Steve Smith talked with Insider Intelligence about how social media companies can build financial trust and what open banking can do for web3.

Our exclusive primary research survey reveals which platforms US social media users feel most comfortable buying on, and why trust is essential for the future growth of social commerce.

Word of mouth trumps advertising: Intuit’s TurboTax massive deceptive ad settlement reflects a growing lack of trust consumers have in advertising.

On today's episode, we discuss how Americans feel about the different social media platforms and the extent to which trust affects usage and attitudes toward advertising. We then talk about Facebook scrapping certain kinds of ad targeting and some rather lofty expectations for TikTok. Tune in to the discussion with eMarketer principal analyst Debra Aho Williamson and senior analyst at Insider Intelligence Audrey Schomer.

Our fifth annual primary research survey reveals the level of trust US social media users have in nine major social platforms, and the role trust plays in the willingness to engage with advertising on those platforms.

New data shows millennials and Gen Zers seek health advice online (including on social media)—a trend that already has some physicians turning to TikTok to build patient trust and connection.

Issues of deceptive content, privacy, and safety continue to plague social media. Building user trust is critical for social platforms and their advertisers; it affects how users feel on social media sites and may also impact whether users want to engage with ads there.

Trust in mass media is down—but social media isn’t a perfect alternative: Media confidence is highly split on partisan lines, and using social media for news can reproduce the same problems.

Safeguard consumer trust. As some fintechs falter, heavily regulated incumbent FIs could set themselves apart by acting unwaveringly in the best interests of customers, shareholders, and society. Insider Intelligence’s Banking Digital Trust Benchmark report shows how the top banks compare according to dimensions that shape digital trust—and this year’s upcoming report will include top neobanks.

Social Media Today. South China Morning Post. TechRadar. The Business of Fashion. The Drum. The Economist Group. The Verge. USA Today. Visa. YouGov. Zhidx.com.

Of that 49% who said they received incorrect ads, 42% immediately unsubscribed from the brand’s content. 24% went so far as to block the brand on social media.

Just 19% said they find ads on social media either very or somewhat trustworthy. Consumers in other global markets had higher levels of trust. Still, in most markets surveyed, fewer than a third trusted ads on social media at least somewhat, per YouGov. Consumers feel squeamish about how social platforms collect their information to target them with ads.

China deems personalized recommendations discriminatory and harmful to user well-being: The new law could discourage users from spending time—and money—on retail and social media platforms.

eMarketer principal analyst Mark Dolliver, junior analyst Blake Droesch, vice president of content studio Paul Verna, and senior analyst at Insider Intelligence Sara M. Watson discuss how social media might (actually) be regulated, social commerce, the ceiling for Disney+, Snapchat rolling out TikTok competitor "Spotlight," Spotify testing Snapchat-like Stories, Facebook paying UK publishers for news in 2021, why you should never trust a raven, and more.