Most marketing executives at
According to a study released Monday, 96% of marketing and public relations officials at financial companies believe that their firms' reputations remain damaged by the financial crisis, and 57% gave the industry average, below average or failing grades in the area of public relations.
Nearly three-fourths of those surveyed, however, are confident that new laws such as the Dodd-Frank Act will help their firms regain clients' trust.
The survey was conducted jointly by
150 communications executives at banks, brokerage houses, asset-management firms, insurance companies, research and financial technology firms over a one-week period in late February and early March.
It is important to note that the survey excluded chief executives, many of whom have been vocal in their opposition to the Dodd-Frank Act. Indeed, many are hoping that a Republican will unseat
"There has been a shift in priority from recovering and stabilizing to focusing on customer satisfaction and improving public perception," Tangney said.
Tangney acknowledged that a survey of CEOs may have yielded different results. He added, however, that it is up to CEOs, not chief marketing officers, to take the lead in rebuilding their firms' reputations.
"They need to be out their proving that they are putting customers first," Tangney said. "It's the CEOs who are going to play a key role in that because they are more believable."
Among the survey's other results, more than half the respondents said that their firms lost clients as a result of
Also, commercial banks appear to have a better reputation among financial firms than their nonbank counterparts. Thirty-six percent of respondents ranked
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