Building Trust after AMCON Cash Injections
The dust might be finally settling down after AMCON cash injections in frail banks. But trust has been orphaned. Before now credit which was the lifeblood of the economy stopped flowing and banks refused to lend to each other because of lack of trust.
While we can begin to sigh because the extreme part of the crisis is over, that is the panic; we should work towards recovery and bring trust in our financial systems.
Trust has been described as key to building enduring connections with employees, customers, suppliers and the communities around. It lends support to risk-taking and so engenders innovation.
How do we get back trust into our financial businesses?
Dov Seidman said we can only build trust by extending it to others. It calls for us to restructure our businesses. A hard look becomes inevitable in fulfilling our purpose of principled business performance. Extending compliance and ethics through education and awareness can help significantly. Extending trust demands sharing information with our stakeholders and this can translate to deeper ties to clients and can inspire employees to actually care.
But above all, we should put our trust to use. With trust banks can fare well in serving their commitment to shareholders and do better with their stakeholder community.