2012 Edelman Trust Barometer: U.S. Financial Services and Banking Industries

25
2012 EDELMAN TRUST BAROMETER: U.S. FINANCIAL SERVICES AND BANKING INDUSTRIES Winning back the license to operate

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Nearly four years since the global economic meltdown began, the nation’s financial services industry, which includes banks, remains among the least trusted by consumers, reveals the latest annual global survey of trust conducted by the global public relations firm Edelman. Despite an improvement in the economy, the industry has yet to recover from an international backlash by publics who largely blamed financial institutions for the world’s economic woes.

Transcript of 2012 Edelman Trust Barometer: U.S. Financial Services and Banking Industries

Page 1: 2012 Edelman Trust Barometer: U.S. Financial Services and Banking Industries

2012 EDELMAN TRUST BAROMETER: U.S. FINANCIAL SERVICES AND

BANKING INDUSTRIES

Winning back the license to operate

Page 2: 2012 Edelman Trust Barometer: U.S. Financial Services and Banking Industries

2 © Edelman, 2012. All rights reserved.

2012 Edelman Trust Barometer METHODOLOGY OVERVIEW

Twelfth Annual Study

Online survey in 25 countries

30,000+ respondents

1,000 general population respondents per country

Ages 18+

Oversample of informed publics*

500 respondents in U.S. and China & 200 in all other countries

Ages 25-64

(Trending data among Ages 35-64)

College-educated

In top 25% of household income per age group in each country

Report significant media consumption and engagement in business news and public policy

* This year Informed Publics were surveyed via online methodology instead of telephone

GENERAL PUBLIC

INFORMED PUBLIC 25-64

INFORMED PUBLIC 35-64

Regions APAC: Japan, South Korea, China, India, Australia, Indonesia, Singapore, Hong Kong, Malaysia EMEA: France, Germany, Ireland, Italy, Netherlands, Poland, Spain, Sweden, U.K., UAE, Russia North America: United States, Canada Latin America: Mexico, Brazil, Argentina EU: France, Germany, Ireland, Italy, Netherlands, Poland, Spain, Sweden, U.K.

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WHY NOT JUST FOCUS ON REPUTATION? > TRUST and REPUTATION are inter-relational, not hierarchical.

> REPUTATION is invaluable, but doesn’t inherently provide license to lead.

WHY ACTIVATE TRUST?

REPUTATION is an aggregate "analysis" of past behavior

TRUST is an expectation of future behavior based on past performance

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2012

WHAT IS THE STATE OF TRUST IN U.S. FINANCIAL SERVICES?

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TRUST IN THE FINANCIAL SERVICES INDUSTRY

The U.S. is still more trusting of the Financial Services Industry than other developed economies; however, the Industry is only trusted by a majority of respondents in nine markets

Q16-26. [Financial Services TRACKING] 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

APAC

EMEA

Latin America

APAC

North America

EMEA

GENERAL PUBLIC

50% 43%

72% 67% 66% 64%

61% 59% 57% 57% 56%

49% 46%

44% 41% 39% 39% 37% 34% 32% 31% 31% 29%

20% 18% 17% 16%

U.S.

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TRUST IN THE FINANCIAL SERVICES INDUSTRY & TRUST IN BUSINESS – HEAT MAP INDEX

Trust in Financial Services is higher than trust in Business in 9 of 25 markets; the U.S. however, is more trusting of Business than Financial Services

Q16-26. [Financial Services TRACKING] 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, Global 25-Country Total; Q11 -14. [Business in General 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 4 Box, Trust), General Population, 25-Country Global Total

Arg

en

tin

a

Au

stra

lia

Bra

zil

Can

ada

Ch

ina

Fran

ce

Ge

rman

y

Ho

ng

Ko

ng

Ind

ia

Ind

on

esi

a

Ire

lan

d

Ital

y

Jap

an

Mal

aysi

a

Me

xico

Ne

the

rlan

ds

Po

lan

d

Ru

ssia

S. K

ore

a

Sin

gap

ore

Spai

n

Swe

de

n

UA

E

U.K

.

U.S

.

