The banking industry faces a crisis of confidence, but individual banking institutions see no significant loss of confidence from their own customers.
This is the conclusion of the Banking Confidence Survey just conducted by Information Security Media Group, publisher of BankInfoSecurity.com and CUinfoSecurity.com.
In an online survey that attracted nearly 100 responses, 96 percent of respondents say consumer confidence has decreased significantly in the past year, as the market has plummeted, institutions have failed and credit has been crunched.
Yet, asked how the consumer confidence in their own institutions has changed:
- Only 16% report a decrease in confidence;
- 84% say confidence actually has remained steady or even strengthened, owing to the institution's own efforts.
The numbers are even rosier for credit unions, 95% of whom report either a confidence increase or no significant change.
Even so, institutions are responding aggressively to the crisis, mainly by meeting face-to-face with customers (75%), issuing public statements (55%) or taking out media advertisements (50%) to reinforce the safety and soundness of the institutions.
Register for this free webinar for an exclusive, inside look at these survey results, including:
- How banking institutions are tackling the confidence crisis;
- Their immediate business priorities, including how they'll approach outsourcing;
- Ways institutions are shoring up defenses to protect customers.
In addition to survey results, you'll receive expert advice from a roundtable panel including:
- Nancy Atkinson, Senior Analyst at Aite Group, LLP;
- David Miner, Sr. Director of Financial Services at Symantec Corp.;
- Matthew Speare, SVP of IT at M&T Bank Corporation.