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2017 Edelman Trust Barometer - Financial Services Results

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This year, the Edelman Trust Barometer asked about the importance and performance of several behaviors regarding the financial services industry. The gaps shown in this graphic detail the divide in behaviors of financial services companies, including contributing to the greater good and effectively representing interests of all stakeholders.

Explore the results for more: www.edelman.com/trust2017

Published in: Economy & Finance
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2017 Edelman Trust Barometer - Financial Services Results

  1. 1. Financial Services 2017 Edelman Trust Barometer
  2. 2. 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 25-64 College educated In top 25% of household income per age group in each country Report 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 Public Represents 87% of total global population
  3. 3. 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 Mass Population 85% of population 48 Trust Index 15% of population 60 Trust Index Informed Public 12pt Gap
  4. 4. 2017: Trust Gap Widens Percent 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 Mass Population
  5. 5. 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 Global 70 India 67 Indonesia 62 China 59 Singapore 59 UAE 52 Netherlands 50 Colombia 50 Mexico 47 Brazil 47 Canada 47 Italy 47 Malaysia 47 U.S. 45 Argentina 42 Hong Kong 41 S. Africa 41 Spain 41 Turkey 40 Australia 39 Germany 38 France 37 U.K. 36 S. Korea 36 Sweden 35 Ireland 34 Japan 34 Poland 31 Russia The Mass Population distrusts their institutions in 20 of 28 countries Mass Population Informed Public 60 Global 80 India 79 China 78 Indonesia 77 UAE 71 Singapore 68 U.S. 62 Canada 62 Netherlands 61 Italy 61 Mexico 57 Malaysia 57 Spain 56 France 56 U.K. 55 Colombia 54 Australia 54 Germany 53 Hong Kong 51 Argentina 51 Brazil 50 S. Korea 50 Turkey 49 Japan 49 S. Africa 47 Sweden 45 Russia 44 Ireland 43 Poland
  6. 6. 2017: Mass Population Rejects Established Authority 6 Mass population now has influence and authority Establishment left empty-handed Influence & Authority
  7. 7. Trust in Crisis 7
  8. 8. How much do you trust each institution to do what is right? 8
  9. 9. Trust in All Four Institutions Declines Percent 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 53 48 42 53 52 43 41 Business MediaNGOs Government Two of four institutions distrusted Neutral Trusted Distrusted -2 -1 -5 -1 50% 20172016
  10. 10. Trust in Media Plunges to All-Time Lows Percent 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 25 29 31 31 32 32 32 33 33 39 40 40 42 42 42 44 44 45 45 47 47 48 48 54 54 65 66 67 Global28 GDP5 Turkey Ireland Poland Russia Australia Japan U.K. France Sweden S.Africa Argentina S.Korea Germany HongKong Malaysia Spain UAE Canada Colombia Mexico U.S. Brazil Italy Netherlands Singapore China India Indonesia 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
  11. 11. Trust in Government Further Evaporates Percent 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 15 20 24 24 25 25 28 31 32 32 33 36 37 37 37 38 40 43 44 45 47 51 51 69 71 75 75 76 Global28 GDP5 S.Africa Poland Brazil Mexico France Spain S.Korea Italy Colombia Ireland Argentina U.K. Australia Japan Malaysia Germany HongKong Canada Russia Sweden U.S. Netherlands Turkey Singapore Indonesia India UAE China 50% -1 -8 -2 -2 -1 -5 -10 -9 -5-8+1 -1 -7 0 Distrusted in 75% of countries Declines in 14 countries +1 -1 +3 +1 +1 0 +7 0 0 +8 +2 +9 +13 +10 -5 -3
  12. 12. Trust in NGOs Declines Percent 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, 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 53 47 21 23 31 39 43 46 46 48 52 53 54 55 56 58 58 58 59 59 59 60 60 60 61 61 64 64 71 71 Global28 GDP5 Russia Sweden Japan Germany Ireland Netherlands U.K. Poland Australia Turkey France UAE S.Korea Malaysia S.Africa U.S. Canada HongKong Italy Brazil Colombia Spain China Singapore Argentina Indonesia India Mexico 50% -2 -2 -3 -2 -1-6 -3 -4 Distrusted 8 countries Declines 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
  13. 13. Business on the Brink of Distrust Percent 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 29 34 39 40 41 41 43 43 45 45 46 46 48 50 50 55 56 56 58 58 60 61 64 64 67 67 74 76 Global28 GDP5 S.Korea HongKong Russia Poland Ireland Japan Germany Turkey Argentina U.K. Spain Sweden Australia France Canada Italy Malaysia S.Africa Singapore U.S. Netherlands Brazil Colombia UAE China Mexico India Indonesia 50% -2 -4 -3-2 Distrusted 13 countries Declines 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
  14. 14. All-time Low for CEO Credibility Percent 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 18 23 23 24 25 26 27 27 27 28 28 28 31 34 36 38 40 40 42 43 44 48 48 51 52 55 61 70 Global 28-Country Japan France Poland S.Korea Canada Australia HongKong Ireland Netherlands Germany Italy U.K. Sweden Russia Singapore U.S. Malaysia Spain Argentina Turkey China Brazil Colombia Indonesia S.Africa UAE Mexico India 50% -12 -11 -12-19 CEOs not credible in 23 countries Declines 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