Financial Services 39 46 49 56 72 20 17 57 59 66 18 32 39 67 61 37 31 34 44 64 16 31 57 29 41

Business 49 45 55 51 62 27 33 42 61 63 36 50 40 58 68 52 37 32 30 59 35 45 54 38 44

Difference -10 1 -6 5 10 -7 -16 15 -2 3 -18 -18 -1 9 -7 -15 -6 2 14 5 -19 -14 3 -9 -3

GENERAL PUBLIC

*Negative and positive numbers are difference

between industry and business. Positive numbers

and darker colors represent countries where the Financial

Services Industry is trusted more than Business overall

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45%

47%

51%

53%

56%

59%

60%

62%

64%

66%

79% Technology

Automotive

Food and beverage

Consumer packaged goods

Telecommunications

Brewing and spirits

Pharmaceuticals

Energy

Media

Banks

Financial services 48%

50%

52%

57%

57%

60%

61%

64%

67%

67%

80%

2011

Q16-26. [TRACKING] 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) Informed publics ages 25-64 in 20 country global total (excludes Argentina, Hong Kong, Malaysia, Singapore and UAE) and U.S. & Informed Publics ages 35-64 in 18 country global total

TRUST IN INDUSTRIES – GLOBAL AND UNITED STATES

Technology

Telecommunications

Automotive

Food and beverage

Pharmaceuticals

Energy

Consumer packaged goods

Brewing and spirits

Media

Banks

Financial services

2012

Financial Services and Banking remain least trusted industries in the world

*Significant difference at the 95% confidence level vs. 2012 global

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2012 2011

Q16-26. [TRACKING] 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) Informed publics ages 25-64 in the U.S.

In the U.S., Financial Services and Banking have gained trust but remain at the bottom TRUST IN INDUSTRIES – UNITED STATES

83%

74%

74%

71%

66%

64%

56%

56%

48%

46%

41%

Technology

Consumer packaged goods

Food and beverage

Brewing and spirits

Automotive

Telecommunications

Energy

Pharmaceuticals

Media

Financial services

Banks

73%

54%

53%

51%

49%

48%

43%

38%

25%

25%

22%

Technology

Food and beverage

Brewing and spirits

Telecommunications

Automotive

Consumer packaged goods

Energy

Pharmaceuticals

Financial services

Banks

Media

+ 17

+ 13

+ 10

+ 18

+ 26

+ 20

+ 21

+ 13

+ 26

+ 18

+ 16

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68% 69%

36%

29%

24%

35% 39% 41%

27%

22%

29%

21%

75% 72%

84% 85% 88%

82% 77%

83%

81% 83%

87%

90%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012

US

UK/France/Germany

China

India

Q16-26. [Banks TRACKING] 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) Informed publics ages 35-64 in the U.S., UK/France/Germany, China, India, Japan and South Korea

TRUST IN BANKS

U.S. trust in banks did rise last year, but is still significantly below 2007-2008 levels

34 point decline since 2008

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2012

HOW DO WE REACH FINANCIAL SERVICES INDUSTRY TRUSTERS AND DISTRUSTERS?

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SEGMENT INDUSTRY TRUSTERS INDUSTRY DISTRUSTERS

Age

Gender 52% Male

48% Female

53% Male

47% Female

Bachelors+

Education 49% 48%

Income $

18-29 30-44 45-64 65+

19% 30% 40% 10%

FINANCIAL SERVICES INDUSTRY TRUSTERS VS. DISTRUSTERS BY SEGMENT (AGE, GENDER, EDUCATION, INCOME) – UNITED STATES

In the U.S., the Financial Services Industry must win back trust among distrusters ages 30-64

Q1. What is your current age?; Q6. Are you male or female?; Q7. What is the last grade in school you completed? [Trusters=Top 2 Box (8-9), Swing =5, Distrusters=Bottom 2 Box (1-2) on a 1-9 scale], General Population, U.S

18-29 30-44 45-64 65+

32% 31% 26% 11%

GENERAL PUBLIC

$10,000-$49,999 $50,000-$99,999 $100,000+

34% 35% 19%

$10,000-$49,999 $50,000-$99,999 $100,000+

41% 30% 14%

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83% 79%

57%

77%

67% 64%

39%

31%

Q149-160. [TRACKING] Below is a list of places where you might get information about a company. For each, please indicate if you trust it a great deal, somewhat, not too much, or not at all as a source of information about a company. (Trust, Top 3-4), General Population, 25 country global total; [Trusters=Top 2 Box (8-9), Swing =5, Distrusters=Bottom 2 Box (1-2) on a 1-9 scale], General Population, U.S.

