Survey: One in Three Distrust Banks

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."

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