It’s here!:: Edelman Trust Barometer 2013


Here it is, the moment that Banks and Financial Services companies have been waiting for. The 2013 Trust Barometer has been released. But, it is NOT good news! Sorry to say that it is an inglorious hat trick.

Edelman Trust 2013

Yep, sorry to say that Banks and FS are bottom of the heap AGAIN. For the third straight year …

Following is the full Presentation but commentary on past reports here:

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Financial Services thrives on trust – oh dear!:: Edelman Trust Barometer 2012


More inconvenient truths for the insurance and banking sector! If it weren’t for the fact that, ultimately, WE FUND the marketing they need to portray themselves, their products and services as something they are not, I would love the delicious irony of an industry that SPENDS such outrageous amounts trying to SELL to us instead of INVESTING to make their marketing promises more of a reality, restore damaged reputations, offer greater value and make their employees roles more fulfilling!

Essentially this means that we pay a high premium, so an industry, [guilty of perpetrating “licensed fraud” such as PPI mis-selling] that we don’t trust, can continue to misrepresent itself and misinform us in an effort to obtain our hard-earned, tax paid, cash.

Does this constitute a win/lose relationship, or what!!?

They have become dependent upon our inertia and misguided belief that Politicians/Regulators will make things “better”. The lack of credible alternatives serves them well, as it maintains the income needed to sustain models that are crippled by the complexity they have created to, so efficiently, strip customer value for themselves.

The full presentation makes for interesting/worrying/challenging (delete as appropriate) reading, as does the Executive Summary (click on infographic) and but before tackling that, here is a little “teaser”.

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So, what are the messages that the genuine leaders of tomorrow can take from research such as this?

If you have what it takes you really shouldn’t need me to spell it out BUT here are a few clues:

expertise required (not salespeople)

referrals and recommendation (not sales)

business culture is critical

respect your “human capital”, and…

…give your employees a voice (with the means to communicate freely)

inertia isn’t the same as loyalty

Institutions and their leadership MUST CHANGE to (re)build trust

Of course there are other, less obvious, lessons to learn and it is one thing identifying the problems, another to tailor solutions to a particular business…but, if the process starts with recognition of the issues and a genuine desire to change, it is eminently “do-able”.

In a volatile and uncertain economy effecting change may be the difference between survival and extinction.  Innovators and “early adopters” will be the one’s to seize and retain competitive advantage.  

FINANCIAL SECTOR LEAST TRUSTED

Leadership requires principles:: trust is earned not bought


Edelman Trsut attributes“Leaders” in the prevailing culture aren’t good at dealing with the truth…unless it’s their own particular brand. So it doesn’t come as much of surprise that the annual “Edelman Trust Barometer” tends to slip-by almost unnoticed!

After all, if it reinforces that such a vital component is missing from current strategies and, as a “leader”, you KNOW that the path to rebuilding trust is going to be a long and difficult one. Read more of this post

TRUST:: only if “leaders” can walk the talk!


I can’t speak for anyone else but I have always reckoned that TRUST should be pretty high on the agenda for GOVERNMENTS and FINANCIAL SERVICES!? Edelman Trsut attributesIF you still listen to “leaders” from either, they will tell you that IS the case.

Of course they do…and if you really want to tax your brain, consider the liar paradox! [have fun]

According to the old adage, “talk is cheap” and, from relatively early in our development, “easy”. Likewise, walking is another “basic” human skill. We see it happening every day in life and, those of us fortunate enough to have been blessed with the ability to do both, practise them on a daily basis…sometimes, even, simultaneously!

SO, it would be reasonable enough to expect that individuals who have reached the upper echelons of their chosen careers would have no difficulty in doing both?

But, there is growing evidence to suggest that this is not the case. The inability of a leader to “walk the talk” is a reliable indicator of a contaminated culture.

Read more of this post

Transparency – Trust – Trends – TRANSFORMATION


Sadly, the only thing that has changed since I wrote this (nearly 1 year ago now) is that we haven’t started the recovery because, courtesy of a General Election and Quantitative Easing…storing up MORE DEBT…we were "conned" into believing that things were going to get better.

I fear the bottom line is that the money that has been pumped into the economy (primarily what has gone into the banks) has only served to inflate "new" bubbles.

Roll on 2012!

Transparency – Trust – Trends – TRANSFORMATION Even I am getting fed up listening to the messages that keep going around in my head and sometimes wonder how much EVIDENCE it will take to get the message across…THAT THE FINANCIAL SECTOR & PROFESSIONAL FIRMS THAT ARE “EARLY ADOPTERS” OF A NEWLY TRANSPARENT CULTURE WILL, NOT ONLY, SEIZE THE MORAL HIGH GROUND, BUT GRAB SOME (free) HEADLINES ALONG THE WAY AND GAIN A HUGE COMPETITIVE ADVANTAGE. OK, SO WHAT’S EVIDENCE? Edelman Trust Barometer Wh … Read More

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