This post references articles originally written by Avi Salzman and Jon Swartz for Barron’s, both published on December 28, 2018.
The tech industry appears to be experiencing a wave of distrust among consumers and employees. Big tech companies, like Facebook and Twitter, are finding it more difficult to maintain the balance between freedom of speech and the safety of their consumers. Their platforms are increasingly being used to spread hateful and inaccurate information, causing most users to lose trust in the company’s ability to keep their best interest in mind. In addition, employees of large tech companies are beginning to expect more from their employers–leading to a newfound sense of independence.
This news begs the question: are companies willing to make changes in order to strengthen consumer relationships? If so, how far?. It also highlights the importance of maintaining integrity within business practices. This is especially true when business practices include selling foreign exchange. Simply put, clients entrust banks with maintaining integrity in setting FX rates and markups. Learn more about FX Rate Integrity®.
Read more on Barron’s: “Fintech Takes the High Road, Only to Trip Up” and “Regaining Trust is the No. 1 Issue for Tech in 2019”.
-Paola Gasca, Analyst