Financial services companies continue to struggle with reputational and customer service issues stemming from the financial crisis six years ago, according to a study released today.
In the 2014 Wall Street Reputation Study released by PR and communications firm Makovsky, 81 percent of financial institution executives surveyed said the financial crisis continues to have a negative impact on the perception of their company.
Companies interviewed reported an average revenue loss of 27 percent in the last two years due to reputation problems.
The study was completed for Makovsky by market researcher Ebiquity, which completed 225 interviews with executives and managers at large and mid-sized public and private financial services firms in May.
Overall, 64 percent of respondents said a negative perception of the industry was affecting the reputation of their company. A total of 55 percent said regulatory investigations, fines or lawsuits were affecting their reputation.
A total of 64 percent of respondents said that improving customer satisfaction was "very important" to achieving a stronger reputation, and 64 percent also said that taking ownership of issues that matter to customers would be very important. A total of 60 percent listed both employee satisfaction and a better financial performance as very important to making their reputation stronger.
Scott Tangney, executive vice president of Makovsky, told CNNMoney.com that most executives think it will take several more years for banks to regain customer trust that they lost.