Banks rank way down for trust

The latest Brand Trust Index from the Gustavson School of Business at University of Victoria includes several banks; but way down the list.

The annual rankings poll more than 6,500 Canadians to assess trust levels in brands and companies across 26 industry sectors on a range of brand value measures.

Topping the list for 2017 is MEC followed by the CAA and Costco.  Payments firm Interac is the only financial services firm in the top 10 with Visa, MasterCard and PayPal further down the list.

For mortgage lenders, TD is the highest placed at 73, Tangerine is at 77, Scotiabank at 103, BMO and RBC tie at 117, CIBC is at 129 and National Bank is at 172.

“Trust plays a vital role in our community, economy and collective mindset as Canadians,” says Saul Klein, dean of the Gustavson School of Business. “We have witnessed several breakdowns in trust over the past year, which we see reflected in our results. It is clear that trust can erode very rapidly but it takes a long time to build or to recover from mis-steps.”

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