U.S. Financial Services Industry trusters and distrusters are most trusting of traditional media; distrusters are less trusting of corporate sources

TRUST IN INFORMATION SOURCES – UNITED STATES

ONLINE MULTIPLE SOURCES

TRADITIONAL SOCIAL MEDIA CORPORATE

Financial Services Industry Trusters

Financial Services Industry Distrusters

GENERAL PUBLIC

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Financial Services distrusters turn first to traditional media, are more likely than trusters to use online search engines for company announcements

Q183. And when a company makes an announcement, such as a new CEO or financial earnings, which type of source would you go to first to find information about the company's announcement? [Trusters=Top 2 Box (8-9), Swing =5, Distrusters=Bottom 2 Box (1-2) on a 1-9 scale], General Population, U.S.

GENERAL PUBLIC

40%

22%

18%

9% 7%

40%

28%

13%

7% 7%

36%

31%

11% 7%

4%

Traditional Media Online Search Engines Owned Media Hybrid Media Social Media

Financial Services Industry Trusters Financial Services Industry Swing Financial Services Industry Distrusters

FIRST SOURCE FOR COMPANY ANNOUNCEMENTS – UNITED STATES

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67%

63%

35%

34%

33%

32%

28%

23%

Academic or expert

Technical expert in the company

NGO representative

CEO

Financial or industry analyst

A person like yourself

Government official or regulator

Regular employee

74%

71%

68%

62%

58%

47%

34%

31%

Academic or expert

A person like yourself

Technical expert in the company

Regular employee

NGO representative

Financial or industry analyst

CEO

Government official or regulator

Credibility of “person like me” and regular employee surges over the past year in the U.S.; CEO falls to the bottom two in 2012 CREDIBLE SPOKESPEOPLE – UNITED STATES

2012 2011

Q119-126. [TRACKING] 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, Credible: Very + Extremely Credible) Informed Publics ages 25-64 in United States

+ 7

+ 14

+ 23

+ 39

+ 39

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Q119-126. 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? Total Credible (3-4), [Trusters=Top 2 Box (8-9), Swing =5, Distrusters=Bottom 2 Box (1-2) on a 1-9 scale], General Population, U.S.

A technical expert in a company is the most credible spokesperson among Financial Services trusters, while a “person like yourself” is most credible among distrusters

79%

53%

Academic or Expert

60%

42%

NGO Representative

65% 57%

Regular Employee

49%

14%

Government Officialor Regulator

- 35 Gap

65%

15%

CEO

- 50 Gap

76%

27%

Financial or IndustryAnalyst

- 49 Gap

#2

#3 #5

#7 #5

#8

#3

80%

48%

Technical Expert inthe Company

Industry Trusters most

trusted spokesperson

#1 #4

#2 #5

#6

Financial Services Industry TRUSTERS

Financial Services Industry DISTRUSTERS

#8 #7

- 26 Gap

- 32 Gap

- 8 Gap - 18 Gap 74% 68%

Person Like Yourself

Industry Distrusters

most trusted spokesperson

#4 #1

GENERAL PUBLIC

- 6 Gap

CREDIBLE SPOKESPEOPLE – UNITED STATES

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Once (1), 6%

Twice (2), 12%

Three times (3), 34%

Four or five times (4 - 5),

32%

Six to nine times (6-9),

6%

Ten or more times (10+),

10%

Three to five times (3-5)

66%

Q148. [TRACKING] Think about everything you see or hear every day about companies, whether it is positive or negative. How many times in general do you need to be exposed to something about a specific company to believe that the information is likely to be true? Please enter the number of times below. (Excludes ‘Don’t Know’ responses) Informed publics ages 25-64 in the U.S.

UNITED STATES

Skepticism requires repetition MAJORITY NEEDS TO HEAR INFO 3-5 TIMES TO BELIEVE

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2012

WHAT IS THE ROLE OF GOVERNMENT?

