It is no surprise that the most powerful banks have problems with their image these days. To add to the anecdotal evidence of friends, family, and your own opinion, a new survey from Forrester Research shows that America’s largest banks are trusted the least in the country.
Forrester Research came to this conclusion by asking about 4,500 people how they feel about a statement that alleges that the bank they use does what is best for the public and not themselves.
Those who answered positively fell into the minority, with a percentage of thirty three to sixteen percent. The bottom seven banks included Bank of America, Chase, Capital One, TD Bank, Fifth Third, Citibank and HSBC. Not surprisingly, data collected indicates that these banks have been at the bottom of the survey for the last seven years.
Analysts in finance remain dubious of the fact that the banks will regain a good image. Stephanie Anne Regina, a financial expert gives her opinion on the problem.
“I don’t believe that banks theoretically can’t regain the trust of consumers. It’s a matter of them not doing anything that would bring it back. They should spend less money on PR people trying to help their image and more time on working to make changes in their infrastructure.”
But can our problems with banks be our own fault? Passive and non-responsive, consumers aren’t pulling their money out of banks. They may be angry, but their behavior is not a reflection on these feelings.
Maybe if we got angry enough to pull our money out of our accounts and switch our funds to a smaller bank, then the larger banks would have reason to begin treating customers differently.
But even during the most intense outbursts when people got angry over bonuses given to Wall Street, we still haven’t reacted. For the time being, it seems as though things are going to remain at the status quo until things get so bad that it is too late to turn back.
Mallory McGuinness works for a debt collection company. Also she composes articles on business and finance, the credit industry and debt collection.
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