The least optimistic description is ‘permacrisis’: The pervasive feeling that everything’s messed up and it won’t get better. For our finance & utilities focus week, Patrick Buckley looks at how banks can maintain trust in this tricky climate.
Business leaders often express alarm over the loss of faith in large institutions, but you rarely hear suggestions for what to do about it. That needs to change. Banks, in particular, can do a lot to rehabilitate trust.
The data may be grim (not to mention what it portends for our culture), but solving the problem starts with understanding the forces behind this shift. There are still plenty of steps that companies can take to earn trust in this environment, if they’re willing to change.
The era of sustained instability
One of the biggest reasons for decreased trust in institutions is the dizzying rate of change we’re experiencing. For many people, the world is moving too fast – they feel like …