{"id":3528,"date":"2017-07-12T11:02:21","date_gmt":"2017-07-12T15:02:21","guid":{"rendered":"http:\/\/www.trustacrossamerica.com\/blog\/?p=3528"},"modified":"2017-07-12T11:02:21","modified_gmt":"2017-07-12T15:02:21","slug":"is-trust-in-banking-up-or-down","status":"publish","type":"post","link":"https:\/\/www.trustacrossamerica.com\/blog\/?p=3528","title":{"rendered":"Is Trust in Banking Up or Down?"},"content":{"rendered":"<p><a href=\"http:\/\/www.trustacrossamerica.com\/blog\/?attachment_id=3521\" rel=\"attachment wp-att-3521\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-3521\" src=\"http:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Monitor-Masthead-300x49.jpg\" alt=\"\" width=\"423\" height=\"69\" srcset=\"https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Monitor-Masthead-300x49.jpg 300w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Monitor-Masthead-768x126.jpg 768w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Monitor-Masthead-1024x169.jpg 1024w\" sizes=\"(max-width: 423px) 100vw, 423px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Ever since the financial crisis, it\u2019s not uncommon to read articles and studies about trust in banking and whether trust is \u201cup\u201d or \u201cdown.\u201d In the past year alone:<\/p>\n<ul>\n<li>Ernst &amp; Young reports consumer trust in banks is diminishing. September 2016<\/li>\n<li>International Banker claims that trust is often found wanting in today\u2019s banking relationships. December 2016<\/li>\n<li>Edelman reports in their 2017 Trust Barometer that in the\u00a0United States\u00a060 percent of financial institutions bounded forward (in trust) six percentage points from 2016. March 2017<\/li>\n<li>And according to The Hill, almost a decade later, public trust in financial institutions remains stubbornly low. April 2017<\/li>\n<\/ul>\n<p>So is trust in banking up or down? Some of the confusion stems from a lack of definitional clarity. Without a clear(er) understanding of what \u201ctrust in banking\u201d means, the entire sector finds itself painted with one broad brushstroke, the reading public is left in an an ever escalating state of confusion, and elevating organizational trust becomes all the more challenging.<\/p>\n<p><strong>Trust?<\/strong> What are we trusting banks to do, or not do? Safeguard our money, earn a good return for shareholders, protect our personal data, treat employees well, provide good customer service, or all of the aforementioned?<\/p>\n<p><strong>Banking?<\/strong> Can global investment banks, regional banks, and\/or a local savings and loans be grouped together when discussing trust in banking? Should they be?<\/p>\n<p>For seven years Trust Across America has been researching the trustworthiness and integrity of America\u2019s largest 1500 public companies via our proprietary <a href=\"http:\/\/trustacrossamerica.com\/about.shtml\">FACTS\u00ae Framework<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.trustacrossamerica.com\/blog\/?attachment_id=3488\" rel=\"attachment wp-att-3488\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-medium wp-image-3488\" src=\"http:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/FACTS_slide-300x225.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/FACTS_slide-300x225.jpg 300w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/FACTS_slide-768x576.jpg 768w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/FACTS_slide-1024x768.jpg 1024w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/FACTS_slide.jpg 1500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>This is, by order of magnitude, the largest ongoing study ever conducted on trustworthiness and integrity at the individual corporate level. Our 2017 data concludes that the finance sector remains among the lowest in trust, with an average score of 58.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.trustacrossamerica.com\/blog\/?attachment_id=3486\" rel=\"attachment wp-att-3486\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-medium wp-image-3486\" src=\"http:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Sector-Chart-300x285.jpg\" alt=\"\" width=\"300\" height=\"285\" srcset=\"https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Sector-Chart-300x285.jpg 300w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Sector-Chart-768x729.jpg 768w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Sector-Chart-1024x972.jpg 1024w, https:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/Sector-Chart.jpg 1630w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>But our data also tells a more holistic and detailed story, and one that places us in a unique position to discuss trust in the banking industry. Industry is NOT destiny and those more trustworthy financial institutions suffer at the hands of their less trustworthy colleagues. And the headlines above only serve to reinforce this fact.