India-based companies have emerged as the most trusted ones, with the technology sector being ranked the highest in terms of transparency and credibility, according to the recently released report from Edelman Trust Barometer. India-headquartered companies are trusted by a majority of people in the country. While US' trust in technology is 78 percent and China is 83 percent, in India it is 88 percent.
Technology is the most trusted sector in India at 88%, followed by banks, automotive (79%), pharmaceuticals (75%), healthcare (73%), entertainment (70%) and media at a relatively low 58%. Across digital sources, online search engines command the most trust in India at 56%, followed by free content sources at 41%. Social networking sites come third with 27% and blogs a poor fourth at 16%. So companies must target a broader spectrum of stakeholders with targeted, differentiated communications.
In India 1,575 people in the 25-64 age group and 200 opinion leaders were interviewed for the survey. Trust in banks also remains unharmed and is at a high of 82% in India although nearly 8 in 10 believe governments will have a lot or some influence over banks and financial institutions in the future.
In Asia Pacific, the findings indicate changing expectations of business and industry post the financial crisis. Most informed publics expect business and financial companies to return to old habits (82% in India) when the crisis ends. “What’s clear to me is that overall we are seeing a leveling out of trust in institutions – that no one institution enjoys unlimited trust or suffers too big a trust deficit. Therefore, there is a big need to pursue strategies of collaboration in order to achieve business and societal goals,” said Alan VanderMolen, President, Edelman Asia-Pacific.
According to the survey Indians have more trust in CEOs and companies than the government and NGOs. This trend is especially notices in the younger informed public. Trust in media is also declining in contrast to past years where trust in both media and NGOs was high. “We are seeing a vastly different set of factors driving reputation than we did 10 years ago,” said Richard Edelman, President and CEO, Edelman. “Trust is now an essential line of business to be developed and delivered. CEOs who embrace this new line of business called trust have seen their credibility rise. Stakeholders are also beyond placing blame. They are looking for leaders who will deliver performance, communicate frequently and honestly, and consider the role of business in society.”