How Do You Feel About Your Bank?
Recently, a survey was published that outlines the way the customers of financial institutions feel about those institutions. The results provide a window into how people in general are feeling about different types of companies that offer financial services. Some of the outcomes are probably predictable, while others may come as a surprise.
Traditionally, banks occupy the bottom of this list that also includes brokerage firms, insurance companies, and credit unions. But in the most recent survey, banks actually showed significant improvement compared to other institutions. Brokerage firms now occupy the bottom spot on the list, their customers showing some frustration after the catastrophic losses in their investment portfolios. Turmoil in the industry including high profile mergers and acquisitions and bailouts haven’t seemed to help sway customer opinions.
The top spot on the list, usually occupied by insurance companies, is now occupied by credit unions. Nearly 70% of credit union customers feel that their credit union has their best interests in mind. Credit unions are not-for-profit organizations that work to pass on earnings to account holders in the form of better rates on savings accounts and loan products.
Financial institutions rely on the faith and confidence of their customers in order to stay in business. We’ve seen several examples of institutions over the past several months that were unable to maintain the confidence of their depositors and most of them are no longer in existence.
What is your bank doing to continue to earn your business? How are they handling executive compensation? How willing are they to discuss your financial situation with you in detail and help you find the best solutions for your needs? If your bank won’t even discuss the possibility of refinancing with you, should you really be showing loyalty to that bank? In an industry as competitive as financial services, you have numerous choices and ultimately your vote is cast by who you choose to do business with.
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Tags: banks, Brokerage Firms, Credit Unions
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