2013 Edelman Trust Barometer: Global Financial Services Industry
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2013 Edelman Trust Barometer: Global Financial Services Industry

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Five years since the start of the global economic meltdown, financial services remains the least trusted sector worldwide, with just 46 percent of respondents identified as a “truster.” Although ...

Five years since the start of the global economic meltdown, financial services remains the least trusted sector worldwide, with just 46 percent of respondents identified as a “truster.” Although trust in the financial services industry has climbed back to pre-crisis levels, there is still a long path ahead.

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  • Composite score is an average of a country’s trust in all four institutions. Informed Publics ages 25-64 in 20 country global total (excludes Argentina, Hong Kong, Malaysia, Singapore, Turkey and UAE) and across 25 countries
  • Composite score is an average of a country’s trust in all four institutions. Informed Publics ages 25-64 in 20 country global total (excludes Argentina, Hong Kong, Malaysia, Singapore, Turkey and UAE) and across 25 countries; General population in 25- country global total (excludes Turkey) and across 25 countries
  • …Content: We looked at the credibility of a spokesperson aligned against content. We see 63% believability for employees to talk about a company’s benefits and conditions. The CEO is most credible when discussing financial earnings at 34%, and an Activist/Consumer plays a role as the company is seen putting customers ahead of profits at 44%. Believability is paramount. While academics have always occupied the top spot, when we go into this background, interestingly, we don’t see them owning any particular topics. Credibility of spokespeople is not universal, but rather is variable based on what they’re saying.

2013 Edelman Trust Barometer: Global Financial Services Industry 2013 Edelman Trust Barometer: Global Financial Services Industry Presentation Transcript

  • FINANCIAL SERVICES INDUSTRY FINDINGS
  • GLOBALEDELMANS 13TH ANNUAL SURVEY, LARGEST GLOBAL EXPLORATION OF TRUST INFORMED ONLINE SURVEY PUBLICS IN 26 COUNTRIES • 500 respondents in U.S. and • 31,000+ respondents China & 200 in other • 5 years in 20+ markets countries • 8 years in 10+ markets • Ages 25-64 • College-educated GENERAL • In top 25% of household POPULATION income per age group in each country • 1000 respondents per country surveyed • Report significant media consumption and • Ages 18+ engagement in business • 2 years of data news and public policy • 13 years of data 2
  • FINANCIAL SERVICES INDUSTRY Trust in IndustriesComparison Trust in Financial Services Industries Sectors Trust in the Financial Services Industry – Over Time Trust in the Financial Services Industry by Region Trust in the Financial Services Industry by CountryIndustry Global Trust in the Financial Services Industry (2012 vs. 2013)Bird’s Eye View Trust in the Financial Services Industry & Trust in Business – Barometer Trust in the Financial Services Industry vs. Trust in 15 CompaniesTrusters and Financial Services Industry Trusters vs. DistrustersDistrusters Credible Spokespeople Trusted Sources of InformationTrust Building Business Trust Attributes 2012 Financial Services Industry Trust AttributesFinancial Banking and Financial Services Industry Deep DiveServices/BankingDeep Dive3
