sector
The fintech sector has had mixed success in meeting customer expectations. The industry is falling short of expectations in providing customer care,‘doing right’ and caring for the environment.
This could be worrying for the industry, as these are the highest expectations for the sector, particularly ‘doing right’ and customer care. With competition and choice constantly increasing in this business space, addressing this shortfall will become more and more integral to successful corporate leadership.
However, it is not all concerning news for the fintechsector. It has shown to be meeting expectations in community impact, employee care and performs beyond expectation in credible communications, providing better value, performing consistently and innovating.
What Causes the Authenticity Gap?
There are a multitude of causes behind the space between reality and perception. One of the most crucial thrown up by the Authenticity Gap survey is the issue of fake news and fact.
We asked people how in a time of more and more fake news circulating about companies, what sources of information people find most credible when sorting facts from fiction about a company:
The results willbe worrying reading for CEOs and make a compelling case for the communications industry to change the way it media trains CEOs as well as empowering far larger numbers of staff to speak on behalf of the company.
Just 7% of respondents found leaders of companies the most credible sources of information. Only politicians came in lower. For 34% the most credible source of information are knowledgeable friends, family and colleagues, a figure tied with employees and people who work for the company.