KQ Article

We constantly hear it these days, from customer experience and branding specialists alike. All businesses must demonstrate transparency to earn consumer loyalty and remain on top, they say. Banks and credit unions are often the exclusive subject of such discussions.

But what does this term really mean? How and why did transparency become so important?

The term first gained prominence at the institutional level, thanks to companies like Enron and WorldCom fleecing shareholders out of billions. After the jig was up, people got fed up and demanded far more transparent accounting from public companies, culminating in the 2002 Sarbanes-Oxley Act. Transparency soon became an institutional requirement for privately held businesses as well.

Years later, the global financial crisis would severely erode the public’s trust in corporations, especially those in the financial sector. Consequently, transparency became a requirement at the individual level. Consumers today demand a full view. They want to know not only what you offer, but why and how you offer it.

They want to understand the logic behind your processes, and they want to see into the lives of the people who work for you.

Take IZEA as an extreme example. This next-generation social services company actually posts videos of its office parties on its corporate website, along with employee “confessionals” and other candid content. Bizarre? Maybe. But such content seems to get at the heart of what makes IZEA tick, and it’s having a positive impact on customer satisfaction.

Consumers want to know your story — the real one. Now is the perfect opportunity for you to tell that story once again.

This time, don’t be afraid to share the philosophy behind your way of doing business, including both the pros and the cons of your approach. Encourage employees to reveal their true personalities. Be honest. Be transparent. Discover for yourself that there is really nothing to hide.

Before they feel comfortable giving you their business, consumers today require a complete understanding of your philosophy, your policies and your people.

Our Point of View

1. Experiences should be rooted in your story.
2. Experiences should explore and celebrate customer values.
3. Experiences should be purposeful and inspire the heart.
4. Experiences must be meaningfully measured.
5. Experiences live or die by stewardship.