ABA Banking Journal - September/October 2016 - (Page 8)
> PRESIDENT'S VIEW
Trust in Banking
BY ROB NICHOLS
AS U.S. BANK'S Richard Davis noted in an essay in the Wall Street Journal this
summer, trust is at the heart of the relationship between banks and the communities
they serve. That trust suffered a blow with the financial crisis, and recent surveys have
shown that regaining that trust has been long, slow work.
Gallup's annual "confidence" poll
released in June found that Americans'
confidence in major institutions in
general, and in banks specifically,
remains near historic lows. Just
27 percent of Americans said they
had "a great deal" or "quite a lot"
of confidence in banks-but that's
up six points from its nadir in 2012.
Another poll-the 2016 Edelman Trust
Index-shows that trust in the financial
services industry globally, while still
lower than other business sectors, is
up 8 percentage points from 2012.
Perhaps the plodding progress on the
road back to trust is to be expected,
given that a sluggish economy-and
election year rhetoric-has kept
memories of the financial crisis
alive. But as these and other surveys
also reveal, we have an opportunity
to move these stats faster and
further in a positive direction.
The Edelman index, for example,
shows that employees are among the
most trusted sources of information
about a company. That bodes well
for individual banks, which can and
should unleash their greatest asset
to spread a positive story about
their institution and all it does for
the community. Other surveys have
shown that customer satisfaction with
their own banks has also improved
over the past several years.
But just as constituents like their
own member of Congress but not
ABA BANKING JOURNAL | SEPTEMBER/OCTOBER 2016
Congress as a whole, employee
and customer feelings about their
individual banks doesn't necessarily
translate to the industry as a whole.
That can be a problem-especially
if our industry's reputation inspires
counterproductive banking policy.
are delivering safety and convenience
to their customers. And as this
magazine went to press, we also had
planned a rigorous social media and
digital response to any harmful antibank rhetoric that might spew forth
at the political party conventions.
That's where ABA comes in.
The ads, tweets and posts all
encourage people to learn more at
I encourage all bank employees
to visit to get a sense of just how
important their job and the industry
they work for is to our nation.
ABA's efforts are
intended to help
A CHANGE in the
narrative about banking-
a change that is already
underway thanks to the
This summer, ABA began running a
very targeted ad campaign inside the
beltway to promote pro-bank messages
to key influencers of public policy.
We started with radio and scoreboard
ads at Washington Nationals games-
which a disproportionate number
of members of Congress, Hill staff,
regulators, agency staff and reporters
attend-and extended our reach with
digital and social media ads. All touted
the important role banks play in their
communities and the many ways banks
Our efforts are intended to help
accelerate a change in the narrative
about banking-a change that is
already underway thanks to the
engagement of bankers everywhere.
The new story of banking reads
something like this: Today's banks are
stronger than ever and lending smartly.
They're innovating to make customers'
financial lives easier. They're leading
the way in cybersecurity. They are
reinvesting in their communities
and working to bring underserved
consumers into the safety of regulated
banks. And their work is creating
jobs and helping American families,
businesses and communities thrive.
These are qualities that should
bolster banks' reputations and
increase customer trust. Please
help us spread the word.
ROB NICHOLS is president and CEO of ABA.
Table of Contents for the Digital Edition of ABA Banking Journal - September/October 2016
CECL FROM THE INSIDE: A CONVERSATION WITH FASB’S RUSSELL GOLDEN
WHERE ‘HABITS OF ECONOMY’ WERE SHAPED
CARD-LINKED REWARDS GIVE BANKS A COMPETITIVE EDGE
ABA COMPLIANCE CENTER INBOX
FROM THE STATES
CORPORATE SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
ABA Banking Journal - September/October 2016
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