  • STATE OF TRUST
  • EDELMAN’S TRUST INDEX: AFTER A YEAR OF HIGH DISTRUST IN 2012, SHIFT BACK TO NEUTRAL IN 2013 2011 2012 2013 Big Changes from 2008 GLOBAL 55 GLOBAL 51 GLOBAL 57 Brazil 80 China 76 China 80 Germany +19 UAE 68 Singapore 76 UAE 78 China +18 Singapore 67 India 71 Canada +14 TRUSTERS Indonesia 74 India 65 Mexico 68 India +11 China 73 Indonesia 63 Hong Kong 67 Netherlands 73 UAE 66 Mexico 63 Mexico 69 Netherlands 61 Malaysia 64 Singapore 67 Hong Kong 61 Canada 62 Argentina 62 Canada 58 Indonesia 62 Big Changes India 56 Malaysia 57 U.S. 59 from 2012 Italy 56 Italy 56 Netherlands 59 Argentina 54 Brazil 55 Germany +16 Canada 55 Germany 55NEUTRAL South Korea 53 Australia 53 France +14 Brazil 51 France 54 UK +12 Sweden 52 Sweden 54 Sweden 49 US +10 Japan 51 UK 53 U.S. 49 Australia 51 Italy 51 South Korea 44 Spain 51 Australia 50 Poland 44 France 50 Poland 48 U.K. 41 S. Korea 47DISTRUSTERS Poland 49 Ireland 41 Ireland 46 Germany 44 France 40 Argentina 45 U.S. 42 Germany 39 Spain 42 U.K. 40 Spain 37 Turkey 42 Russia 40 Japan 34 Japan 41 Ireland 39 Russia 32 Russia 36 5 Composite score is an average of a country’s trust in all four institutions. Informed Publics ages 25-64 in 20-country global total
  • LOWER TRUST AMONG GENERAL POPULATION THAN INFORMED PUBLICS 2013 GENERAL PUBLIC 2013 INFORMED PUBLIC GLOBAL 48 GLOBAL 57 China 70 China 80 India 64 General Singapore 76 TRUSTERS UAE 63 Population India 71 Singapore 63 Mexico 68 9 points lower Hong Kong 67 Indonesia 61 Malaysia 61 than Informed UAE 66 Mexico 59 Publics Malaysia 64 Hong Kong 54 Canada 62 NEUTRAL Canada 52 Indonesia 62 Brazil 51 U.S. 59 Netherlands 50 Netherlands 59 Argentina 48 Brazil 55 U.S. 45 Germany 55 Germany 44 France 54 UK 43 Sweden 54 S. Korea 43 Largest Differences between UK 53 General & Informed Publics Italy 51 DISTRUSTERS Turkey 43 France 41 Australia 50 Italy 40 Poland, US, Sweden: - 14 points Poland 48 Sweden 40 S. Korea 47 Australia 39 Singapore, Ireland, Hong Ireland 46 Spain 37 Kong, France: - 13 points Argentina 45 Japan 35 Spain 42 Poland 34 Turkey 42 Ireland 33 Japan 41 Russia 30 Russia 366 Composite score is an average of a country’s trust in all four institutions. General population and Informed Publics ages 25-64 in 26 country global total and across 26 countries
  • TRUST ON THE RISE ACROSS INSTITUTIONS, BUT WEAK INTENSITY PERSISTSTRUST IN INSTITUTIONS TRUST A GREAT DEAL Trust Total: 58% Trust Total: 53% Trust Total: 48% Trust Total: 43% GOVERNMENT 12% 16% 14% 17% BUSINESS 2012 2013 2012 2013 Trust Total: 63% Trust Total: 57% Trust Total: 58% Trust Total: 52% 19% 22% 17% MEDIA 15% NGOS 2012 2013 2012 2013 Q11-14. [TRACKING] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 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 2 Box, Trust a great deal and Top 4 Box, Trust) Informed Publics ages 25-647 in 20-country global total
  • STATE OF TRUST IN FINANCIAL SERVICES
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  • WHEN LOOKING AT SECTORS, BANKS ARE MOST TRUSTED GLOBALLY, WHILE FINANCIAL ADVISORY IS LEAST TRUSTED IN THE U.S., INSURANCE SECTOR IS MOST TRUSTED; CREDIT CARDS LEAST TRUSTED 50% 49% 46% 45% 43%Financial Services Industry Banks Credit Cards/Payments Insurance Financial Advisory 16 Q61A-64A. [SPLIT SAMPLE] 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”. General Population in 26 -country global total
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  • HOW CAN YOU BUILD TRUST?