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Government performance is not meeting public’s expectations in the U.S. UNITED STATES

Q132-139. How important is each of the following actions to building your trust in government? 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 your trust'. (Top 2 Box , Very/Extremely Important) General Population in United States; Q140-147. Please rate your government on how well you think they are performing on each of the following attributes using a nine-point scale where one means they are performing "extremely poorly" and nine means they are performing "extremely well". (Top 2 Box , Performing Very/Extremely Well) General Population in the U.S.

-57

-56

-55

-54

-37

-34

-35

-21

Gap

74%

74%

72%

71%

55%

54%

51%

37%

17%

18%

17%

17%

18%

20%

16%

16%

LISTENS TO CITIZENS' NEEDS AND FEEDBACK

COMMUNICATES FREQUENTLY AND HONESTLY

HAS TRANSPARENT AND OPEN PRACTICES

EFFECTIVELY MANAGES THE FINANCIAL AFFAIRS OF THECOUNTRY

CREATES INNOVATIVE PROGRAMS THAT POSITIVELY IMPACTLOCAL COMMUNITIES

WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT

PROVIDES NATIONAL TRAINING PROGRAMS TO CREATEEMPLOYMENT OPPORTUNITIES

PARTNERS WITH BUSINESS NGOS, AND THIRD PARTIES TOADDRESS SOCIETAL ISSUES

Government Importance

Government Performance

GENERAL PUBLIC

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Financial Services distrusters feel business is not regulated enough by government; over one quarter of trusters believe business is regulated the right amount

Q130. When it comes to government regulation of business, do you think that your government regulates business too much, not enough or the right amount? [Trusters=Top 2 Box, Swing =5, Distrusters=Bottom 2 Box (1-2) on a 1-9 scale], General Population, U.S.

33%

27% 31% 31%

7%

47%

Too Much Right Amount Not Enough

Financial Services Industry Trusters

Financial Services Industry Distrusters

- 20 Gap

GENERAL PUBLIC

VIEWS OF GOVERNMENT REGULATION OF BUSINESS – UNITED STATES

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Q131. Which of the following is the most important role that government should play in business? Informed Publics ages 25-64 in 25 country global total and U.S.

REGULATE BUSINESS ACTIVITIES to ensure companies are behaving responsibly 25%

Work to ENSURE FREE MARKET ACCESS AND OPEN COMPETITION within industries 16%

GIVE OR LOAN MONEY TO BUSINESS when it experiences financial crisis 4%

BUILD INFRASTRUCTURE that promotes and facilitates business opportunities 19%

Government SHOULD NOT PLAY A ROLE in business 4%

PROTECT CONSUMERS from irresponsible business practices 31% 33%

24%

11%

21%

1%

8%

GLOBAL

THINKS THE MOST IMPORTANT ROLE THAT GOVERNMENT SHOULD PLAY IN BUSINESS IS:

Calls for greater protection and responsible behavior

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2012

WINNING BACK “LICENSE TO OPERATE”

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21%

31%

27%

47%

35%

35%

34%

31%

34%

32%

32%

33%

38%

56%

42%

39%

31%

44%

48%

49%

51%

54%

55%

57%

65%

66%

70%

71%

72%

73%

76%

76%

PARTNERS WITH NGOS, GOVERNMENT AND THIRD PARTIES TO ADDRESSSOCIETAL ISSUES

RANKS ON A GLOBAL LIST OF TOP COMPANIES, SUCH AS 'BESTCOMPANIES TO WORK FOR' OR 'MOST ADMIRED COMPANIES'

DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS

IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEAS

HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP

ADDRESSES SOCIETY'S NEEDS IN ITS EVERYDAY BUSINESS

WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT

CREATES PROGRAMS THAT POSITIVELY IMPACT THE LOCAL COMMUNITYIN WHICH THE COMPANY OPERATES

COMMUNICATES FREQUENTLY AND HONESTLY ON THE STATE OF ITSBUSINESS

HAS TRANSPARENT AND OPEN BUSINESS PRACTICES

PLACES CUSTOMERS AHEAD OF PROFITS

TREATS EMPLOYEES WELL

TAKES RESPONSIBLE ACTIONS TO ADDRESS AN ISSUE OR A CRISIS

OFFERS HIGH QUALITY PRODUCTS OR SERVICES

LISTENS TO CUSTOMER NEEDS AND FEEDBACK

HAS ETHICAL BUSINESS PRACTICES -37

-34

-17

-34

-38

-38

-34

-31

-26

-21

-19

-16

-2

-21

-13

-10

Business not meeting public’s expectations in the U.S.

