Chile
Press Release

General confidence in Chilean institutions is increasing, but it still shows how much progress remains to be made

Bnamericas Published: Tuesday, September 27, 2022

This is a machine translation of the Almabrands release originally published in Spanish.

Since 2014, the consulting firm Almabrands has been carrying out the ICREO study that measures the confidence that Chileans have in various institutions in our country and, this year, gave an average score of 4.3 in circumstances where, in recent years, it had fluctuated between 3.8 and 4. This measures 333 brands in 48 categories, considering products and services, media, NGOs, public services, armed forces and political figures.

The results show sweet and sour. On the one hand, despite the rise, it is still a generally low grade that shows how much more progress remains to be made in general terms. The good news is that despite the demands, companies show sustained improvement over time. Trust in them has increased more than one point since 2015, going from an average of 3.2 to 4.4. And this has happened hand in hand with positive progress in the dimensions that were weakest: Honesty and Transparency (with transparency, tell the truth, do not hide information), Responsibility (responsible with people and the environment, keep their promises and take responsibility for their mistakes) and Empathy (concern for the interests of people and society).

Carolina Altschwager, partner and founder of Almabrands, points out that “companies are responding positively in a context challenged by citizens, but they have to continue working with a sense of urgency to strengthen trust. They are still far from having indicators to be proud of their performance: 49% of people have a low level of trust in them, when evaluating them with grades from 1 to 4”.

For her part, Almabrands partner and leader of the ICREO project, Pamela Órdenes, adds that companies play a unique role in ICREO because the expectations that exist for them to be trustworthy are greater, more comprehensive and complex than any other institution. “A balance of all the variables that build trust is expected of them: that they be honest and transparent, responsible in their actions, empathetic with the interests of people and society, and not just their own, along with support and good performance.”

It was also raised that not all companies that have daily relevance in people's lives manage to build trust, in fact many of them have low evaluations in their levels of transparency, responsibility and empathy, mainly. “Among these organizations, there are many that are basic services companies with monopoly characteristics, where the centrality of customers, respect and consideration for their concerns and pains are not up to the expectations that exist, says Carolina Altshwager.

Those who are above and ... well below

If you look at the companies by category, Home Hygiene and Disinfection are at the top of the ranking with a score of 5.4; probably given the influence they have exerted around the pandemic in the last two and a half years. In relation to the above, the Personal Care and Hygiene category is among the top six with a high level of trust among Chileans.

Within the podium, by category, the Technology companies are in second place with a score of 5.3, while in third place, tied with a 5.2, are Sports and Streaming.

On the contrary, Highways, Isapres and AFPs are among the categories that give Chileans least confidence. The unfortunate thing is that the calls to establish a change with respect to them, occupy the last places: Political Figures and Powers of the State. In effect, the least confidence is experienced by the Government with a score of 3.2, an increase compared to the previous three years, but considerably lower than the 4.1 of the 2015 and 2016 periods.

Along with the launch of this study, a panel discussion was held with the participation of Lorenzo Gazmuri, president of Icare, Jessica López, president of Banco Estado, and Carolina Altschwager. Gazmuri adds how important it is to have a study that measures trust, transforming an intangible into a set of concepts that are more actionable. And he adds that trust for companies “is not just another issue, it is a central issue. The only thing you have to have to form a company are customers and you conquer them to the extent that trust is built”.

For her part, Jessica López, president of Banco Estado, points out that one of the pillars of this brand is the trust built in 167 years of history, “being an institution that understands the need to be at the side of people and micro-entrepreneurs. We have the umbrella open when it rains, this being a very complex period for people”.

The ICREO 2022 survey was conducted between July 5 and 19, via online, to a total of 2,884 people from the Metropolitan Region.

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