The only way banks can regain the trust and confidence of Americans is to be clear and honest in their dealings.
EL SEGUNDO, CA (PRWEB) April 02, 2013
Since 2008, the FDIC has reported 477 bank failures despite receiving bailout funds in excess of $236 billion. Even so, Forbes reports the average salary for CEOs of the 15 biggest banks was $12.8 million in 2011. GoBankingRates.com finds this disconnect, coupled with ongoing negative press surrounding the banking industry, has led to an overall feeling of distrust among the very consumers who rely on these financial institutions for financial security.
GoBankingRates interviewed top experts in business and finance:
- Donald Trump (The Trump Organization)
- Robert Kiyosaki (Rich Dad)
- Danielle Douglas (The Washington Post)
- Felix Salmon (Reuters)
- Sallie Krawcheck (Past president of Merrill Lynch, US Trust, Smith Barney)
As well as the writers behind leading personal finance blogs:
- Greg Go (WiseBread)
- Luke Landes (Consumerism Commentary)
- The Financial Samurai
- J. Money (Budgets Are Sexy)
- Andrew Schrage (MoneyCrashers)
- David Ning (Moneyning)
All provided exclusive, expert commentary on the question: "What one major change do banks need to make in order to regain the trust and confidence of Americans?"
Trump explained it was a matter of transparency, telling GoBankingRates, "People are being bombarded with information and the competition has become fierce, which leaves the customer confused and angry. The only way banks can regain the trust and confidence of Americans is to be clear and honest in their dealings."
Kiyosaki, on the other hand, stated the issue of distrust stems from a lack of caring on the part of big banks. "Unfortunately in the world of big banks, 'Too big to fail' seems to mean 'Too big to care' — and that is the perception problem with the banking industry today," he explained to GoBankingRates.
GoBankingRates compiled all the expert responses into an easy-to-read, sharable infographic that publishers can post on their own sites using the code provided.
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Additionally, Go Banking Rates partners with a number of major media outlets such as Business Insider, Huffington Post, and US News & World Report to provide compelling and edifying personal finance content, and its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, LearnVest, Fox Business, Forbes, The Street, and more.
Jaime Catmull, Director of Public Relations
FDIC, Failed Banks List, 2013.
Forbes, Highest And Lowest-Paid Bank CEOs, June 20, 2012.