<\/p>\n<p>It\u2019s important to give credit to companies who have earned the trust of a broad range of stakeholders. Understanding that no company is perfect, the following is a list of some of the \u201cbanks\u201d that score a \u201c70\u201d or above (on a scale of 1 to 100) according to our 2017 FACTS \u00ae Framework research. Scores in the finance sector range from 40 to 77.<\/p>\n<ul>\n<li>Morgan Stanley<\/li>\n<li>Goldman Sachs<\/li>\n<li>KeyCorp<\/li>\n<li>Commerce Bancshares<\/li>\n<li>US Bancorp<\/li>\n<li>Bank of America<\/li>\n<li>JP Morgan Chase<\/li>\n<\/ul>\n<p>Headlines don\u2019t always report the \u201cfull\u201d story nor do articles and studies regularly or consistently define the meaning of trust. Trust in banking isn\u2019t necessarily \u201cup\u201d or \u201cdown.\u201d The level of trustworthiness or integrity of a specific company is determined by how well leadership defines its corporate culture, and understands and embraces the value of trust in meeting the needs of every stakeholder group. Our study continues to point in the direction that trust is not only a measurable business strategy and a business differentiator, but also a direct route to long-term profitability.<\/p>\n<p><em>Barbara Brooks Kimmel\u00a0is the CEO and Cofounder of\u00a0<strong><a href=\"http:\/\/trustacrossamerica.com\/index.shtml\" target=\"_blank\" rel=\"noopener\">Trust Across America-Trust Around the World<\/a><\/strong>\u00a0whose mission is to help organizations build trust. She also runs the world&#8217;s largest global\u00a0<strong><a href=\"http:\/\/trustacrossamerica.com\/cgi-bin\/alliance.cgi\" target=\"_blank\" rel=\"noopener\">Trust Alliance<\/a><\/strong> and is the editor of the award winning\u00a0<strong><a href=\"http:\/\/trustacrossamerica.com\/order.shtml\" target=\"_blank\" rel=\"noopener\">TRUST INC.<\/a><\/strong>\u00a0book series. In 2012 she was named one of \u201c25 Women who are Changing the World\u201d by Good Business International, and in 2017 \u00a0a Fellow of the Governance &amp; Accountability Institute.<\/em><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.amazon.com\/dp\/1932919368\/ref=as_li_ss_til?tag=trustacrossam-20&amp;camp=213381&amp;creative=390973&amp;linkCode=as4&amp;creativeASIN=1932919368&amp;adid=17T9WSRBD19T73CZF6ER&amp;&amp;ref-refURL=http:\/\/trustacrossamerica.com\/reading_room.shtml\" rel=\"attachment wp-att-1233\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-1233\" src=\"http:\/\/www.trustacrossamerica.com\/blog\/wp-content\/uploads\/TrustInccover313-200x300.jpg\" alt=\"\" width=\"140\" height=\"210\" \/>Purchase our books at this link<\/a><\/p>\n<p>For updates on our Corporate Integrity Monitor, please join our <a href=\"http:\/\/trustacrossamerica.com\/mailing-list.shtml\">mailing list<\/a>. To be among the first to review our research and more fully engage in elevating organizational trust, please consider membership in our vetted <a href=\"http:\/\/trustacrossamerica.com\/cgi-bin\/alliance.cgi\">Trust Alliance<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>Copyright 2017, Next Decade, Inc.<\/p>\n<div class=\"wp-best-social-bookmark\"><ul class=\"socials\"><li class=\"oknotizie\"><a href=\"http:\/\/oknotizie.virgilio.it\/post.html.php?url=https:\/\/www.trustacrossamerica.com\/blog\/?p=3528&title=Is Trust in Banking Up or Down?\" title=\"Share this on oknotizie\"> <\/a><\/li><li class=\"twitter\"><a href=\"http:\/\/twitter.com\/home?status=Is Trust in Banking Up or Down? &raquo; https:\/\/www.trustacrossamerica.com\/blog\/?p=3528\" title=\"Share this on twitter\"> <\/a><\/li><li class=\"delicious\"><a href=\"http:\/\/del.icio.us\/post?url=https:\/\/www.trustacrossamerica.com\/blog\/?p=3528&title=Is Trust in Banking Up or Down?\" title=\"Share this on del.icio.us\"> <\/a><\/li><\/ul><\/div>","protected":false},"excerpt":{"rendered":"<p>Our data tells a more holistic and detailed story, and one that places us in a unique position to discuss trust in the banking industry. Industry is NOT destiny and those more trustworthy financial institutions suffer at the hands of their less trustworthy colleagues.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[45,431,400],"tags":[122,156,66,116,5,6,246],"_links":{"self":[{"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3528"}],"collection":[{"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3528"}],"version-history":[{"count":3,"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3528\/revisions"}],"predecessor-version":[{"id":3531,"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3528\/revisions\/3531"}],"wp:attachment":[{"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trustacrossamerica.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}