Trust in Service Providers Deteriorates

Over the past 6 months, top management trust in leading service providers has declined, however there is one exception. Trust in legal services globally is increasing most prominently within the APAC region. Trust in banking however has decreased significantly across all major markets and both private and public firms. Taking into consideration the most recent financial crisis and the resulting calls for regulation of the banking industry as a whole, it is not surprising that there is an overwhelming lack of trust in the banking sector.

An additional consideration is technology and the rapid rate of digitalization, as a possible cause for a decrease in trust. Increasing the distance between service providers and their clients results in a breakdown of the traditional relationship. This could also account for why there is a decrease within the banking sector, yet an increase in legal services. Many services within the banking industry have moved online, yet legal services require more fact-to-face contact.

While we see declining levels of trust in main service providers, trust in traditional publishers remains strong at 85% 'very/somewhat' trusted. Traditional publishers outrank other news outlets as the most trusted source for news & information. 1 in 3 trust broadcast networks and only 5% trust social media.

If service providers are willing to regain the trust of their customers, then they will need to adopt new strategies and messaging that reach their consumers in a trusted space.

For more insights into how trust levels have changed within your industry please reach out to Molly Gerth , Research Analyst at Financial Times.