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Financial Services
2017 Edelman Trust Barometer
2017 Edelman Trust Barometer Methodology
2
28-country global data margin of error: General Population +/-0.6% (N=32,200), Informed Public +/- 1.2% (N=6,200), Mass Population +/-0.6% (26,000+). Country-specific data margin of error: General Population +/- 2.9 ( N=1,150), Informed Public +/- 6.9% (N = min 200, varies by country), China and U.S. +/- 4.4% (N=500), Mass Population +/- 3.0 to 3.6 (N =min 740, varies by country), half sample Global General Online Population +/- 0.8 (N=16,100).
Informed Public
9 years in 20+ markets
Represents 13% of total global population
500 respondents in U.S. and China
200 in all other countries
Must meet 4 criteria:
Ages 25-64College educatedIn top 25% of household income per age group in each countryReport significant media consumption |and engagement in business news
General Online Population
6 years in 25+ markets
Ages 18+1,150 respondents per country
All slides show General Online Population unless otherwise noted
17 years of data
33,000+ respondents total
All fieldwork was conducted between October 13th and November 16th, 2016
Online Survey in 28 Countries
Mass Population
All population not including Informed PublicRepresents 87% of total global population
2016: The Inversion of Influence
3
Source: 2017 Edelman Trust Barometer. The Trust Index is an average of a country’s trust in the institutions of government, business, media and NGOs. Informed Public and Mass Population, 28-country global total.
Influence & Authority
Influence
Authority
MassPopulation
85% of population
48 Trust Index
15% of population
60 Trust IndexInformed Public
12pt
Gap
2017: Trust Gap WidensPercent trust in the four institutions of government, business, media and NGOs, 2012 to 2017
4
Source: 2017 Edelman Trust Barometer. The Trust Index is an average of a country’s trust in the institutions of government, business, media and NGOs. Informed Public and Mass Population, 25-country global total.
21pts
19pts
18pts
53
60 60
44
48
45
2012 2016 2017
Informed Public
15pt
Gap
9pt
Gap
A 3-point increase in the last year
12pt
Gap
Largest Gaps
MassPopulation
Average trust in institutions, Informed Public vs. Mass Population
Trust Index
5
Mass Population Left Behind
Source: 2017 Edelman Trust Barometer. The Trust Index is an average of a country’s trust in the institutions of government, business, media and NGOs. Informed Public and Mass Population, 28-country global total.
Trusters (60-100)
Neutrals (50-59)
Distrusters (1-49)
45 Global70 India67 Indonesia62 China59 Singapore59 UAE52 Netherlands50 Colombia50 Mexico47 Brazil47 Canada47 Italy47 Malaysia47 U.S.45 Argentina42 Hong Kong41 S. Africa41 Spain41 Turkey40 Australia39 Germany38 France37 U.K.36 S. Korea36 Sweden35 Ireland34 Japan34 Poland31 Russia
The Mass Population distrusts their institutions in
20 of 28 countries
MassPopulation
InformedPublic
60 Global80 India79 China78 Indonesia77 UAE71 Singapore68 U.S.62 Canada62 Netherlands61 Italy61 Mexico57 Malaysia57 Spain56 France56 U.K.55 Colombia54 Australia54 Germany53 Hong Kong51 Argentina51 Brazil50 S. Korea50 Turkey49 Japan49 S. Africa47 Sweden45 Russia44 Ireland43 Poland
2017: Mass Population Rejects Established Authority
6
Mass population now has influence and authority
Establishment left empty-handed
Influence& Authority
Trust in Crisis
7
How much do you trust each institutionto do what is right?
