Despite a raft of new regulations and capital requirements designed to protect consumers and strengthen banks, consumer confidence in financial institutions continues to plummet. – AmericanBanker.com
This according to a financial industry consulting group called Center for Financial Services Innovation. Here are the grim statistics:
- 87% of consumers have little or no confidence in the trustworthiness of their bank.
- 55% say institutions don’t offer clear and simple policies.
- 53% don’t feel financial institutions share customer values.
- Almost 50% lack confidence that banks live up to their promises and commitments.
In response, the Center for Financial Services Innovation is making some radical suggestions. You can read about them here. Basically they are saying, instead of making clever commercials about how they help their customers get ahead and improve their lives, banks should actually DO those things!
Freaky, I know.
It’s interesting…people are often more pessimistic in the broad view, while looking more positively at their own circumstance. (Congress sucks, but my representative is cool.) So, what do you think? Is the banking industry full of crooks, or just misunderstood? Are you happy with your own bank? Let us know!