Key findings from the new J.D. Power and Associates 2009 Banking Purchase Funnel Special Report show that customers’ choices in institutions are leaning more toward reputational and convenience factors, as well as a banks’ showcase of innovative products like mobile banking and debit rewards programs.
The report states that a “bank’s brand image and reputation—particularly as influenced by recent events covered in the media—have a strong effect on consideration, and specifically, active avoidance,” according to a J.D. Power release. Thirty percent of respondents in the survey would exclude a bank from their shopping list “due to perceived financial instability, the bank’s bad reputation, or its questionable ethics.”