19 Feb Big Banks Get Low Approval Rating
Ahh, here it is. The sad but predictable reality that big banks stink. This Yahoo article is one of many highlighting a dismal customer approval rating yet again for the big boys of finance. Every year Forrester’s Customer Advocacy rankings are released and this year some shocking numbers were revealed. Not only did the big banks rank poorly, but some had results showing fewer than 16% of their customers felt the bank did what’s best for them, vs. the bank’s bottom line.
The worst seven of banks this year: Bank of America, Chase, Capital One, TD/Commerce, Fifth Third, Citibank, and in last place, HSBC.
How ridiculous is that? The best of these banks, Bank of America, has only 33% of its customers trusting their decisions. How can so many people disapprove of a company’s performance yet still remain customers of that company? How can a company like HSBC have 84% of its customers openly admit they are unhappy and still be in business? This makes no sense to me. Not only am I astonished that these companies are still in business (oh, wait – we bailed them out so they could stay in business), but I am downright depressed that these unhappy customers are still patronizing these businesses.
The power of consumerism is this: If you don’t like the job a company is doing, don’t hire them again. Their lack of performance speaks for itself and will cause them to no longer be in business. If you hired a contractor to remodel your house and he did a lousy job, would you hire him again? Not in a hundred years! So why are these bank customers still hiring the lousy banks to manage their money? Your guess is as good as mine.
It’s up to us as consumers to make smart decisions with our money. Keeping your money with a bank you don’t trust is not a smart decision. If you think your bank is doing a lousy job, let them know by taking your business to someone who cares.
Matt Wegner is a personal finance, small business and leadership coach focused on teaching his clients the tools for L.I.F.E. (Living In Financial Excellence). Learn how to break the cycle of depending on big banks through credit and debt.? Request a free planning session to see how Matt can teach you to live debt free and get rid of your credit cards for L.I.F.E.!