Banks Rank as Most Trusted Subsector
within Financial Services
After years of skepticism and distrust in wake of the 2008 financial crisis, the global banking industry has clawed its way back
to earn the trust of customers and employees.
That is one of the main conclusions from the 2024 Edelman Trust Barometer Supplemental Report: Insights for Financial Services that examines what people think about the companies they rely on, work for, and entrust with their money. The new report is a supplement to the 2024 Edelman Trust Barometer that surveyed more than 32,000 people in 28 countries.
The findings provide financial services companies with a valuable lens into the perceptions of the broad population. Although there are certainly bright spots, they also indicate that the industry can do more to communicate its value as a trusted advisor. Please click here to view press release.
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Employees of financial services trust their employer more than most other sectors
Although financial services is trusted less than many other sectors, employees of financial services companies are the second most trusting of their employer across industry sectors.
1. Showcase the data
Financial services companies sit on enormous stockpiles of data that can be used to provide real-time knowledge about the economy, sustainability, and personal wealth. Use that data to back up your unique point of view. Such data are often confined to individual silos within an organization, inhibiting their value.
2. Provide trustworthy content
Owned content and social content currently sit in the distrusted category for respondents. That sentiment changes, however, when respondents are asked about the owned and social media from companies and individuals they trust. With financial services now sitting in the trusted category, this is an opportunity for companies to advance their content strategies.
3. Look to employee base
The survey consistently finds that employees of financial services companies are among the most trusting of their employers. Consider using them as brand ambassadors. Fresh buzz about the company from the people who work there can also help attract the best talent.
4. Lead the way to change
As the most trusted institution, business has the power and responsibility to lead. That means leaders can take a stand on issues that are important to their company and workforce. By partnering with institutions that currently aren’t trusted – such as government – CEOs can drive global change.
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