You're Fired-Or Worse! Consumers Rate FIs

Register now

Almost half of consumers (47%) questioned in a new survey see their financial institution personified as Donald Trump, smart, savvy and successful. Second on the list was Mary Poppins (39%), followed by Ebenezer Scrooge (8%) and Tony Soprano (6%), according to the 2006 Market Pulse Survey conducted by IBT.

The survey of 700 adults also found that 40% of consumers bank at a credit union and 19% consider a credit union their primary financial service provider. But consumers generally look beyond their credit union or bank when scoring a major windfall. If a consumer wins the lottery, say $250,000, 60% said they would look beyond their bank or credit union for advice on how to invest the windfall. The first person they'd call would be their accountant (25%); ahead of a family member (19%) and a banker (12%) and stock broker (10%) and friend (6%). Less than half of consumers surveyed (41%) said they would never switch to another financial institution, but 33% said they would switch for a $250 gift card, and 20% would switch for a 1% difference in savings rates. Five-percent said they would switch financial institutions for an iPod. Only 1% said they would switch for a new toaster. (c) 2006 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER