In our research, we found there are four key imperatives financial services organizations must work toward to effectively amplify and deliver on their purpose: 1. It must be fully integrated into the business, showing up in key moments and being championed authentically by employees-otherwise, it’s just lip service that leaves consumers doubting that the organization truly delivers on its promises.
To effectively build trust and harness the power of purpose, organizations must amplify their purpose. And we’re not the only ones tracking this trend: IBM and the National Retail Federation found that, for the first time, more consumers are driven by purpose than by value.īut simply having a purpose does not move the needle. Prophet’s 2023 Relentlessly Relevant Brands report found that consumers are shifting to brands that spark an emotional connection-reaching beyond functional needs.
#CUTE WECHAT ICON DRIVERS#
Research shows that purpose-related drivers rise to the top in motivating consumer choice – especially in financial services. In a world where trust in financial institutions is being shaken up and consumers have more options than ever, organizations must tap into their purpose to assure they can be counted on for more than high-quality products and services.Īs Prophet’s Vice Chairman David Aaker states in his latest book, “The new purpose-driven revolution is leading firms beyond a focus on growing sales, profits, and shareholder return to having a business purpose that does more.” This shift should come as no surprise given what we know about purpose’s powerful influence on business outcomes: Purpose-driven companies witness higher market share gains and grow three times faster on average than their competitors, all while achieving higher workforce and customer satisfaction.
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