84% of Americans Would Break Up with Financial Institution After Certain Crisis, According to Latest Survey

York Public Relations releases “The 2020 Financial Institution Crisis Survey” for free download, identifying what types of FI crises offend consumers most

ATLANTA, Dec. 21, 2020 – York Public Relations, the nation’s only crisis PR firm dedicated exclusively to mitigating crises for financial institutions and fintechs, today announced that 84% of Americans would cut ties with their financial institution following certain crises, according to its latest survey, “The 2020 Financial Institution Crisis Survey,” now available for free download. The survey was conducted online by The Harris Poll on behalf of York Public Relations, garnering responses from 2,053 U.S. adults age 18 and older.

“For any organization, experiencing a crisis is inevitable. It will happen,” said Mary York, CEO of York Public Relations. “But for a financial institution, the consequences may be extreme – even detrimental. That’s why we conducted this survey. We wanted to know exactly what types of issues would cause consumers to cut ties with their bank or credit union, as well as gain insights on how this would vary across different demographics, enabling financial institutions to better prepare.”

The results of the survey show that certain financial institution crises could be extremely detrimental for customer retention, which suggests it is extremely important how FI’s handle these issues. Additionally, the overwhelming majority of Americans (84%) would leave a bank if it experienced certain crises, with the number one deterrent being FDIC/government violations (56%).

Data breaches and cybersecurity fraud is also a top crisis that could cause banks to lose customers, with more than 2 in 5 Americans (42%) saying they would leave a bank if it experienced this. Other crises that would have an impact on customer retention include discrimination lawsuits, sexual harassment or fraud, branch closures and layoffs, and negative social media reviews.

York Public Relations is the nation’s only crisis public relations firm dedicated exclusively to financial institutions and fintechs. With a 100% success rate and a keen understanding of the complexities within the industry, it is the only firm with the skills and abilities critical to helping financial institutions and fintechs save and repair their brands. Support ranges from comprehensive Crisis PR, Crisis Preparedness, Crisis Drills, Press Training and Brand Repair. York Public Relations also offers traditional media and public relations support for organizations looking to grow their brands.

For more information on crisis services or brand awareness, contact us at info@yorkpublicrelations.com.

To download the free survey, click here.