Davia Temin's Essay REBUILDING TRUST IN THE FINANCIAL MARKETS is Included in New Book TRUST INC.
NEW YORK, Nov. 1, 2013 /PRNewswire/ "Only 22 percent of Americans trust the financial system. Despite a broad stock market rally since the financial crisis officially ended, public distrust of banks and investment banks has not fully abated," says reputation strategist Davia Temin. "In fact, in some cases, it has deepened."
Ms. Temin's essay, "Rebuilding Trust in the Financial Markets," is featured in Barbara Brooks Kimmel's new book Trust Inc.: Strategies for Building Your Company's Most Valuable Asset, published today. The book, as Stephen Covey says, "brings top thought leaders together to share their insights on how trust impacts business success."
Ms. Temin notes that many of the steps critical to the rebuilding of trust taking responsibility for bad actions, making reparation, instituting voluntary reform, and strict compliance to a new set of standards have not been fully taken.
What is needed to combat the systemic reputational failure that the financial services industry experienced, she says, "takes a combination of disciplines, including crisis management, psychology, social science, negotiation skills, communications, and branding and marketing."
In her essay in the book, Ms. Temin offers a game plan for the industry to rebuild trust, even more than five years after the crisis began. Among her many suggestions: short-circuit denial of the reputation hit; make meaningful reparations (which may hurt); and engage in an ongoing series of two-way communications with the public, through both traditional and social media.
"The public and the press may forgive and forget over time. But research has found that if the same behavior recurs,trust may well be gone forever."
Davia Temin is CEO of Temin and Company, a management consultancy focused on marketing strategy, reputation and crisis management, and leadership coaching. She is one of Trust Across America's 2013 Top 100 Thought Leaders in Trustworthy Business Behavior. Ms. Temin writes a column for Forbes.com entitled "Reputation Matters" covering crisis, resilience, reputation, marketing and branding strategy, social media, women's leadership, and corporate governance. In addition, she tweets (@DaviaTemin) regularly on these issues, and the Temin and Company website features a section devoted to pertinent thought leadership.