Favorability of local banks is strong among New Mexico residents.  Overall, 61 percent of all residents have a favorable impression of the local banking industry.

Demographically, local banks have strong favorability among those under the age of 34 years and over the age of 64 years.  There is also strong favorability with residents whose annual incomes are between $40,000 to $59,999.

Geographically, local banks enjoy the strongest support among residents living in Eastern New Mexico.

Interestingly, the industry has seen strong erosion in favorability with annual incomes between $20,000 - $40,000 and over $80,000, females and residents living in the Northwest and Southwest parts of the state.

 

Solution

  • Goal – Be positioned as the local banking thought leader in New Mexico.
  • Research – Use GPS ’17 data to identify geographic trends and industry supporters.
  • Research – Use the GPS data to identify news and information sources accessed the most by those who support the industry.
  • Planning – Create an approach to shore up confidence among those who are on the fence or don’t have enough information to form a favorable opinion about local banks and credit unions.
  • Execution – Implement a three-month plan to train and empower a group of local ambassadors share how to best leverage their local bank and credit union.
  • Evaluation – Measure increased favorability and increased use of financial institutions and financial transactions.

Favorability of Local Banks

  • 29%    Very Favorable
  • 32%    Favorable
  • 26%    Neutral
  • 6%      Unfavorable
  • 5%      Very Unfavorable
  • 2%      Don’t Know Wont Say
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