The recent failures of large financial institutions has not shaken consumer trust in the banking industry, according to a new Morning Consult poll.
Details: Among its results, the polling found:
The share of Americans who said they trust banks to do what is right increased slightly in the wake of the failures.
Most consumers did not move their money after the failures, and those who did move funds were disproportionately high earners who moved money due to opportunity instead of fear.
5% of consumers said they changed their primary bank provider due to the failures, while 23% are considering starting a relationship with a new bank in the next six months.
Industry Differentiation: In a recent blog post and video and in the latest episode of ICBA’s “Independent Banker” podcast, ICBA President and CEO Rebeca Romero Rainey said round-the-clock media outreach, the ICBA National Campaign, and focused advocacy efforts are helping to differentiate community banks from larger financial institutions among policymakers and the public.
Custom Op-ed: Community banks can continue using ICBA’s customizable op-ed to differentiate their institutions from larger and riskier entities following the failures.
