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Well, the numbers are bad, but not altogether hopeless. The score on the Gallup Confidence in Banks poll in
the NYTimes puts banks at 22, In 1979 they stood at 60.
I expect that bankers themselves will always provide enough support for themselves to keep it at about 10, so there are still one or two consumers out there with some confidence in the banks.
Spotting them will be hard, certainly if they aren't your customers.
Our Javelin data show that banks trust remains paramount among other types of companies, although it certainly has dipped. What's also interesting from comparing Javelin's 7 years of consumer behaviors vs. attitudes (to address the age-old riddle of "why
do people say one thing and then do another?") is this new trend: right now, consumers are more likely to switch banks for pragmatic reasons, such as rates or service. In typical years, consumers will complain about their bank but stay loyal, sometimes not
switching unless forced by a move. Right now, consumers are more likely than ever to switch banks due to pragmatic interests or concerns. Javelin conclusion: now is the time for banks to be less about style and more about substance.
Thank you for the insight James.
I'm wondering if people would switch banks for lower fees, no PINS, passwords or logons, mobile transactions, safe web transactions and integrated Community and Bank lending?
19 Mar 2009
This post is from a series of posts in the group:
A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.