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Well switching gears Federal Reserve Chairman Ben Bernanke went back in time today it's gonna be taking a look at how the Fed and other central banks have handled.
The economic crisis from failing banks to Wall Street regulation those two areas of the focus of recent surveys from JD power & Associates.
It took a look at how committee customers are to their retail bank.
As well as the most important component to investor satisfaction.
Packing -- -- they -- executive director I need to services for JD power & Associates.
Thanks now the -- Iraqi or you I'm great good to see you.
And customer satisfaction I feel like that's -- lost -- all this conversation.
How do customers feel the financial industry is candle in them.
Good question I think -- I think you're right to some degree banks have been focusing on credit and capital and then managing cost them and we seem to some degree that the costs was getting lost in in the focus and managing through financial crisis.
We -- seeing satisfaction down a little bit and in addition to retail banking we end the wealth management are we off with a credit card and mortgage servicers who really cover the gamut and we're pretty much -- -- studies that we do we -- satisfaction going down but just a bit.
Franklin what -- we thought.
Commitment or loyalty as measured by intention to repurchased -- my two.
To stay with that institution we are seeing -- in a -- so that's that we're seeing is due to.
Image issues around.
-- if things ranging from the stability of the institutions to perceptions that the banks more focus on their own bottom line them the cut interest.
Yes well but my goodness hello that's what we're seeing is a lot of angry people out there are finance their lines of credit or getting shut down -- there.
There he -- is no longer available but chuckle a bit about the financial advisory component that found this to be very -- -- That this thing that people want and need most right now is advice what did you find.
Well -- things that we saw is that for instance in the wealth management space we would've assumed that.
The performance of their portfolio would -- be key you know given that the Dow -- dropped 3030 points or 30% than.
You know a massive sort of erosion in value and in what we saw instead it is rather than the importance of that rising.
We saw the importance of the good investment advisor increasing particularly among the more wealthy.
And what we've seen that is I think edit it in times like these people really looking to someone that they can trust.
And that is providing transparency about what's going on it's keeping regular communication.
That's reviewing their portfolio make sure the strategies right you know I think there's an understanding that there's only so much you can do about the market conditions.
But you're looking for somebody that's gonna do the best that they can for you and where we've seen -- on the -- On the on the world -- I think inside -- my career and where we were seeing the the top performers.
Were in this year's -- again Edward Jones LP LO Charles Schwab also did very well on interest thing there.
-- almost that all the other firms we saw.
Average assets under management per investor declining as you dimension they actually either stay the same -- increase that these firms which we chose from.
And I do want to know for people who are looking at the top dogs here on their survey you're seeing scores of the need to high 700.
That's based on a thousand points to -- people understand that I'm let's go back to something you mentioned earlier which is their commitment to the retail bank.
How that change because of the crisis.
Again I think there is the -- perceptions.
Around bank's focus on customer -- -- -- You know their reliability.
Their they're being proactive we've definitely seen that that the -- there and that affects the he you know their intention.
To do things in the future so far we have not seen a massive flight it's almost like people are holding steady and see what happens and maybe thinking.
Now might not be the best time to switch banks but we.
We do you see that that that threat to banks of sort of this pent up.
Anxiety the range from anxiety and rage that -- -- may play out in the future.
Not surprised at all rocky I thank you very much very interesting times in addition to see how much the consumers -- hopefully they're.
Empowering themselves more on a lot of these issues but I appreciate you joining us.
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