Audio and visual features reflect digital trust, says AIF

Multisensory cues can impact the way in which consumers engage with financial services

by DASHVEENJIT KAUR / Pics by MUHD AMIN NAHARUL

Nadiah says HR leaders should focus on creating workplaces which combine intelligent technologies and humans working in partnership.

Colour hues and shape symmetry play an important part in influencing trust in online banking and insurance services, said the Asian Institute of Finance (AIF).

In its latest report entitled “Enhancing Digital Trust in Banking and Insurance: A Regional Perspective”, AIF said digital trust is an important factor when it comes to using online financial services.

The study aims to capture the effects of interactions between various sense-perception stimuli in terms of determining online trust in the financial services industry.

AIF CEO Raymond Madden (picture) said the findings of the report are crucial as multisensory cues can impact the way in which consumers perceive, feel and engage with financial services.

“With the increasing digitalisation of the financial services industry and financial technology disruption, building consumer trust has never been more crucial.

“The role interface aesthetics plays in determining trust in the financial services context has not been widely re- searched,” he said during his keynote address at the AIF International Symposium 2017 yesterday.

According to the report, for both banking and insurance services, symmetrical designs are trusted more than asymmetrical designs, while dull colours are trusted more than bright colours.

In terms of soundscapes, customers seem to trust ascending tones more than descending, particularly for the insurance industry.

Low pitch and low volumes tones are also trusted more for an insurance website.

“Over the last couple of decades many financial institutions worldwide have developed their own online platforms and services as more consumers use the Internet,” Madden said.

“No research has been conducted on multisensory influences on online trust in the financial services and this AIF study aims to bridge the gap,” he added.

A total of 2,000 respondents between 29 and 31 years of age took part in the survey.

Madden said the study also indicates that digital customer interaction strategies need to appeal to local and regional tastes and expectations by ta- king these subtle variations into account when designing websites in different countries.

“Financial service institutions need to consider multisensory factors when developing their online presence. Striking the right balance will enhance consumers’ digital trust,” he said.

While the findings of the study indicate similar responses between regional and international samples in terms of digital trust, at a more granular level, he said the differences between countries should not be ignored.

“For example, white is the most trusted colour for banking websites in Indonesia, Malaysia, Singapore and the Philippines. Customers also trust blue designs more than the red designs,” he said.

The report noted customers from Indonesia, Malaysia and the Philippines trusted yellow designs for insurance websites significantly more than any other colour.

Meanwhile, SP Setia Bhd chief human resources (HR) officer Nadiah Tan Abdullah said technology is boosting productivity and improving efficiency without having to impact job security in the company for the future.

“HR leaders should focus on creating workplaces which combine intelligent technologies and humans working in partnership.

“This can start by forming a shared vision with business leaders on how work will be done in the future as more teams of employees work side by side with machines,” she said.