Management consultancy cg42 recently put out its 2011 retail banking brand vulnerability study, which delved into a brands’ level of risk for losing or gaining customers.No surprises, the study found that there was high branding vulnerability at the top 10 retail banks in America—they could lose a combined $185 billion in deposits over the course of the next year if customer frustrations are not addressed.
Those “frustrations” had tinges of the general sentiment of recent Occupy Wall Street protests. The top three frustrations were noted to be 1. being nickeled and dimed 2. not offering competitive rates and 3. being hit with overdraft charges, according to the study.
Bank of America—its name now almost synonymous with social media gaffes and $5 debit card fees—had the highest brand vulnerability score on the index, and a deviation of about 19% higher from the index’s mean. Citibank, Wells Fargo, Capital One and Chase followed on the index.
Bank of America was also expected to lose $42 billion in deposits over the next year; but Citibank wore the duncecap that category with an expected $48 billion loss expected.