Excellent article in Fast Company magazine on building trust through transparency.
In a related thought, have you ever read David Maister's book, The Trusted Advisor? In it he shares what he calls the Trust Equation. I've made a slight adjustment but the equation is basically that Trust equals Credibility plus Reliability plus Emotional Connection divided by the level of Self-Orientation.
In the past the focus has been on Credibility and Reliability but today's emphasis on Transparency shifts the focus to Emotional Connection and more importantly level of Self-Orientation, which indirectly affects Emotional Connection. As humans, we will always have some level of self-orientation but when we listen to our customer and act in an honest and open way, the customer will often give us a break for having a little self-interest.
Read the article and then fill in your trust equation in regard to a specific customer, friend, or family member.
Would being a little more transparent create a lot more trust in that relationship?