Financial Services Suffers Poor Public Standing in Post-Recession America
The recession left a bad taste in the mouths of average Americans, particularly in regards to the actions of the financial services sector. In fact, new research shows public respect for large banks and Wall Street titans is diminishing rapidly.
According to a survey released this week by consulting form Clear, a mere 22 percent of surveyed Americans hold respect for banks such as Citi, Chase and Bank of America, claiming they are too aggressive, image-focused and competitive.
The findings should serve as a wake-up call to some of the less scrupulous investors and financiers. Only 16 percent of respondents said they would love to use these banks in the future, all of which scored lower than many controversial brands, including Camel, Mobil and McDonald's.
"The traditional U.S. banking model needs to adapt if they hope to retain loyal customers," said Adam French, Clear's founder and president. "If the new challengers demonstrate compassion, consideration and customer wellbeing, then the big brands will have to take another look at what they offer consumers beyond functional products."