The Great Debate UK

Why trust is the new currency for banks

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Robert Phillips- Robert Phillips is UK CEO of Edelman, a public relations firm. The opinions expressed are his own. -

Trust is an entry which does not appear on a bank’s balance sheet. As an important asset, perhaps it should.

As banks struggle to get back to their feet, however, another deficit would not be welcome. According to Edelman’s 10th annual Trust Barometer, published last week at the World Economic Forum in Davos, trust in the UK banking sector has fallen to an all time low, plummeting to just 21 percent, down from 41 percent in 2007.

The UK banks are by no means alone: trust in U.S. banks fell from 68 percent in 2007 to 29 percent in 2010 as the banking giants on Wall Street ran into a new wave of criticism from Main Street.

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