Consumers Report High Satisfaction With Banks, Industry Response to COVID-19

One year into the COVID-19 pandemic, the vast majority of Americans say they are happy with their bank, according to results from a new ABA/Morning Consult poll released today ahead of ABA’s virtual Washington Summit. The survey found that nine in 10 Americans with a bank account were “very satisfied” or “satisfied” with their primary bank, while 96% rated their bank’s customer service as “excellent,” “good” or “very good.”

The survey also found that Americans highly regarded banks’ response to the pandemic, with three in four U.S. adults saying they approved of how their bank responded to COVID-19. More than one-third of U.S. adults—34%—were aware of assistance programs offered by their bank for customers facing financial hardship, and 72% who were aware of their bank’s assistance options during the pandemic now have a more favorable opinion of their financial institution, according to the survey. An overwhelming majority—84%—agreed that banks are important to the nation’s economy.

The survey also asked consumers about the Small Business Administration’s Paycheck Protection Program. Four in 10 respondents who work at a small business said their company received a PPP loan, and 92% of them said it made a difference, with 59% saying it made a major difference. Nine in 10 of these respondents said the PPP loan helped to preserve jobs at that business.

“During a year of economic hardship for consumers and businesses, banks across the country have stepped up to support those affected by this unprecedented public health crisis,” said ABA President and CEO Rob Nichols. “These survey results reflect the countless hours employees at banks of all sizes have spent providing critical assistance to individual and business customers over the last year. Americans clearly appreciate the support our industry has provided during this challenging time.”