How can banks improve their image? Cut fees, survey says

With the worst reputation, according to the survey, was Bank Mizrahi, where 94 percent of its customers believed the bank could use to improve its image.

By SHARON WROBEL
February 7, 2007 07:36
1 minute read.

More than half of bank customers believe that the country's banks could improve their image, if they reduced their fees, according to a survey conducted by SmartMoney, an online exchange company that helps customer research the best deals for their financial needs including loans, mortgages and bank accounts. "The results show that a great majority of the public believes that the banks can improve their image by improvement of a number of parameters" said SmartMoney CEO, Gabi Ben-Ami. "Improvement in the banks' services is an important factor in addition to the bank fees." Ben-Ami added that the results showed that the issue of bank fees represented the main reason for the banks' negative image. With the worst reputation, according to the survey, was Bank Mizrahi, where 94 percent of its customers believed the bank could use to improve its image. According to the results of the survey, over 87% of all bank customers believed that there were ways for the banks to improve their image. About 52% of all bank customers chose bank fee reduction as the reason for the poor perception and singled it out as a tool to improve their image. The survey, which posed only two questions "At which bank did customers handled their account? and how could banks improve their image?" found that 17% indicated better bank services as the way to improve the banks' image, while 13% believed nothing could be done to improve their perception. About 14% of Bank Hapoalim customers thought that nothing could be done to improve the bank's image compared with 10% at Bank Leumi. At the same time 11%, of all bank customers mentioned the reduction of credit rates as a way of improving perceptions while just 7% thought that cutting executive pay packages could do so.


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