The Boardman International Blog shares insights from Boardman Members. In this post, Matthias Lippert writes about trust and how it fuels the economy.

“Trust comes by foot and leaves on horseback.” Johan Rudolph Thorbecke’s 19th-century quote reminds us that trust takes time to build and can be lost in an instant. During my time in Finland, I have experienced how deeply rooted trust is in society. People trust each other, trust institutions, and institutions trust the people. The 2024 OECD study confirms this — Finland ranks far above the OECD average in institutional trust.

That trust translates into streamlined processes. Citizens don’t need private tax consultants: taxes are pre-filled, and questions are answered by public authorities. Libraries go beyond lending books as they offer instruments, rehearsal rooms and even 3D printers.

In business too, trust is a productivity driver.

• High trust reduces the need for oversight, controls and extensive contracts.
• People are more likely to embrace change and new technology in a high-trust environment.
• Trust boosts collaboration and employee engagement (Edelman Trust Barometer 2024, theguardian.com).
• At the macro level, countries with high trust enjoy greater economic stability and performance (ourworldindata.org)

How to Build Trust

PwC defines trust as ‘the willingness to depend on the integrity or competence of others, to rely on their good intentions — even if those others are strangers’ (PwC Netherlands Blog, 2025).

According to PwC’s 2025 CEO Survey, 90% of Dutch CEOs are actively taking steps to build public trust through transparency, stakeholder dialogue, and media engagement.

Trust-building requires two types of investment:

1. Internal initiatives: training leaders, improving data privacy and cybersecurity, implementing CSR, and ensuring ethical use of AI.
2. External validation: clear monitoring and reporting, third-party audits, and proactive stakeholder engagement.

Compliance and Regulations Matter

Compliance is how trust is demonstrated. Adhering to the EU Whistleblower Protection Directive, Corporate Sustainability Due Diligence Directive (CSDDD), and the EU AI Act signals responsibility.

Regulations define standards; compliance proves alignment. This builds trust across borders, facilitates due diligence, and reduces the risk of fraud or hidden agendas.

Codified Trust

In today’s economy, you don’t just earn trust. You prove it. Compliance frameworks are how companies show they are secure, transparent, and responsible. They operationalize trust with documentation, controls, audits, and alignment with standards like e-invoicing regulations under the EU’s VAT in the Digital Age (ViDA) Package and ethical AI frameworks under the EU AI Act.

Compliance + Regulations = Codified Trust. Together, they make trust measurable, auditable, and scalable.

Modern SaaS platforms make compliance scalable and intelligent. They don’t just offer tools; they bring the expertise and automation to stay aligned with evolving regulations (Deloitte WSJ, KPMG ESG Insights.)

What Finland Taught Me About Trust

In Finland, mutual trust isn’t just a cultural trait, it’s a foundation of happiness and efficiency. Where there’s trust, there’s less need for control, and controls come with cost. Fewer controls mean greater efficiency if you can trust the system.

This applies to companies too. Trust accelerates relationships, reduces time to value, and enables faster onboarding of new partners.

That’s why compliance and regulation matter: they define shared expectations and create the basis for mutual trust, even between strangers. And while compliance requires effort, it doesn’t have to be a burden. Let’s leverage digital platforms to manage it smartly.

Because in the end trust fuels the economy and compliance is how we build it.

Sources

OECD Survey on Drivers of Trust in Public Institutions 2024 https://www.oecd.org/en/publications/oecd-survey-on-drivers-of-trust-in-public-institutions-2024-results_9a20554b-en.html

Edelman Trust Barometer 2024 https://www.edelman.com/trust/2024/trust-barometer

PwC Netherlands CEO Survey 2025 https://www.pwc.nl/en/topics/blogs/building-trust-has-economic-value.html

Deloitte WSJ article on digital trust https://deloitte.wsj.com/cmo/trust-increasingly-hard-to-win-easier-than-ever-to-lose-c0112c0f

KPMG ESG Trust Insights https://assets.kpmg.com/content/dam/kpmgsites/in/pdf/2023/07/building-esg-trust-with-stakeholders.pdf.coredownload.inline.pdf

Our World in Data on trust and economic performance https://ourworldindata.org/trust

About the Author

Matthias Lippert is a global Customer Services leader, former Chief Customer Support Officer at Basware, and an active member of the Boardman network. He is passionate about customer experience, operational excellence, and establishing trust across global teams and customer relationships.

 

Get to know Boardman Membership