8
Trust in All Four Institutions DeclinesPercent trust in the four institutions of government, business, media and NGOs, 2016 vs. 2017
9
Source: 2017 Edelman Trust Barometer Q11-620. Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale, where one means that you “do not trust them at all” and nine means that you “trust them a great deal.” (Top 4 Box, Trust) General Population, 28-country global total
55 5348
42
53 52
43 41
Business MediaNGOs Government
Two of four institutions distrusted
Neutral
Trusted
Distrusted
-2 -1 -5 -1
50%
20172016
Trust in Media Plunges to All-Time LowsPercent trust in media, and change from 2016 to 2017
10
Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [MEDIA IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total.GDP 5 = U.S., China, Japan, Germany, U.K.
Y-to-Y Change+−
NeutralDistrust Trust
43 43
2529 31 31 32 32 32 33 33
39 40 40 42 42 42 44 44 45 45 47 47 48 4854 54
65 66 67
Glo
bal 2
8
GDP
5
Turk
ey
Irela
nd
Pola
nd
Russ
ia
Aust
ralia
Japa
n
U.K
.
Fran
ce
Swed
en
S. A
frica
Arge
ntin
a
S. K
orea
Ger
man
y
Hon
g Ko
ng
Mal
aysi
a
Spai
n
UAE
Can
ada
Col
ombi
a
Mex
ico
U.S
.
Braz
il
Italy
Net
herla
nds
Sing
apor
e
Chi
na
Indi
a
Indo
nesi
a
Distrusted in 82% of countries
50%
All-time low in 17 countries
-6-5 -5 -13-5 -6 -3 -2 -5 -3 -5 -15 -10 -10 -11 -6 -2 -1 -8-10-7-3-10+2 -6 -6 +2 +4+30
Trust in Government Further EvaporatesPercent trust in government, and change from 2016 to 2017
11
Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [GOVERNMENT IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total.GDP 5 = U.S., China, Japan, Germany, U.K.
Y-to-Y Change+−
NeutralDistrust Trust
41
47
1520
24 24 25 2528
31 32 32 3336 37 37 37 38 40
43 44 4547
51 51
69 7175 75 76
Glo
bal 2
8
GDP
5
S. A
frica
Pola
nd
Braz
il
Mex
ico
Fran
ce
Spai
n
S. K
orea
Italy
Col
ombi
a
Irela
nd
Arge
ntin
a
U.K
.
Aust
ralia
Japa
n
Mal
aysi
a
Ger
man
y
Hon
g Ko
ng
Can
ada
Russ
ia
Swed
en
U.S
.
Net
herla
nds
Turk
ey
Sing
apor
e
Indo
nesi
a
Indi
a
UAE
Chi
na
50%
-1 -8 -2 -2 -1 -5 -10 -9 -5-8+1 -1 -7 0
Distrusted in 75% of countriesDeclines in 14 countries
+1 -1 +3 +1 +1 0 +7 0 0 +8 +2 +9 +13 +10 -5 -3
Trust in NGOs DeclinesPercent trust in NGOs, and change from 2016 to 2017
12
Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [NGOs IN GENERAL] Below is a list of institutions. For each one, pleaseindicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total.GDP 5 = U.S., China, Japan, Germany, U.K.
Y-to-Y Change+−
NeutralDistrust Trust
5347
21 23
31
3943
46 46 4852 53 54 55 56 58 58 58 59 59 59 60 60 60 61 61
64 64
71 71
Glo
bal 2
8
GDP
5
Russ
ia
Swed
en
Japa
n
Ger
man
y
Irela
nd
Net
herla
nds
U.K
.
Pola
nd
Aust
ralia
Turk
ey
Fran
ce
UAE
S. K
orea
Mal
aysi
a
S. A
frica
U.S
.
Can
ada
Hon
g Ko
ng Italy
Braz
il
Col
ombi
a
Spai
n
Chi
na
Sing
apor
e
Arge
ntin
a
Indo
nesi
a
Indi
a
Mex
ico
50%
-2 -2 -3 -2 -1-6 -3 -4
Distrusted 8 countriesDeclines in 21 countries
-6 +10 0 +7 -3-4 -3 -3 -6 -2 -5 -2 -2 -4 +2 +1 -2 -3 -10 -6 +7
NGOs less trusted than business in 11 countries
Business on the Brink of DistrustPercent trust in business, and change from 2016 to 2017
13
Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [BUSINESS IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total.GDP 5 = U.S., China, Japan, Germany, U.K.
