Recent failures not shaking consumer trust in banks: poll

The recent failures of large financial institutions has not shaken consumer trust in the banking industry, according to a new Morning Consult poll.

Details: Among its results, the polling found:

• The share of Americans who said they trust banks to do what is right increased slightly in the wake of the failures.

• Most consumers did not move their money after the failures, and those who did move funds were disproportionately high earners who moved money due to opportunity instead of fear.

• 5% of consumers said they changed their primary bank provider due to the failures, while 23% are considering starting a relationship with a new bank in the next six months.

Industry Differentiation: In a recent blog post and video and in the latest episode of ICBA’s “Independent Banker” podcast, ICBA President and CEO Rebeca Romero Rainey said round-the-clock media outreach, the ICBA National Campaign, and focused advocacy efforts are helping to differentiate community banks from larger financial institutions among policymakers and the public.

Custom Op-ed: Community banks can continue using ICBA’s customizable op-ed to differentiate their institutions from larger and riskier entities following the failures.