BUSINESS INNOVATORS INDEX

Trust is the currency of innovation

In our 2022 study of innovation and trust in business with Harvard Business Review Analytic Services, we explore the innovation landscape and how to unlock the next economy

 

82%

of executives say customer trust makes it easier to innovate

75%

of consumers say trust is important when buying a product or service

71%

of executives say customer trust improves customer loyalty

Trust makes innovation happen. It's only with trust that we can progress confidently into the unknown. And the unknown is precisely where innovation comes to life. 

In the newest Business Innovators Index survey by Harvard Business Review Analytic services with Mastercard, 58 percent of executives say their organization now ranks innovation as a high priority, up from 54 percent in 2020 and 47 percent when the research was first launched in 2019.

"Innovation leaders are more closely attuned to what consumers want than those found to be followers or laggards. Understanding what customers want and need is key to success."
Ken Moore, chief innovation officer at Mastercard

The critical importance of innovation is not lost on businesses. But, as our Business Innovators Index 2022 discovers, many companies are underestimating a critical ingredient for innovation to thrive… that of trust. 

Four fifths (82%) of executives say high levels of customer trust make it easier to innovate, but only a fifth of organizations measure how trusted they are. Explore more insights in the 2022 Business Innovators Index, 'Trust: The currency of innovation'.

Dr. David S. Ricketts, innovation fellow in the Technology and Innovation Center at Harvard University says "as we take our customers and clients on the innovation journey with us, they need to know that they can trust us."

Dirk Kruse, CEO of SAP Fioneer and Claire Thompson, executive vice president for global trade at Mastercard discuss how trusted partnerships are paving the way for innovation in trade finance.

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