Y-to-Y Change+−
NeutralDistrust Trust
52 51
2934
39 40 41 41 43 43 45 45 46 46 48 50 5055 56 56 58 58
60 6164 64
67 67
74 76
Glo
bal 2
8
GDP
5
S. K
orea
Hon
g Ko
ng
Russ
ia
Pola
nd
Irela
nd
Japa
n
Ger
man
y
Turk
ey
Arge
ntin
a
U.K
.
Spai
n
Swed
en
Aust
ralia
Fran
ce
Can
ada
Italy
Mal
aysi
a
S. A
frica
Sing
apor
e
U.S
.
Net
herla
nds
Braz
il
Col
ombi
a
UAE
Chi
na
Mex
ico
Indi
a
Indo
nesi
a
50%
-2 -4 -3-2
Distrusted 13 countriesDeclines in 18 countries
-4 -5 -2 -9 -1 -2 +7 -6 -3 +5+1 +1 +2 +1 +1 0 +4 -6 -2 -2 -4 -2 +4 -3 +5-9
All-time Low for CEO CredibilityPercent rate CEOs as extremely/very credible, 2016 vs. 2017
14
Source: 2017 Edelman. Trust Barometer Q130-747 Below is a list of people. In general, when forming an opinion of a company, if you heard information about a company from each person, how credible would the information be—extremely credible, very credible, somewhat credible, or not credible at all? (Top 2 Box, Very/Extremely Credible) General Population, 28-country global total, question asked of half the sample. GDP 5 = U.S., China, Japan, Germany, U.K.
Y-to-Y Change+−
NeutralDistrust Trust
37
1823 23 24 25 26 27 27 27 28 28 28
3134 36 38 40 40 42 43 44
48 4851 52
5561
70
Glo
bal
28-C
ount
ry
Japa
n
Fran
ce
Pola
nd
S. K
orea
Can
ada
Aust
ralia
Hon
g Ko
ng
Irela
nd
Net
herla
nds
Ger
man
y
Italy
U.K
.
Swed
en
Russ
ia
Sing
apor
e
U.S
.
Mal
aysi
a
Spai
n
Arge
ntin
a
Turk
ey
Chi
na
Braz
il
Col
ombi
a
Indo
nesi
a
S. A
frica
UAE
Mex
ico
Indi
a
50%
-12 -11 -12-19
CEOs not credible in 23 countriesDeclines in all 28 countries
-7 -9 -12 -16 -7 -10 -16 -15-15 -14 -5 -16 -10 -6 -8-13-12-11 -13-12 -15-17 -16-10 -12
United Nations Most Trusted Multinational InstitutionPercent trust in the three multinational institutions of the European Union, United Nations and International Monetary Fund
15
Source: 2017 Edelman Trust Barometer. Q11-620. Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale, where one means that you “do not trust them at all” and nine means that you “trust them a great deal.” (Top 4 Box, Trust) Informed Public and General Population, 28-country global total.*The European Union is only asked of 11 European Countries.
NeutralDistrust Trust
Informed Public
General Population
51
69
60
39
57
46
European Union* United Nations International Monetary Fund
EU distrusted in all 11 countries surveyed among general population
IMF distrusted in 17 of 28 countries surveyed among
general population
Percent trust in the four institutions of government, business, media and NGOs, pre-election, morning after, and post-election, 2017
Trust Volatility in the United States
16
Source: 2017 Edelman Trust Barometer Q11-620. Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale, where one means that you “do not trust them at all” and nine means that you “trust them a great deal.” (Top 4 Box, Trust) General Population, United States. “Pre-election” and “Post-election” audiences refer to the 2017 Edelman Trust Barometer U.S. sample; the “Supplementary Survey” audience refers to the 2017 Edelman Trust Barometer U.S. Post-Election Supplementary survey.