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  • TRUST MANAGEMENT: 16 TRUST BUILDING ATTRIBUTES HAVE BEEN GROUPED INTO 5 PERFORMANCE CLUSTERS ENGAGEMENT LISTENS TO CUSTOMER NEEDS AND FEEDBACK TREATS EMPLOYEES WELL PLACES CUSTOMERS AHEAD OF PROFITS COMMUNICATES FREQUENTLY AND HONESTLY ON THE STATE OF ITS BUSINESSEdelman Trust Barometer INTEGRITYresearch reveals 16 SPECIFIC HAS ETHICAL BUSINESS PRACTICESATTRIBUTES which build trust. TAKES RESPONSIBLE ACTIONS TO ADDRESS AN ISSUE OR CRISIS HAS TRANSPARENT AND OPEN BUSINESS PRACTICESThese can be grouped into PRODUCTS & SERVICES OFFERS HIGH QUALITY PRODUCTS OR SERVICESFIVE PERFORMANCE CLUSTERS IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEASlisted here in rank order ofimportance. PURPOSE WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT ADDRESSES SOCIETY’S NEEDS IN ITS EVERYDAY BUSINESS CREATES PROGRAMS THAT POSITIVELY IMPACT THE LOCAL COMMUNITY PARTNERS WITH NGOs, GOVERNMENT AND 3RD PARTIES TO ADDRESS SOCIETAL NEEDS OPERATIONS HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP RANKS ON A GLOBAL LIST OF TOP COMPANIES 21 DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS
  • RANKING THE TRUST BUILDING ATTRIBUTES FOR FINANCIAL SERVICESFINANCIAL SERVICES INDUSTRY IMPORTANCE OF TRUST BUILDING ATTRIBUTES LISTENS TO CUSTOMER NEEDS AND FEEDBACK 67% TAKES RESPONSIBLE ACTIONS TO ADDRESS ISSUE/CRISIS 65% PLACES CUSTOMERS AHEAD OF PROFITS 64% HAS TRANSPARENT AND OPEN BUSINESS PRACTICES 64% OFFERS HIGH QUALITY PRODUCTS OR SERVICES 63% HAS ETHICAL BUSINESS PRACTICES 63% COMMUNICATES FREQUENTLY & HONESTLY ON STATE OF ITS BUSINESS 62% TREATS EMPLOYEES WELL 59% ADDRESSES SOCIETYS NEEDS IN ITS EVERYDAY BUSINESS 54% DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS 49% CREATES PROGRAMS THAT POSITIVELY IMPACT THE LOCAL COMMUNITY IN WHICH THE COMPANY OPERATES 49% WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT 48% HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP 45% IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEAS 45%RANKS ON A GLOBAL LIST OF TOP COMPANIES, SUCH AS BEST COMPANIES TO WORK FOR OR MOST ADMIRED COMPANIES 42% PARTNERS WITH NGOS, GOVERNMENT AND THIRD PARTIES TO ADDRESS SOCIETAL ISSUES 39% Q70-85/Q86-101. Please think about businesses in the Financial Services Industry. How important is each of the following actions to building your trust in businesses in the Financial Services Industry? Please use a nine-point scale where one means that action is not at all important to building your trust and nine means it is extremely important to building your22 trust. [Top 2 Box, Trust - Very Important (8-9)], General Population, Global 25-Country Total (Excludes Don’t Know) *Data used here is from the 2012 Trust Barometer
  • BUT TRUST IN SPOKESPERSON VARIES BY SITUATION/MESSAGE Passionate or Who is Trusted MOST to provide you with Company’s Company’s Media Activist Academic credible and honest information about: CEO Employee Spokesperson Consumer A company’s employee programs, benefits & working conditions 21% 63% 16% 13% 11%ENGAGEMENT How a company serves its customers and prioritizes customer needs ahead of company profits 19% 30% 44% 16% 15% INTEGRITY A company’s situation in a time of crisis 30% 35% 18% 22% 23% PRODUCTS A company’s innovation efforts and new product development 31% 31% 27% 25% 13% How a company uses its resources and influence to support the environment 21% 26% 34% 27% 13% PURPOSE How a company supports programs