When Less Is More

Welcome to the 119th edition of “In Touch”. As always, I would love to continue the conversation so please hit reply and let me know what you think.

Story of the Week: “When Less Is More"

Last week, I joined The Signal Room, a private strategy gathering curated by Demetris Stefani, that brought together leaders from a variety of sectors, including automotive, hospitality, finance, FMCG and technology.

The specific question that we explored was a simple yet far-reaching one: How do we build trust – within our teams, across departments and with the people we serve?

The conversation overflowed with valuable insights and ideas but, for me, one successful practical example stood out from the rest. It came from Yiannos Petri, Managing Director of the boutique investment firm, Athlos Capital, who explained how the firm had moved the needle on customer trust in a noticeable way when building their Fintech platform Sophic. What’s more, it didn’t require a major rebranding effort or a big publicity campaign. In fact, all it took was a couple of thoughtful tweaks to the firm’s platform.

First, the “Withdraw Funds” button was placed right next to the “Add Funds” button. This may sound like a minor adjustment but it signalled something big. On some other fintech sites, the “withdraw” option is often ‘buried’ or hard to find. On Sophic, both buttons are equally visible and easy to access. The balance between the two buttons sends clients a clear – and doubtless pleasing – message: As a client of ours, you can put money in and, just as easily, you can take it out.

The second change – to Sophic’s communication strategy – was equally simple and effective. It published direct contact details, phone numbers and photos of the people you could speak to. The result? Greater trust. Technology may have made our lives easier but there is still no substitute for person-to-person communication.

Transparency may have become something of a buzzword in recent years but there can be no doubt that when a company is perceived to be acting openly and without secrets, people will trust it and view it as fair and honest.

On leaving the Signal Room gathering, I found myself reflecting on Athlos Capital’s experience and I came to this conclusion: Trust isn’t always about promising more. Sometimes, it’s simply about hiding less.

Words of Wisdom

“If people like you, they will listen to you. But if people trust you, they will do business with you.” Zig Ziglar

“Trust is the most powerful force in the world.” Stephen Covey

“Earn trust, earn trust, earn trust. Then you can worry about the rest.” Seth Godin

A Question to Ponder, dear friend.

How important to you are transparency and the personal touch when you are dealing with an unknown company?