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 8 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 aba.com/AmericasBanks-a website 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 ACCELERATE A CHANGE in the narrative about banking- a change that is already underway thanks to the ENGAGEMENT OF BANKERS everywhere. 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. http://www.aba.com/AmericasBanks-a

Table of Contents for the Digital Edition of ABA Banking Journal - September/October 2016

PRESIDENT'S VIEW
UPFRONT
LEGAL BRIEFS
PICTURE THIS
COVER STORY
CECL FROM THE INSIDE: A CONVERSATION WITH FASB’S RUSSELL GOLDEN
WHERE ‘HABITS OF ECONOMY’ WERE SHAPED
HAT TIPS
CARD-LINKED REWARDS GIVE BANKS A COMPETITIVE EDGE
MARKETING
CYBERSECURITY
BANK-INSURANCE SALES
ABA COMPLIANCE CENTER INBOX
FROM THE STATES
CORPORATE SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS

ABA Banking Journal - September/October 2016

https://www.nxtbook.com/naylor/BAKS/BAKS0318
https://www.nxtbook.com/naylor/BAKS/BAKS0218
https://www.nxtbook.com/naylor/BAKS/BAKS0118
https://www.nxtbook.com/naylor/BAKS/BAKS0617
https://www.nxtbook.com/naylor/BAKS/BAKS0517
https://www.nxtbook.com/naylor/BAKS/BAKS0417
https://www.nxtbook.com/naylor/BAKS/BAKS0317
https://www.nxtbook.com/naylor/BAKS/BAKS0217
https://www.nxtbook.com/naylor/BAKS/BAKS0117
https://www.nxtbook.com/naylor/BAKS/BAKS0616
https://www.nxtbook.com/naylor/BAKS/BAKS0516
https://www.nxtbook.com/naylor/BAKS/BAKS0416
https://www.nxtbook.com/naylor/BAKS/BAKS0316
https://www.nxtbook.com/naylor/BAKS/BAKS0216
https://www.nxtbook.com/naylor/BAKS/BAKS0116
https://www.nxtbook.com/naylor/BAKS/BAKS0615
https://www.nxtbook.com/naylor/BAKS/BAKS0515
https://www.nxtbook.com/naylor/BAKS/BAKS0415
https://www.nxtbook.com/naylor/BAKS/BAKS0315
https://www.nxtbookmedia.com