NEW YORK, NY - August, 12 2010 - According to a new survey by TNS, the world’s largest custom research firm, nearly 8 in 10 Americans say they have never heard of the "Move Your Money Project" campaign, launched by news Web site The Huffington Post. Most significantly, customers of the big banking companies targeted by the campaign are no more likely to move their money now than at the start of the campaign.
The campaign, launched in January 2010, encourages consumers and institutions to move their money out of the nation’s largest Wall Street banks that were deemed "Too Big to Fail" and invest more locally in community banks and credit unions.
According to those surveyed, seventy-seven percent (77%) say they have never heard of the campaign while only five percent (5%) said were "very familiar" with the Huffington Post’s efforts. Likewise, when asked if they were going to take action and move their money out of their current banking provider, only nine percent (9%) indicated they expected to do so.
Survey Identifies Significant Challenges for the Biggest Banks: Keep it Personal
Even with the lack of reaction to the "Move Your Money" campaign, it’s not all good news for the larger banking institutions. According to the TNS survey, two-thirds (66%) agree with the statements that "big banks have lost touch with ordinary Americans," and that "it’s important that banks not get “too big to fail."
The survey concluded that while many consumers enjoy the convenience the larger banks bring, fifty-eight percent (58%) feel that the personal service found at smaller institutions is simply not matched by their larger counterparts.
"The larger banks should not conclude from the lack of reaction to the "Move Your Money Project", that they are in the clear," said Joe Hagan, Senior Vice President of TNS. "We believe the Huffington Post tapped into real deep-seated anger at the largest banks and it is clear that many consumers wish for the kind of personal service that they associate with community banks. That said, bigger banks offer convenience and innovative services that consumers value and this is likely limiting the business they lose to smaller banks."
About TNS
TNS, who recently merged with Research International, is the world’s largest custom research agency delivering actionable insights and research-based business advice to its clients so they can make more effective business decisions. TNS offers comprehensive industry knowledge within the Consumer, Technology, Finance, Automotive and Political & Social sectors, supported by a unique product offering that stretches across the entire range of marketing and business issues, specializing in product development & innovation, brand & communication, stakeholder management, retail & shopper, and qualitative research. Delivering best-in-class service across more than 75 countries, TNS is part of Kantar, the world’s largest research, insight and consultancy network.
Please visit www.tnsglobal.com for more information.
The Kantar Group
The Kantar Group is one of the world's largest research, insight and consultancy networks. By uniting the diverse talents of more than 20 specialist companies – including the recently-acquired TNS – the group aims to become the pre-eminent provider of compelling and actionable insights for the global business community. Its 26,500 employees work across 80 countries and across the whole spectrum of research and consultancy disciplines, enabling the group to offer clients business insights at each and every point of the consumer cycle. The group’s services are employed by over half of the Fortune Top 500 companies. The Kantar Group is a wholly-owned subsidiary of WPP Group plc.
For further information, please visit www.kantar.com.
