Just as the financial services industry was recovering from the reputational damage caused during the Great Recession, reports continue to surface about the millions of phony deposit, credit and debit accounts being opened in the names of unsuspecting consumers at a major U.S. bank. As investigations into the situation continue, the question Congress, regulators, industry observers and consumers are asking is, “How could something of this magnitude have gone undetected by the institution’s management for such an extended period of time?

As the effects of economic and regulatory uncertainty continue, there must be a renewed commitment by all financial institutions to value and protect the financial well-being of their account holders – because consumers aren’t yet convinced that the financial services sector is completely trustworthy. In the recently released 2016 Makovsky Wall Street Reputation Study, nearly one-third of respondents reported that they have lost trust in the financial services industry – a five percent increase from 2015. And more than three-quarters stated that even negative news about their current institution of choice – including regulatory issues, illegal activity and fines – is likely to cause them to switch financial service providers.

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