Pre-Election Optimism Followed by Plunging Trust
6057
48 4853
57
43 4346 47
3033
Business MediaNGOs Government
Two of four institutions distrusted
Neutral
Trusted
Distrusted
50%
Pre-electionOct. 13 – Nov. 8, (n=800)
Post-electionNov. 9 – Nov. 16, (n=350)
Supplementary SurveyNov. 28 – Dec. 11
The SystemIs Broken
17
Without Trust, Belief in the System Fails
Majority Believe the System is Failing Them
19
Source: 2017 Edelman Trust Barometer Q672-675, 678-680, 688-690. For details on how the “system failing” measure was calculated, please refer to the Technical Appendix.
How true is this for you?
Sense of injustice Lack of hope Lack of confidence Desire for change
53
32
15
Not at all true
9 8 7 6 5 4 3 2 1
1 in 3 are uncertain
Completely true
System failing System workingApproximately
20
Source: 2017 Edelman Trust Barometer S8. Thinking about your annual household income in 2015, which of the following categories best describes your total household income that year? S7. What is the last grade in school you completed? S9. How often do you follow public policy matters in the news? S10. How often do you follow business news and information? General Population, 28-country global total, cut by ‘system failing’ measure. For details on how the “system failing” measure was calculated, please refer to the Technical Appendix.
Even Those at the Top Are DisillusionedPercent who believe the system is not working
High-Income College-Educated Well-Informed
Top quartile of income College degree or higher Follow business and public policy information several times a week or more
48% 49% 51%
State of Trust in Financial Services
21
Percentage point change in trust in each industry sector, 2012-2017
Sector Trends
22
Source: 2017 Edelman Trust Barometer. Q45-429. Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) General Population, 25-country global total.
Trust in Financial Services Increasing Faster Than Other Sectors
Consumer Packaged Goods
6
Energy
9 11
Telecommunications
5
Food & Beverage
3
Financial Services
Lower Trust
Financial Services Sector Least TrustedPercent who trust each industry
23
Source: 2017 Edelman Trust Barometer Q45-429. Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) General Population, 28-country global total.
54
61
63
66
76
HigherTrust
Financial Services
Energy
Consumer Packaged Goods
Food &Beverage
Technology
Financial Services Trustedin 2 of 5 Financial CentersPercent trust in the financial services sector, 2016 vs. 2017
24
Source: 2017 Edelman Trust Barometer. Q45-429. Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) General Population, 28-country global total.GDP 5 = U.S., China, Japan, Germany, U.K.
Y-to-Y Change+−
NeutralDistrust Trust
54 53
35
45
5560
65
Global 28 GDP 5 Germany U.K. Hong Kong U.S. Singapore
50%
+1+3 +4 +1 +6
Germany U.K. Hong Kong U.S. Singapore
Trust Gap in Financial Services Sector Grows in 2017Percent trust in business vs. trust in the financial services sector, 2012 to 2017
25
Source: 2017 Edelman Trust Barometer. Q11-620. Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale, where one means that you “do not trust them at all” and nine means that you “trust them a great deal.” (Top 4 Box, Trust) Q45-429. Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust). General Population and Informed Public, 25-country global total.
43
4748 48
5154
4850 51 52
56
62
2012 2013 2014 2015 2016 2017
Financial ServicesBusiness
4750 49 49
53 5254
58 5856
62 63
2012 2013 2014 2015 2016 2017
11pt gap 8pt gap
Informed Public
General Population
Not Gaining GroundTrust in financial services and sub-sectors, 2016 vs 2017
Financial Services Sub-Sectors
26
Source: 2017 Edelman Trust Barometer. Q45-429. Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Q61A-65A. Now thinking about specific sectors within the financial services industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust), question asked of one-fifth of the sample. General Population, 28-country global total. *Asked as Mobile Banking/e-payments in 2016.
