In the wake of the 2008 mortgage crisis, consumers were hit hard by the recession and completely lost trust in their banks. With time, consumers’ attitudes have shifted; negative sentiments towards banks have lessened while feelings of security regarding personal finances have increased. In an effort to uncover the feelings and behavior of Americans concerning banks today, we conducted in-depth conversations with 115 consumers. Please take a moment to check out the report. In the meantime, here is a snippet of what they had to say:
1) I’m willing to forgive: Several years have passed since the recession, financial situations have improved, and consumers are ready to forgive. Banks admitted they made a huge mistake, but consumers realize that they are partially to blame as well.
2) Saving is my priority: It’s essential for banks to educate consumers on savings options, providing reassurance at each step that their hard-earned assets are well-protected. Once a customer chooses a bank, they’re unlikely to jump ship, so the more that this message is communicated to prospective customers, the better.
3) Credit unions are making a run for banks’ money: Credit unions are gaining popularity quickly due to their down-home feel. Trust is paramount in banking, and the combination of personalized service with an understanding of the economy on a local level is priceless in terms of building, as well as maintaining, relationships with customers.
4) Get us while we’re young: Although Millennials are unlikely to have been deeply affected by the recession, they are prioritizing saving nonetheless. They aren’t holding their breath for Social Security, and are being proactive regarding retirement saving, opening 401(k)s earlier than previous generations. Millennials want convenient, quick access to their financial information, and expect to be able to bank on-the-go through mobile offerings.
If you’d like to learn more on consumers’ perspectives and expectations on banks post-mortgage crisis, take a moment to check out our report.