I get to stand with a group of female leaders who will ring the bell Thursday at the Toronto Stock Exchange. It’s a special event to bring awareness to the need for gender balance in our financial communities.
I am personally committed to supporting organizations that understand that diverse thought is crucial, especially when it comes to revamping nervous and whimpering systems. A recent Bloomberg article “Wall Street’s Pros Fess Up: ‘We Don’t Know What’s Going On’” is one of the most honest headlines I’ve read in a long time. It struck me that people listen better after they’ve survived a sturdy bout of self-induced chaos. Perhaps our timing is right.
In recent weeks, the market has suffered from historical turbulence. It’s a mixture of several emotional events that are shaping investment decisions; Covid-19, federal policy, Joe Biden and so many other triggers. As a society, we are losing trust and gaining fear. I think the most recent VIX charts are proof of that.
Trust has been impacted the most during this crisis, especially when it comes to our relationships with fellow humans. In a short period of time, gestures of kindness to strangers we meet on the street have been replaced with chilling acts of separation.
The rest of the world feels so far away at times. What has given me some comfort is the belief that if trust existed before, it will return.
Now let’s look to Wall Street. Trust will be the greatest economic driver of the financial markets from this point on. And I say this without a single ounce of doubt. I’ve been studying trust for decades, a fascination of mine in both my professional and personal life.
We feel trust in so many ways. Society expresses trust in the words they use to describe a colleague, the speed in which they listen to a leader’s guidance, and in their belief that government will do what is right. Trust is what they feel when they know a company will keep them safe, no matter what.
When we emerge from our homes, trust will have a material effect on everything we do. Trust will determine where we eat, what airlines we fly, what retail store we frequent, what country we visit, and what hotels we use. It’s no longer the feel-good emotion of the past. Trust will be the Key Performance Indicator of the Post COVID-19 world.
Five reasons trust data is vital:
A final few words on how companies can use trust as a way to build their business strategies today. Hon and Grunig (1999) defined trust as one party’s level of confidence in and willingness to open oneself to the other party. The researchers identify three dimensions of trust:
Use these three measures of trust to build a values-based company the world needs today.
If you want to know more about using trust data, please contact our team at firstname.lastname@example.org, or find us on Bloomberg’s Enterprise Access Point.