Trust

Regaining Trust: Challenges and Solutions

Regaining Trust: Challenges and Solutions

Faced with the loss of confidence in an institution or company, two movements can occur, which are not exclusive. from sender to receiver and vice versa.

As discussed in previous chapters, trust is the cornerstone on which positive relations can be built across all societal areas.

Without trust, there is no shared present, and there is no shared future.

No sector is free from the lack of trust.

The widespread lack of trust is driven by three vectors: (dis)information, governance, and technology. However, the dynamics of trust within each sector and between stakeholders vary.

The 2021 Edelman Trust Barometer indicates that the pandemic and the subsequent healthcare, social and economic crises exacerbate the trust issue. A new path to rebuild trust must be charted.

The data are alarming: Out of all actors analyzed (government, NGOs, mass media and companies) only companies are perceived as competent and ethical, the two essential elements of trust.

 Most citizens expect  corporations in general and CEOs in particular to fill in the void of trust left by Public Administrations. Because of this, companies face a huge challenge and opportunity: fulfilling the citizens’ expectations.

The problem with high expectations is that the gap between the expectations and reality widens. 65% of respondents think CEOs should lead against the pandemic, and only 29% think CEOs are doing that.

Cross-sectional innovative solutions

When an institution or corporation loses trust, there are two non-exclusive shifts.

From the issuer to the receiver

The institution or corporation takes measures to regain the trust lost, either voluntarily or to comply with regulation.

Within this model we can find:

  • Blockchain solutions: they use Distributed Ledger Technologies, whereby the institution or company dumps its processes in a transparent, data and transaction tamper-proof technology .
  • Digital tools: they promote open data and transparency.
  • There are solutions that meet the Open Trusted Technology Provider™ Standard (O-TTPS), created and promoted by The Open Group, made up of the large hardware and software global manufacturers. They seek to support suppliers to build highly secure and robust products, ultimately enabling user trust.

From the receiver to the issuer

This model is based on citizens or users looking for trustworthy options.

Here you will find:

  • Zero-Trust Solutions: Anonymous search engines or DTL-based solutions that are not anonymous, but they are confidential.
  • Trusted party solutions: Tools that allow trust in well-known, close circles, or via referral.
  • Trusted solution certified by a third party: Digital platforms that certify and ensure the authenticity and goodwill of the other parties.

All these technological solutions are framed within the TrustTech. This category includes companies, platforms and services that enable trusted relations between people and human organizations (public bodies, companies, or the administration).

If you’re interested to know what the main solutions are for the banking industry, large corporations, media outlets and big tech to regain trust, please read the full report.

https://www.fundacionbankinter.org/wp-content/uploads/2021/09/Publicacion-PDF-ES-FTF_ConfianzaDigital-1.pdf

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