Gap

Q52-69. How important is each of the following actions to building your TRUST in a company? 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 your trust” in a company. (Top 2 Box, Very/ Extremely Important) General Population in the US (excludes ‘Don’t Know’ responses);Q103-118. Please rate [INSERT COMPANY] on how well you think they are performing on each of the following attributes. Use a nine-point scale where one means they are performing “extremely poorly” and nine means they are performing “extremely well”. (Top 2 Box, Performing Very/ Extremely Well) General Population in the U.S.

UNITED STATES

Business Importance

Company Performance

GENERAL PUBLIC

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Ethical business practices and listening to customer needs and feedback are the most important attributes to building U.S. stakeholder trust in Financial Services

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 your trust'. [Top 2 Box, Trust - Very Important (8-9)], General Population, U.S.

FINANCIAL SERVICES INDUSTRY TRUST BUILDING ATTRIBUTES – UNITED STATES

38%

44%

45%

46%

54%

54%

55%

57%

65%

66%

69%

70%

71%

73%

74%

76%

PARTNERS WITH NGO'S, GOV'T, THIRD PARTIES TO ADDRESS SOCIETAL ISSUES

IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEAS

RANKS ON A GLOBAL LIST OF TOP CO's/BEST CO's

WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT

HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP

DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS

CREATES PROGRAMS TO POSITIVELY IMPACT LOCAL COMMUNITY

ADDRESSES SOCIETY'S NEEDS IN ITS EVERYDAY BUSINESS

HAS TRANSPARENT AND OPEN BUSINESS PRACTICES

OFFERS HIGH QUALITY PRODUCTS OR SERVICES

COMMUNICATES FREQUENTLY & HONESTLY ON STATE OF ITS BUSINESS

TREATS EMPLOYEES WELL

TAKES RESPONSIBLE ACTIONS TO ADDRESS ISSUE/CRISIS

PLACES CUSTOMERS AHEAD OF PROFITS

LISTENS TO CUSTOMER NEEDS AND FEEDBACK

HAS ETHICAL BUSINESS PRACTICES

GENERAL PUBLIC

SOCIETAL

OPERATIONAL

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U.S. Financial Services Industry: societal attributes are more important to building future trust

Q16-26. [TRACKING] 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 in the U.S.; Q70-85/Q86-101. Please think about businesses in the [INSERT INDUSTRY] industry. How important is each of the following actions to building your trust in businesses in the [INSERT INDUSTRY] 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 your trust”. (Top 2 Box, Very/ Extremely Important) General Population in the U.S. (excludes ‘Don’t Know’ responses) * ‘Current Trust’ results based on regression analysis of the general population

41% TRUST FINANCIAL SERVICES INDUSTRY

1) Delivers consistent financial returns

1) Has ethical business practices

2) Listens to customer needs and feedback

3) Places customers ahead of profits

4) Takes actions to address issue or crisis

5) Treats employees well

6) Communicates frequently and honestly

7) High quality products or services

8) Has transparent and open business

9) Addresses society's needs

10) Positively impacts the local community

11) Delivers consistent financial returns

11) Highly regarded, top leadership

13) Works to protect/improve environment

14) Ranks on a global list

15) Innovator of new products

16) Partners with third parties

CURRENT TRUST BUILDING FUTURE TRUST

CURRENT TRUST DRIVEN BY OPERATIONAL ATTRIBUTES

Attributes that Correlate with Current Trust Most Important Attributes that Build Trust

Societal

Operational

GENERAL PUBLIC

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25 © Edelman, 2012. All rights reserved.

Exercise principles-based leadership, not rules-based performance

Recognize that operational factors responsible for current trust won’t build future trust; societal and engagement behaviors will

Prepare for crisis, and if one occurs, do the right thing

Financial Services Industry needs to win back trust in order to re-earn license to operate

Use the channels and spokespeople who are most trusted

Build trust among those who don’t trust you yet

Exercise utilizing frequent communications channels