A study released on Wednesday by AlixPartners adds to a growing body of research suggesting customers may be near a critical mass of disenchantment with the banking industry.
The study, titled "The American Financial Services Outlook" and based on a survey of 1,000 participants this month, finds growing consumer mistrust of banks and other financial institutions. One in three reported having "little or no" trust in the system, and 36% of respondents said they were less trusting of banks than they were a year ago — well over double the percentage that reported the reverse.
Among those less-trusting customers, Alix found, action has become increasingly likely. Forty-three percent of the subsample reported changing their vote in an election based on a candidate's views on banking. Another 43% has considered dropping a banking relationship they hold based on dissatisfaction with the industry, and more troubling for banks, nearly a third reported having done so already. Dislike of banks was slightly less prevalent among people who describe themselves as "financially savvy."