Thought to be the worst financial crisis since the Great Depression, the 2008 collapse of several major financial institutions — along with the government bailout of others — helped propel the United States into a four-year-long recession. The crisis damaged the reputations of many financial giants and caused lawmakers and consumers alike to take a hard look at their relationship with big banks.
Almost six years after the crisis, over 200 community banks and credit unions teamed up with Kasasa and commissioned Harris Poll to conduct an online study to determine how consumers feel about their banks today. Polling more than 1,000 U.S. adults (ages 18 and up) in December 2013, the Consumer Banking Insights (CBI) Study found the damage caused by the financial crisis is still on the minds of most Americans.
See the full infographic below.
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<a href="http://blog.kasasa.com/2014/02/americans-angry-with-big-banks-infographic.html#.UwzkTV67m95"><img alt="Consumer Banking Insights Study" src="http://blog.kasasa.com/wp-content/uploads/sites/2/2014/02/Kasasa-ConsumerBankingInsightsStudy_02-2014_All.png" width="650px" border="0" /></a>
Key stats from this infographic:
• 66 percent of adults are still angry with the big banks for the financial crisis.
• Nearly 8 in 10 Americans (78 percent) say the big banks are to blame for the financial crisis.
• More than two-thirds of Americans (71 percent) think big banks have not made up for their role in the financial crisis.
• Many are still feeling the effects of the financial crisis, more than five years after the fact: 38 percent say they’re nervous something similar will happen again, and 33 percent say they are still feeling impacts from the crisis.
• 26 percent of megabank customers say they sometimes feel guilty for banking with a big bank.
Nearly one-third of the adults (30 percent) who think it’s at least somewhat important to bank locally say they feel that way in order to oppose the big national banks. Other reasons cited for the importance of banking locally include:
• To contribute to the growth of the local economy (57 percent)
• To support employment in their town (56 percent)
• To back institutions that share a commitment to their community (53 percent)
• To ensure their money stays local (47 percent)
The majority of adults (81 percent) report being at least somewhat knowledgeable about the impact of banking locally on their community’s economy.
• Community bank and credit union customers are more likely than megabank customers to describe themselves as at least somewhat knowledgeable (91 percent vs. 78 percent).
• Among both young adults (ages 18-34) and lower income individuals (making $25,000 or less annually), about 1 in 4 say they are not at all knowledgeable about the economic effects of using a local bank (27 percent and 26 percent, respectively).
Among community bank and credit union customers:
• 73 percent say they feel satisfied with their primary bank.
• 93 percent say they trust their bank.
• Nearly 8 in 10 (79 percent) believe their bank has their best interests at heart.
• 84 percent feel very loyal to their institution.
See this study in the press:
- CNBC – “Survey finds why consumers are leaving big banks“
- Yahoo Finance – “Americans hate big banks, but can’t quit them“
Download the press release here.