One of the biggest contributing factors to partnerships and the usage of Ripple’s products is brand trust. An avenue you’re probably yet to consider is the power of the human mind and a level of neuroscience that impacts how a business like Ripple builds trust through more than just talking to their customers.
In a book entitled Brand Seduction - How Neuroscience Can Help Marketers Build Memorable Brands, the author Daryl Weber explains how consumers interpret brands over time, and how receptive they are to trusting brands by the things they do, not by what they say.
Supporting the science, I found a late 2017 study conducted by UK publisher Trinity Mirror. The research revealed that ¹58% of adults in fact don’t trust a brand until they have seen ‘real world proof’ of their product or service.
It’s safe to say we're all consumers, including businesses themselves. An interesting take for me was to flip these consumer learnings on their head and see them through the B2B lens. I’m talking about building business-to-business trust. Trust between Ripple and the financial landscape (customers).
Here’s the thinking:
Like anyone, we don’t go trusting the next person we meet in the street. It takes time, plenty of time. And sometimes more time than others. It takes multiple meaningful interactions with that person before your brain flicks a switch and a familiarity with that person begins to flourish. It takes time before you become completely invested in that person and know that you can get something in return. It’s an exchange, because that’s just how trust works. The decision to trust that person is based on a whether or not your trust will be returned. But not just in words. In actions.
In business, it’s one thing for a brand to say they’re making your life easier and saving you money, but it’s another thing to actually do it. As consumers, we hear and see it everyday. There are brands shouting at us, trying to gain our trust with cringeworthy promises and affirmations - but the brain simply doesn't work that way.
It’s only when a business steps up and shows us a sign of ‘doing’ not ‘talking’ that something clicks; it’s that moment when our brain begins to be receptive to their message and we’re on that journey towards becoming loyal customers. That’s the neuroscience.
Now apply it to Ripple’s relationships with financial services, and you’ll soon begin realise that Ripple are not the ‘cheap talkers’ in the payments industry. They’re the ‘doers’. Here’s how:
Interactions and relationships
Relationship building with clients and prospects are an integral part of Ripple’s success.
Apart from closed-door discussions and communications, conferences and events allow Ripple to show a constant presence amongst customers and give them the ability to network with prospects. They’ll initiate conversations, start new relationships and who knows; the fish they don't catch on the day, could be the bigger fish they catch tomorrow.
It's important to note, conferences are not just about announcements and industry thought leadership. They’re about connecting with C-suite executives, showcasing working products, customer results and ultimately building brand trust.
To give you an indication of the amount of engagement Ripple will make until the year’s end, they’ll be attending ²30 conferences and events globally, including Swift’s Sibos.This year, customers and attendees will hear from likes of Chris Larsen (Co-founder), David Schwartz (CTO), Cory Johnson (CMS) and Dilip Rao (Global Head of Infrastructure Innovation) just to name a few.
On October 1-2, Ripple will also hold their own annual event series - Swell by Ripple. They’ll invite attendees from across the globe to listen and experience more about what products and initiatives Ripple have to offer. If any of you remember Ripple's xRapid demo at Consensus 2018, you’ll know Ripple aren’t shy of demonstrating real working proof of their products - let’s hope for more of the same at this year’s Swell event.
Familiar face
With a multitude of interactions comes familiarity of a brand. Think of Ripple becoming a household name of the banking world, just like Ford is to the average automotive consumer.
To date, Ripple have formed 100 announced partnerships and are affiliated with Central Banks across the globe. They’re also doing their part for the unbanked through their Mojaloop work in countries where financial infrastructure is nonexistent.
On top of this, Ripple run their own initiatives, such as University Blockchain Research Initiative (UBRI). UBRI sees them collaborate with top global universities to support research, technical development and innovation in the blockchain space. Ripple also hold a seat on the Steering Committee/Editorial Board of the Faster Payments Task Force.
When brands become familiar, their message spreads like wildfire. Like consumers, financial services and industry boards will essentially be Ripple’s voice, organically spreading their valued experiences with potential new customers.
Walking the walk
To date, the following indicative number of businesses have experienced the Ripple-effect - real proof of solutions to real business problems.
- 82 companies have piloted xCurrent.
- Over 100 companies utilizing xCurrent.
- 8 companies have piloted xRapid.
- 2 companies utilizing xRapid.
- 8 companies utilizing xVia.
Businesses are seeing frictionless, transparent and lightening-fast cross-border payments with cost-savings of up to 70%. It’s the proof in the pudding that will have prospects begging to jump on the Ripple bandwagon in the future.
(³Numbers are not official. Includes parent companies and subsidiaries.)
The doers
Talk is cheap in the banking industry or any industry for that matter. If you want to build trust, you must be providing “real world proof” that your products and services are benefiting your customers. Period.
Since their early beginnings in 2013, Ripple have been engaging with financial services, showing face and becoming a familiar and respected figure within the FinTech, Blockchain and payments industry.
Through customer pilots and adoption of their products, Ripple have proven themselves time and again. Financial services have built trust in them by benefiting from major cost savings and experiencing money move like information.
Ripple are at the forefront of a shifting payments industry. They’re providing real use cases for real world problems for their customers, and they’re only just getting started.
Sources:
1. Trinitymirrorsolutions.co.uk/insights (Video: When trust falls down)
2. Twitter.com/XrpCenter/status/1036049920803971073?s=09
3. Rppl.info
Book: Brand Seduction - How Neuroscience Can Help Marketers Build Memorable Brands. Author, Daryl Weber.
Credits:
(Twitter) @BankXRP, @XrpCenter and @Hodor7777.
