Business Irish

Tuesday 16 January 2018

Volkswagen is most trusted brand but banks battle to win back our confidence

Motoring is a key driver of the recovery, according to economist Jim Power
Motoring is a key driver of the recovery, according to economist Jim Power
Google's Dublin headquarters
SuperValu posts record retail sales. Pictured is the Supervalu store on Main St, Ballymun
John Mulligan

John Mulligan

Volkswagen is now the country's most-trusted brand while banking remains Ireland's least-trusted sector among the public, according to a new study.

Despite Ryanair's major customer charm offensive in recent months, it still has a lot of work to do to regain public affection. Of the brands surveyed for the report, it's the least-loved in Ireland.

The study measured the reputations of 100 organisations in Ireland among over 4,700 members of the public.

Retailer SuperValu, which is controlled by the Cork-based Musgrave group, was ranked in second place, with An Post in third, Google in fourth and chemist chain Boots nabbing the fifth spot.

It's the second year that a motor brand has taken the top spot.

Even though the financial sector received the cold shoulder from respondents, the Irish League of Credit Unions received an award for having the best reputation in the financial services category.

That's despite the long-running and well-publicised difficulties in the credit union sector. A report last week from the Central Bank said that a large number of the country's credit unions have lax lending rules and poor governance.

The RepTrak study undertaken by the Reputations Agency also showed that the food manufacturing sector has replaced the motor industry as the most trusted in Ireland.

"For the public, actions speak louder than words and an organisation needs to ensure stakeholders understand that the company is addressing issues that are pertinent to them as customers, be it good corporate citizenship or being ethical and transparent in the way it does business," said Niamh Boyle, the managing director of the Reputations Agency.

She said that notwithstanding the strong reputation the Irish League of Credit Unions has among the public, the banking sector still had a lot to do to regain trust.

AIB moved from the lowest-ranked brand in Ireland last year, at number 100, to 96 this year.

The survey noted that products and services, governance and citizenship continue to be the most important drivers for an organisation's reputation.

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