52
59 4852
49
63
5460 43
5350
59
FinancialServices
Credit Cards/Payments
Banks Insurance Financial Advisory/Asset Management
Mobile Wallet/E-Payments
Neutral
Trusted
Distrusted
50%
20172016
Lack of Faith in Global Financial Services System
27
Source: 2017 Edelman Trust Barometer. Q658. For the statement below, please indicate how much you agree or disagree. (All respondents except Top 4 Box, Agree), question asked of one-fifth of the sample. General Population, 28-country global total, and cut by “system failing” respondents.
53%do not agree that financial market reforms have increased economic stability
63%do not agree that financial market reforms have increased economic stability
Among those who think the system is broken
Support For Policies May Limit Financial Services Sector Growth
28
Source: 2017 Edelman. Trust Barometer Q709-718 For each of the statements below, please indicate how much you agree or disagree.(Top 4 Box, Agree) General Population, 28-country global total.
Nearly 1in2 agree 69% agree 72% agree
Protectionism Slower Growth
“The government should protect our jobs and local industries, even if it means that our economy grows more slowly.”
“We need to prioritize the interests of our country over those of the rest of the world.”
“We should not enter into free trade agreements because they hurt our country’s workers.”
Protectionism
Fears Fuel the Fire
29
Distrust Creating Cycle of Fear
30
Systemic Distrust and Fear Trigger Action
31
Source: 2017 Edelman Trust Barometer. Corruption Q685-687, Globalization Q681-684, Eroding social values Q676 and Q758, Immigration Q685, Pace of innovation Q677. System is failing: Q672-675, 678-680, 688-690. For details on how the societal fears and the “system failing” measure were calculated, please refer to the Technical Appendix. The margin of error for the countries scores was added and subtracted from the global mean. Countries were considered above the global average if their score was higher than the global mean plus the margin of error.
Corruption • • • • • • • • • • •Immigration • • • • • • • • • •Globalization • • • • • • • • • •Eroding social values • • • • • • • • • • • • • •Pace of change • • • • • • • • •% Who agree system is failing 53 72 72 67 67 67 64 62 62 62 60 59 59 57 56 55 55 53 52 51 48 48 42 42 36 35 30 23 19
Glo
bal
Fran
ce
Italy
Mex
ico
S. A
frica
Spai
n
Pola
nd
Braz
il
Colo
mbi
a
Ger
man
y
U.K.
Aust
ralia
Irela
nd
U.S.
Neth
erla
n dsCa
nada
Swed
en
Arge
ntin
a
Mal
aysi
a
Turk
ey
Russ
ia
S. K
orea
Indo
nesi
a
Japa
n
Indi
aHo
ng
Kong
Sing
apor
e
Chin
a
UAE
10 countries with above-average belief the system is failing and multiple fears
4 countries with above-average belief the system is failing – but lack multiple fears
Above-Average Level of Fear
Above-Average Belief the System is Failing
Countries with Multiple Fears and Failing System
A Case in Point: U.S.Trust Barometer Supplement: Post-U.S. Election Flash Poll, 1,000+ General Population Respondents, Nov. 28 to Dec. 11, 2016
32
Source: 2017 Edelman Trust U.S. Flash Poll Q14. Who did you vote for? Audience: U.S. General Population, grouped by “system failing” segments and level of fear from the Trust Barometer. For details on how systemic distrust and societal fears were measured, please refer to the Technical Appendix. Respondents were labeled as “fearful” if they were fearful of at least one of the following societal issues: corruption, immigration, globalization, eroding social values, and pace of innovation.
System Failingand Fearful Fearful
11
34
Trump Voters Clinton Voters
25
42
67% are fearful
45% are fearful
A Case in Point: U.K.Trust Barometer Supplement: UK Supplement, 1,150 General Population Respondents, December 23, 2016 to January, 7 2017
33
Source: 2017 UK Trust Supplement Q15. Did you vote…? Audience: UK General Population, grouped by ‘system failing’ segments and level of fear from the Trust Barometer. For details on how the societal fears and the “system failing” measure were calculated, please refer to the Technical Appendix. Respondents were labeled as ‘fearful’ if they were fearful of at least one of the following societal issues: corruption, immigration, globalization, eroding social values, and pace of innovation.
