A survey finds that most consumers and small business owners are confident in the financial strength of their primary personal bank. The nationally representative sample by Morpace Inc. of Farmington Hills foundl 87 percent of consumers and 79 percent of small business owners had that confidence level.
Only 2 percent of consumers and small business owners say that they are not confident in their primary bank.
The findings were unexpectedly high given the challenges faced by banks in recent months. “This finding gives some breathing room to banks, who have had a lot of bad news to release in recent quarters,” said Tom Hartley, vice president of customer loyalty at Morpace. “It also shows that the public is able to tell the difference between news about challenges in the financial sector and the fundamental strength of their primary bank.”
Other polls have shown that confidence in banks in general had fallen to very low levels earlier in the year. However, these polls are not asking about the bank with which consumers are most familiar - their own. “It is important to recognize that consumers and small business owners can have very different opinions about their own bank than they have of banks as a general institution. Our survey shows that the confidence of consumers in their own bank is high, with only slight differences in confidence across age, sex, marital status, and household income” Mr. Hartley said.