Sunday, October 26, 2008

10 Years Later, Do Banks have an image problem.

Hi everyone: I found this article from 1995 asking whether Banks Have An Image Problem.
Well it was true then and it is true now.

The reality is that banks are there to make money and when things go bad they have the U.S. Government to bail them out. Isn't this true. You read and and you decide:

Here is the article excerpt:

Do Banks Have an Image Problem? You Decide
Journal article; ABA Banking Journal, Vol. 87, 1995
Journal Article Excerpt
Do banks have an image problem? You decide
It's not as though banks have suddenly become financial pariahs. The industry is still a force to be reckoned with. Take the fact that 80% of bank customers consider commercial banks to be their primary financial institutions. That's welcome news, especially considering the many alternatives consumers have for financial services these days. Bankers can also feel good that 65% of these same consumers are very satisfied with their primary institution.
But before you conclude that all is well with the banking world, consider: Of this same group of bank users, 41% thought the loan process was difficult; 49% did not think banking fees were appropriate; only 33% strongly agreed that banks provide good value for the money; and only 31% strongly agreed that bankers care about their communities. Nothing to feel real good about there.
That's a sample of the intriguing and sometimes contrasting findings that came out of a major study of consumer attitudes and knowledge of banking commissioned by the American Bankers Association. If the results could be summarized in a one-sentence letter from a typical consumer to his bank, it might read like this:
"Dear Bank:
I know you're important, and I use you, but I don't particularly like you or believe you when you tell me about all the good work you do."
A nagging sense of trouble
The study was conducted last fall by the Gallup Organization, Princeton, N.J., at the behest of the ABA Communications Council. Comprising 19 bank CEOs and bank public affairs officers, the council had been wrestling with the issue of banking's image for some time.
"There's no shortage of banking research," notes Thomas G. Strohm, 1994-95 council chairman and executive vice-president, Meridian Bancorp, Reading, Pa., "but some of...
more info read:
http://www.questia.com/googleScholar.qst;jsessionid=JGXWBWJ6xRlDmJLVhhJTy4WW9MxFTjCqYv5VQM5xrsBtX6mfCwlv!381329073?docId=5000353054

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