System Failingand Fearful Fearful
1134
Leavethe EU
Remainin the EU
10
44
54% are fearful
27% are fearful
Concerns Leading to Fears for Financial ServicesPercent of respondents who are concerned or fearful regarding each issue
34
Source: 2017 Edelman Trust Barometer. Corruption Q685-687, Globalization Q681-684, Eroding social values Q676 and Q758, Immigration Q685, Pace of innovation Q677.For details on how the societal fears were measured, please refer to the Technical Appendix.
69% Concerned40% Fearful
55% Concerned28% Fearful
56% Concerned25% Fearful
62% Concerned27% Fearful
51% Concerned22% Fearful
Corruption ImmigrationEroding
Social ValuesGlobalizationPace of
Innovation
Sanctions levied by DOJ and SEC in 2016 reached
record level of $2.43 billion
Unaccountable global money movement
Cheaper labor yields lower earning potential
Less access to qualified talent
Sales pressure outweighing
customer needs
Rocking thecash-based economy
Privacy concerns
Financial Services Must Actively Build Trust
35
36
Source: 2017 Edelman Trust Barometer, Financial Services
Do Things Differently
Enforce Radical Transparency
Communicate with a Human Voice
1Use Two-Way Communication
2Solve Real Problems with Tech
3 4
Peers Now as Credible as ExpertsPercent who rate each spokesperson as extremely/very credible, and change from 2016 to 2017
37
Source: 2017 Edelman. Trust Barometer Q130-747 Below is a list of people. In general, when forming an opinion of a company, if you heard information about a company from each person, how credible would the information be—extremely credible, very credible, somewhat credible, or not credible at all? (Top 2 Box, Very/Extremely Credible) General Population, 28-country global total, question asked of half the sample.
1 Human Voice
“People in this country have had enough of experts.”– Michael Gove,
Member of Parliament, U.K.1
60 60 60
48 46 4337 35
29A
pers
on lik
e yo
urse
lf
Tech
nica
l exp
ert
Acad
emic
expe
rt
Empl
oyee
Fina
ncia
l in
dust
ry a
nalys
t
NGO
re
pres
enta
tive
CEO
Boar
d of
di
rect
ors
Gov
ernm
ent
offic
ial/
regu
lato
r
CEO credibility decreased the most, dropping to an all-time low
A person like yourself now tied for most credible spokesperson
-3 -7 -5 -4 -7 -5 -12 -10 -6
1720 21
2426
2121 22 23
31
2623
53
38 3733 32
3028 29 29
2522
29
16
22 22 2123 22
9 911 11
13 14
Employees Most CredibleMost trusted spokesperson to communicate each topic
38
Source: 2017 Edelman Trust Barometer Q610. Who do you trust MOST to provide you with credible and honest information about a company's financial earnings and operational performance, and top leadership’s accomplishments? Q611. A company’s business practices, both positive and negative, and its handling of a crisis? Q612. A company’s employee programs, benefits and working conditions, and how a company serves its customers and prioritizes customer needs ahead of company profits? Q613. A company’s partnerships with NGOs and effort to address societal issues, including those to positively impact the local community? Q614. A company’s innovation efforts and new product development? Q615. A company’s stand on issues related to the industry in which it operates? General Population, 28-country global total, question asked of one-quarter of the sample.
1 Human Voice
Company CEO
Senior executive
Employee
Activist consumer
Academic
Media spokesperson
Partnerships/programs to address societal issues
Business practices/crisis handling
Financial earnings & operational performance
Innovation effortsTreatment of employees/customers
Views on industry issues
Talk With, Not AtWhich is more believable?
