NEW YORK—Despite the economic downturn and turmoil in the financial markets, a recent survey found that more Americans are willing to cut down on Holiday spending than their investment contributions.
A latest report by the IBM Institute for Business Value was surprising given the current economic environment. Only 27 percent of those surveyed said they would cut investment contributions, compared to 35 percent who said they would cut their holiday shopping budgets.
The same report found a “trust gap” between banks and their customers, with 60 percent of respondents believing that banks operate primarily in their own interests, rather than those of their customers.
“The banks that emerge from the current economic crisis as winners will be the ones that are focused on client’s success,” said IBM’s Shanker Ramamurthy in a statement. “But restoring client relationships is only part of the solution - banks must also become far less complex and develop an enterprise-wide view of risk.”
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