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Money Vault

Trust in Financial Sector 2020

Caliber continues its collaboration with FinansWatch in learning more about what drives Trust in the Danish financial sector.

This year we have focused on the 51 biggest financial institutions in the country: 25 banks, 10 insurance companies, 12 pension funds and 4 mortgage lenders. Around 2.000 people have participated in the survey and provided their perceptions of the industry and its main players, allowing us to compare the trends with the previous year in Denmark, as well as with global trends.

The report is based on Caliber’s standard reputation model and analyzes general public perceptions and drivers of trust towards the financial industry. Among others, the following questions are analyzed in depth:

  • To what extent is the sector trusted overall, and among specific demographic sub-groups?
  • How has the industry developed throughout 2019?
  • Who are the “winners” and “losers” when it comes to winning consumer support in Denmark?

It is clear from the report that the industry players are increasingly focused on being purpose-led rather than product-led compared to the previous year. Nevertheless, the biggest banks, insurance companies and pension funds in the country still have a way to go in explaining how their stated ethical and societal goals impact the day-to-day lives of their customers.

The full results of the study are included in a report that is now available from FinansWatch – a summary of that report (in Danish) can be viewed here. For questions please contact Vladimir Verchinine (+45 31 56 10 01).

The study shows that the reality of the global pharma sector’s reputation is more nuanced, and in fact more positive, than expected. Public perceptions of pharma companies around the world are actually improving year on year, and the views of many segments and countries are in fact very favorable. But the sector and its companies also struggle with perception issues, particularly in Europe and among the elderly population. See which companies struggle and which come out on top.

In addition to these questions, we have also focused in this year’s report on specific topics that have dominated the media discourse in Denmark (and many other countries) throughout 2019. We have asked the respondents to provide their opinions on how the financial institutions perform in areas like:

  • Salary and bonuses to top management
  • Implementing the latest technologies
  • Protecting personal information
  • Responsible investment (in relation to environment, ethics and society)
  • Equality (women in management; focus on young people)
  • Money laundering and tax havens
  • … and many more

It is clear from the report that the industry players are increasingly focused on being purpose-led rather than product-led compared to the previous year. Nevertheless, the biggest banks, insurance companies and pension funds in the country still have a way to go in explaining how their stated ethical and societal goals impact the day-to-day lives of their customers.

The full results of the study are included in a report that is now available from FinansWatch – a summary of that report (in Danish) can be viewed here. For questions please contact Vladimir Verchinine (+45 31 56 10 01).

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