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Consumers’ Confidence in Banks on the Rise

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RISMEDIA, April 11, 2009-Consumers’ confidence in their own bank, and in the banking system as a whole, is improving for the first time since September 2008, according to a new Morpace survey.

Sixty-six percent of consumers are “very confident” in their primary bank at this time – an increase from the 61% low recorded in January 2009. This uptick follows months of steady declines which saw confidence fall from 71% in September 2008 to its low point in January 2009.

“Consumers are noticing the roll out of federal programs designed to strengthen the banking system,” said Tom Hartley, vice president of Satisfaction and Loyalty at Morpace. “After months of declining confidence, this increase may signal a return to the high levels of confidence that we normally see. It was very unusual for consumers to doubt their own institution, so the increase in confidence is very reassuring,” Hartley added.

Confidence in the “financial strength of banks in general” has also risen, with 36% now saying they are “very confident” – up significantly from January’s bottom of 32%. Confidence in banks in general had previously declined steadily from 44% in September 2008.

Morpace Omnibus Study interviews were completed between March 24-27 with 1,015 consumers selected from an Internet panel of adults aged 18 and over.

About Morpace Inc.
Morpace is a full-service survey research and consulting organization specializing in automotive, financial services, health care, retail and technology.

For more information, www.morpace.com.

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