Banks need to improve image

Banks need to improve their image among investors as financial services providers, according to a study conducted by John Hancock Financial Institutions Group. Only one consumer in five rated banks favorably for product variety or innovativeness. Also, one-quarter of non-bank users believe banks' products are highly priced compared to products sold through other channels, according to the study. On a positive note, banks earn the highest scores for being financially stable, convenient and for providing customer service. "The perception among investors is that banks are not as sophisticated as other financial institutions. The good news for banks is that they have strong relationships with customers, so the just have to change those relationships to include investment products," said Peter Mawn, senior v.p.