  15. 15. United Nations Most Trusted Multinational Institution Percent 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
  16. 16. 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 60 57 48 48 53 57 43 43 46 47 30 33 Business MediaNGOs Government Two of four institutions distrusted Neutral Trusted Distrusted 50% Pre-election Oct. 13 – Nov. 8, (n=800) Post-election Nov. 9 – Nov. 16, (n=350) Supplementary Survey Nov. 28 – Dec. 11
  17. 17. The System Is Broken 17
  18. 18. Without Trust, Belief in the System Fails
  19. 19. 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 working Approximately
  20. 20. 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 Disillusioned Percent 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%
  21. 21. State of Trust in Financial Services 21
  22. 22. 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
  23. 23. Lower Trust Financial Services Sector Least Trusted Percent 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 Higher Trust Financial Services Energy Consumer Packaged Goods Food & Beverage Technology
  24. 24. Financial Services Trusted in 2 of 5 Financial Centers Percent 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 55 60 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
  25. 25. Trust Gap in Financial Services Sector Grows in 2017 Percent 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 47 48 48 51 54 48 50 51 52 56 62 2012 2013 2014 2015 2016 2017 Financial ServicesBusiness 47 50 49 49 53 52 54 58 58 56 62 63 2012 2013 2014 2015 2016 2017 11pt gap 8pt gap Informed Public General Population
  26. 26. Not Gaining Ground Trust 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 48 52 49 63 54 60 43 53 50 59 Financial Services Credit Cards/ Payments Banks Insurance Financial Advisory/ Asset Management Mobile Wallet/ E-Payments Neutral Trusted Distrusted 50% 20172016
  27. 27. 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
  28. 28. 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
  29. 29. Fears Fuel the Fire 29
  30. 30. Distrust Creating Cycle of Fear 30
  31. 31. 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 Global France Italy Mexico S.Africa Spain Poland Brazil Colombia Germany U.K. Australia Ireland U.S. Netherlan ds Canada Sweden Argentina Malaysia Turkey Russia S.Korea Indonesia Japan India Hong Kong Singapore China 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
  32. 32. 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 Failing and Fearful Fearful 11 34 Trump Voters Clinton Voters 25 42 67% are fearful 45% are fearful
  33. 33. 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 Failing and Fearful Fearful 11 34 Leave the EU Remain in the EU 10 44 54% are fearful 27% are fearful
  34. 34. Concerns Leading to Fears for Financial Services Percent 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% Concerned 40% Fearful 55% Concerned 28% Fearful 56% Concerned 25% Fearful 62% Concerned 27% Fearful 51% Concerned 22% Fearful Corruption Immigration Eroding Social ValuesGlobalization Pace 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 the cash-based economy Privacy concerns
  35. 35. Financial Services Must Actively Build Trust 35
  36. 36. 36 Source: 2017 Edelman Trust Barometer, Financial Services Do Things Differently Enforce Radical Transparency Communicate with a Human Voice 1 Use Two-Way Communication 2 Solve Real Problems with Tech 3 4
  37. 37. Peers Now as Credible as Experts Percent 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 43 37 35 29Apersonlike yourself Technicalexpert Academicexpert Employee Financial industryanalyst NGO representative CEO Boardof directors Government official/regulator 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
  38. 38. 17 20 21 24 26 2121 22 23 31 26 23 53 38 37 33 32 30 28 29 29 25 22 29 16 22 22 21 23 22 9 9 11 11 13 14 Employees Most Credible Most 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
  39. 39. Talk With, Not At Which 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’s social media 38% Advertising
  40. 40. 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 Suspect Percent who find each source more believable than its pair 2 Two-Way Communication 55% Individuals 45% Institutions 71% Reformer 29% Preserver of Status Quo 64% Leaked Information 36% Company Press Statements
  41. 41. Innovation Most Desired Across Product Sets Percent 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
  42. 42. Blockchain has Widest Trust Gap Among Tech Subsectors Percent 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
  43. 43. Transparency Builds Trust for Automated Investment Advice Percent 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 Radical Transparency 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%
  44. 44. 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 BehaviorsActions Protects Consumer Data 85 / 69 Contributes to the Greater Good 83 / 61 Develops Innovations with Positive Impact on My Life and World 82 / 63 Leadership Effectively Represents Interests of all Stakeholders 81 / 61 16221920 4 Radical Transparency Data Security & Privacy Social Purpose Smart Technology Investment Solve Customer Pain Points Importance / Performance Gap
  45. 45. Thank You Financial Services 2017 Edelman Trust Barometer

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