Global Trust in Financial Services Sector Reaches All-Time High: Edelman Smithfield Survey

The public’s trust in financial services, particularly banks, has reached its highest level since the 2008-2009 crisis, according to a recent global survey and report by Edelman Smithfield. The report indicates that trust in the financial services sector is at an all-time high in over half of the countries surveyed, with a significant increase in trust levels compared to previous years.

One of the key findings of the report is that employees in the financial services sector are among the most trusting of their employers, with 84% expressing trust in their companies to do what is right. This internal trust is seen as a contributing factor to the overall improvement in public trust in the industry.

While the financial services sector has made significant progress in building trust over the past decade, there is still room for growth, according to communications experts at Edelman Smithfield. The report suggests that companies in the industry need to focus on communicating their efforts to improve financial well-being and create stronger financial systems to further enhance trust levels.

The report also highlights the differences in trust levels between developing and developed markets. In developing countries, traditional banking services are highly valued, leading to higher levels of trust in the industry. On the other hand, developed countries have higher trust expectations, driven by rapid innovation in new products and technologies.

Among the various sub-sectors within the financial services industry, banks are the most trusted globally, with a trust score of 66%. Insurers have also seen an increase in trust levels, while cryptocurrency and digital assets remain in the “Distrusted” category.

Overall, the report shows that trust in the financial services sector has increased among high-income individuals, women, and younger generations. Despite these positive trends, there is still work to be done to further enhance trust levels and solidify the industry’s position as a trusted institution.

In comparison to other institutions, such as NGOs, government, and media, business remains the only trusted institution, with higher levels of perceived competence and ethics. The findings of the report provide valuable insights for companies in the financial services sector to continue building trust and credibility among their stakeholders.