Nearly nine in 10 Americans with a bank account are “very satisfied” or “satisfied” with their primary bank, while an even larger percentage rated their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey, unveiled today at ABA’s 2022 Annual Convention in Austin, Texas, also gauged consumers’ views on banking options, credit cards and banks’ efforts to protect them from fraud and scams.
Morning Consult surveyed more than 2,200 adults in September and found their views on banking options were overwhelmingly positive. Eighty-four percent of respondents said innovation and technological improvements by banks are making it easier for all Americans to access financial services. Nine in 10 (88%) consumers agreed they have multiple options when selecting products and services such as bank accounts, loans and credit cards, and 85% said they have a wide array of choices when deciding where to bank. Eight in 10 consumers (82%) believe the financial services industry is highly competitive, and 82% believe their bank is transparent about disclosing fees.
The data released also indicates that, by a large margin, U.S. adults trust banks more than any other entity to keep their information secure and private. Nine in 10 bank customers (89%) said their bank takes proactive steps to protect them from fraud/scams, and three-quarters (77%) believe their bank does more than businesses in other industries to protect them from fraud/scams.
“This new survey reinforces Americans’ appreciation for the exceptional service and wide range of product options offered by banks of all sizes. Bank customers trust their bank to secure their data, protect them from fraud and compete every day for their business,” said Rob Nichols, ABA president and CEO. “These results are a testament to the two million bank employees in this country who work hard every day to meet the needs of their customers, clients and communities.”
Consumers Happy with Credit Cards
Ninety-four percent of respondents said that they value the convenience of using their credit cards, according to the survey. Eight in 10 consumers (78%) have at least one credit card that offers rewards, and 90% of them value the rewards program on their cards. Eighty-two percent of consumers think merchants benefit from being able to accept credit cards for payment and 74% of credit card users said they would be disappointed to lose their card rewards due to government regulatory changes.
The survey comes after lawmakers in the House and Senate introduced legislation that would require covered credit card issuers to add a second network to their customers’ cards, although banks would only be allowed to choose from certain options set by the Federal Reserve.
“The survey data should serve as a warning to any lawmaker in Congress thinking of supporting proposed credit card routing legislation,” Nichols said. “Consumers will not be happy if Congress takes away their credit card reward programs simply to pad the profits of mega-retailers.”