that positively impact the local community 22% 27% 35% 20% 23% Partnerships with NGO’s and effort to address societal issues 25% 20% 25% 23% 15% A company’s financial earnings & operational performance 34% 27% 23% 23% 12%OPERATIONS A company’s business practices, both positive & negative 23% 36% 29% 21% 15% Accomplishments about a company’s senior leadership 35% 34% 17% 19% 19% 23 Q197-201(Global Summary). We would now like you to think about different types of information you may read, see or hear about a company. For each topic, please select which person you trust MOST to provide you with credible and honest information about a company. General Population in the 26-country global total
  • WE MUST FIND A NEW WAY TO COMMUNICATEPYRAMID OF PYRAMID OF INFLUENCE AUTHORITY CEO (Vertical) CEO GOVERNMENT OFFICIALS GOVERNMENT OFFICIALS BOARD OF BOARD OF DIRECTORS DIRECTORS ACADEMICS ACADEMICS TECHNICAL TECHNICAL EXPERTS EXPERTS ELITE MEDIA ELITE MEDIA GENERAL POPULATION VERTICAL FLOW & G E N E R A L P O P U L AT I O N CONTROLLED INFORMATION EMPLOYEES ACTION CONSUMERS FROM 2000 TO 2013 SOCIAL ACTIVISTS FEW MANY DICTATE CO-CREATE FIXED FLEXIBLE PYRAMID OF COMMUNITY MONOLOGUE DIALOGUE (Horizontal) CONTROL EMPOWERMENT 24
  • DEEP DIVE: BANKING INDUSTRY
  • COUNTRIES ARE SPLIT ON THE BANKING INDUSTRY’S PERFORMANCE; DEVELOPED MARKETS UNHAPPY WITH BANKS’ PERFORMANCE Total Excellent/Good Total Poor/Very Poor 81% 83% 74% 72% 65% 64% 59% 58% 59% 55% 46% 43% 44% 43% 39% 39% 39% 36% 35% 35% 36% 36%33% 35% 33% 32% 31% 29% 28% 26% 24% 21% 18% 18%21% 18% 16% 16% 17% 15% 13% 14% 11% 11% 12% 8% 9% 7% 5% 5% 4% 3% 5% 5% 26 Q150. In general, how would you rate the current performance of banks or the banking industry in your country? General Population in 26-country global total and across 26 countries
  • BANK SCANDALS HAVE LEFT REVERBERATIONSGLOBALLY, 56% SAY THEY ARE FAMILIAR WITH THE SCANDALS FROM THE PAST YEAR “Make no mistake, for UBS traders the manipulation of Libor was about getting rich,” “As one broker told a UBS derivatives trader: „Mate yur getting bloody good at this libor game ...think of me when yur on yur yacht in monaco won‟t yu‟” Q163. Based on your general knowledge of the global banking and financial crisis and events which occurred this year, do you believe that the behaviors and actions exhibited27 are unique to the banking and financial services industry or are these behaviors and actions common in business, regardless of industry? Informed Publics 25-64 in 26-country global total and across 26 countries
  • COMPARED TO GLOBAL AVERAGE, US TRUST BANKING INDUSTRYLESS OVER PAST YEARCHANGE OF TRUST IN BANKING INDUSTRY AS A RESULT OF INFORMATION READ/SEEN/HEARD OVER PAST YEAR – GLOBAL(AMONG THOSE WHO HAVE/READ/SEEN/HEARD BANK INFORMATION RECENTLY ABOUT BANKS) 36% 23% TOTAL TRUST MORE TOTAL TRUST LESS28 Q158. [ASK IF HAVE READ/SEEN/HEARD BANK INFO (Q157=YES)] How much has your trust in banks or the banking industry changed as a result of the information you have read, seen or heard within the last year? General Population in 26 -country global total
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  • On the cover credits: HSBC: REUTERS/ Bobby Yip; UBS: REUTERS/Luke MacGregor; Bob Diamond: REUTERS/ Luke MacGregor; Bo Xilai: REUTERS/ Cheryl Ravelo ; LanceArmstrong: by Sebastian David Tingkær; Angela Merkel: REUTERS/ Sebastien Pirlet; Rajat Gupta: REUTERS/ Brendan McDermid; George Entwistle: Associated Press/ Rex Featu