New Data Shows Customers Trust Their Banks

Trust in banks was crushed during the financial crisis and as recently as last year banks ranked only ahead of telecommunications companies in consumer surveys; the difference for banks was most people trusted their own bank even if the aggregate numbers suggested distrust in banks; the current crisis is proving this out as deposits have risen almost 8 percent or by more than $1tn since the beginning of 2020; banks have also been at the center of the Trump administration’s effort to stave off economic collapse through the $350bn Payment Protection Program and the Fed’s $600bn Main Street lending facility; even Wells Fargo, normally a big target of consumer advocacy groups like Better Markets, saw restrictions lifted with Better Markets saying the action was appropriate given the current climate; Rob Blackwell, Chief Content Officer of Promontory Interfinancial Network, writes in American Banker about the steadiness from banks saying, ”bankers are liable to emerge for many as the steady rock that helped borrowers and businesses get through tough times. And who will listen to the pitch from tech firms then?” American Banker

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