39
Source: 2017 Edelman Trust Barometer Q754. You are about to see a series of two choices. Each choice describes a different source of information, a different format for presenting information, or a different style of communicating information. For each pair, we want you to choose the one that you are more likely to believe is giving you the truth. While we know that some of these choices may not be easy, please do your best to select only one of the two options given-the one that is most likely to be true most often. General Population, 28-country global total, choices shown to half the sample.
2 Two-Way Communication
51% Personal experience
49% Data
62% Company’ssocial media
38% Advertising
40
Source: 2017 Edelman Trust Barometer Q754. You are about to see a series of two choices. Each choice describes a different source of information, a different format for presenting information, or a different style of communicating information. For each pair, we want you to choose the one that you are more likely to believe is giving you the truth. While we know that some of these choices may not be easy, please do your best to select only one of the two options given--the one that is most likely to be true most often. General Population, 28-country global total, choices shown to half the sample.
Official Sources Are SuspectPercent who find each source more believable than its pair 2 Two-Way
Communication
55% Individuals
45% Institutions
71% Reformer
29% Preserver ofStatus Quo
64% Leaked Information
36% Company PressStatements
Innovation Most Desired Across Product SetsPercent who feel each financial product/service is most in need of innovation or new ideas
41
Source: 2017 Edelman Trust Barometer. Q659. Which of the following types of financial products or services do you feel is most in need of innovation or new ideas? Question asked of one-fifth of the sample. General Population, 28-country global total.
31% 18% 24% 45% 45% 10%
Loans to support the purchase of
a home
Personal insurance products
Lending and loan services
in general
Education financing
Financial support for small
businesses
Not sure/don't know
3 Technology
Blockchain has Widest Trust Gap Among Tech SubsectorsPercent trust in various technology industry sub-sectors, informed public vs. general population
42
Source: 2017 Edelman Trust Barometer. Q63E-71E. Now thinking about specific sectors within the technology industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust), question asked of one-fifth of the sample. General Population and Informed Public, 28-country global total
3 Technology
64%70% 67%
72%
49%
60%54%
63%
Blockchain Internet of Things Cloud Mobile/Telecom
Informed Public
General Population
Transparency Builds Trust for Automated Investment AdvicePercent who think each are most likely to increase trust in automated investment advice that might be received from a web site or mobile app
43
Source: 2017 Edelman Trust Barometer. Q660. Which of the following are most likely to increase your trust in automated investment advice that you might receive from a web site or mobile app? Question asked of one-fifth of the sample. General Population, 28-country global total.
4 RadicalTransparency
36%
Easy access to customer
service online or by phone
40%
Simple, clear explanations of the investment
recommendations
50%
Simple, clear explanations of
any costs
13%
Not sure/don't know
Better-than-average
results for my investments
28%
Importance vs. performance of behavior in building trust in a financial services company
Trust-Building Behaviors
44
Source: 2017 Edelman Trust Barometer. Q336-657. How important is each of the following behaviors to building your TRUST in a company? Use a 9-point scale where one means that behavior is “not at all important to building your trust” and nine means it is “extremely important to building your trust” in a company. (Top 4 Box, Importance) Q344B-344M. How well do you think the financial services industry is performing on the behaviors listed below. Use a 9-point scale where one means they are “performing extremely poorly” and nine means they are “performing extremely well”. (Top 4 Box, Performing), question asked of one-fifth of the sample. General Population, 28-country global total.
Contributing to Greater Good Critical for Financial Services
Beha
vior
sAc
tions
Protects Consumer
Data85 / 69
Contributes to the
Greater Good83 / 61
Develops Innovations with Positive Impact on
My Life and World 82 / 63
Leadership Effectively Represents Interests
of all Stakeholders 81 / 61
16221920
4 RadicalTransparency
Data Security & Privacy
Social Purpose
Smart Technology Investment
Solve Customer Pain Points
Importance / Performance
Gap
Thank You
Financial Services
2017 Edelman Trust Barometer
