Executives at financial institutions across America may be able to breathe easier according to trends identified by Market Strategies International in its newest research study. Results of its Consumer Financial Outlook study, conducted September 23-29, show that, while consumers may not be ready to sit together and sing "Kumbayah," their negative perceptions about banks and credit card companies seem to be easing.
After consumers' negative perceptions about credit card companies hit an all-time high of 74 percent in Q1 2010, they since have eased to only 69 percent negative in Q3 ¡ª an improvement of five percentage points (or a 6.7 percent improvement).
Similarly, consumers' negative perceptions about banks, which was at its highest at 50 percent in Q1 2010, has improved with 45 percent now holding negative perceptions ¡ª an improvement of five percentage points (or a 10 percent improvement).
"We believe this is significant good news for financial institutions," said Mark Willard, senior vice president of Market Strategies' Financial Services Division. "The results indicate that banks and credit card companies finally are emerging from the dark shadow cast by the economic crisis that has enveloped the country the past few years."
"Though there still is significant room for improvement, the worst generally appears to be over," said Willard. "Still, the upswing of perceptions may be fragile and could reverse quickly if financial institutions establish aggressive fee policies in an effort to quickly recover lost revenues."
Market Strategies' Consumer Financial Outlook study was conducted online using the uSamp online panel, with 2006 respondents from U.S. consumers between the ages of 21-70. The data were weighted to reflect the U.S. Census demographics.
