This month we kicked off our collaboration with a major pension fund.
One of the main topics hitting the pension funds these days is lack of trust. Pension funds have been a fortress of trust for decades. It was a pretty done deal: you work, your employer pays the funds, the funds invest and pay you a fair amount when you retire. But the world changed, and even a pension is not a certainty anymore. They’ve lost a lot of trust, defending themselves against accusations being ‘money-grabbing’ institutes. Pension funds tend to react by explaining their efficiency, emphasizing the interest rates they make, and other compelling arguments to show their competence. But is showing off your competence the best way to rebuild trust?
Our trendmodel© shows it’s not. Sure it’s a very important factor, but especially in financial industries it’s the least you have to do. It’s what we call the ‘hygiene factor’. But that’s not enough. The key element to regain trust is to build benevolence; the desire to do good to others. One of the drivers to build benevolence is a true purpose that resonates with your brand. If you are able to show you actually care for the world and act on it, you have a great chance on improving your trustworthiness.
But what ‘purpose’ are we talking about? Well, at least a purpose that is not for profit, but for a greater good that benefits society. Showing that you care for people, for a better world, and for your environment. That does not mean we all have to be sustainable or start planting trees in the Amazon. It could easily be ‘just’ supporting a local cause. As long as you stay true to yourself and your brand.
That’s the task for the pension funds the upcoming period. Activating their purpose will help them to develop an actionable strategy. Enabling them to become of true value to their customers.