Banks Rank as Most Trusted Subsector 
within Financial Services

After years of skepticism and distrust in wake of the 2008 financial crisis, the global banking industry has clawed its way back 
to earn the trust of customers and employees. 

That is one of the main conclusions from the 2024 Edelman Trust Barometer Supplemental Report: Insights for Financial Services that examines what people think about the companies they rely on, work for, and entrust with their money. The new report is a supplement to the 2024 Edelman Trust Barometer that surveyed more than 32,000 people in 28 countries. 

The findings provide financial services companies with a valuable lens into the perceptions of the broad population. Although there are certainly bright spots, they also indicate that the industry can do more to communicate its value as a trusted advisor. Please click here to view press release.



Business is the only trusted institution

Compared to NGOs, government, and media, business is the only institution trusted. Business is seen as 52 points more competent than government.



Global trust in financial services 
is rising

The financial services sector has experienced a slow march into the trusted category. Trust is now at an all-time high in half of the countries surveyed.


Banks lead the way in trust

Banks are the most trusted subsector in financial services, notching a four-point increase from last year. Over the last 10 years, banks have seen a 12 point increase in trust.


AI companies not trusted in more than half of surveyed countries

Among those who feel less than enthusiastic about the growing use of AI, slightly more than one-third of global respondents think Al could be harmful to society. However, that number jumps to 61 percent for the U.S.


Employees of financial services trust their employer more than most other sectors

Although financial services is trusted less than many other sectors, employees of financial services companies are the second most trusting of their employer across industry sectors.

Edelman Trust Barometer 2024

1. Showcase the data

Financial services companies sit on enormous stockpiles of data that can be used to provide real-time knowledge about the economy, sustainability, and personal wealth. Use that data to back up your unique point of view. Such data are often confined to individual silos within an organization, inhibiting their value.

2. Provide trustworthy content

Owned content and social content currently sit in the distrusted category for respondents. That sentiment changes, however, when respondents are asked about the owned and social media from companies and individuals they trust. With financial services now sitting in the trusted category, this is an opportunity for companies to advance their content strategies.

3. Look to employee base

The survey consistently finds that employees of financial services companies are among the most trusting of their employers. Consider using them as brand ambassadors. Fresh buzz about the company from the people who work there can also help attract the best talent. 

4. Lead the way to change

As the most trusted institution, business has the power and responsibility to lead. That means leaders can take a stand on issues that are important to their company and workforce. By partnering with institutions that currently aren’t trusted – such as government – CEOs can drive global change. 


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