Banks losing to CUs in Consumer Confidence

FARMINGTON HILLS, MI, February 6, 2009: Customers of large national banks are now much less likely to be very confident about their bank compared to members of credit unions, 54% versus 81%, according to the latest poll conducted by Morpace.

Morpace's periodic consumer confidence survey indicates that trust in the banking industry is at an all-time low.  Even customer certainty about their own bank's financial stability, which normally remains high and stable, has eroded significantly.   Only 61% of consumers are now "very confident" about the financial strength of their primary personal bank, a decline from 68% in November.  Confidence in the "financial strength of banks in general," dropped to 32% from November's low 38% level.

Tom Hartley, Vice President of Customer Loyalty at Morpace, states that, "This decline in confidence at all levels is a cause for concern."  He added, "Confidence in the banking industry was declining, but people continued to trust their own bank.  With the prolonged crisis, more consumers now feel less secure even about their own institution.  This clearly reveals a need for reassurance, particularly among larger national banks."

Morpace Omnibus Study interviews were completed in late January 2009, with 1,010 consumers selected from an Internet panel of adults aged 18 and over. The sample's demographic profile reflects the U.S. population.

Consumers were asked to rate, "How confident are you in the financial strength of your primary personal bank?" and, "the financial strength of banks in general?"  Ratings of eight, nine or ten on a 10-point scale indicate "very confident" customers.

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Posted by Mark Rodrigues at 2/9/2009 12:23 PM
Categories: Customer Satisfaction
 

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