April 17, 2010
Larger Banks Experiencing Problems With Public Image
It is no shocker that the biggest banks have problems with their public image these days. To add to the anecdotal evidence of family, friends and your own opinion a recent report from Forrester Research says that America's largest banks are trusted the least in the country.
Forrester Research concluded this by questioning about 4,500 people about how they feel about a statement that says 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 shows that for the last seven years, these banks have been at the bottom of the survey.
Experts in finance remain skeptical of the idea that the banks will regain a decent image. Stephanie Anne Regina, a financial analyst gives her opinion on the situation.
"I don't think that theoretically, banks cannot regain the trust of customers. It's a matter of them not doing anything that would bring it back. They could 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 issues with banks be our own fault? Passive and non-responsive, customers are not pulling their funds out of banks. They might feel mad, but their behavior isn't 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 regardless of the craziest outbursts when people became mad over the bonuses that were handed to Wall Street, we still have not reacted yet. 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 Megan is employed by a debt collection agency. Also she writes stories on business, finance, consumer spending and collection agencies. Visit the Uber Article Directory to get a totally unique version of this article for reprint.
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