Survey: Consumers believe economy needs banks of all sizes

A majority of American consumers agree that having banks of all sizes operating in the U.S. is an advantage or significant advantage for the nation’s economy, according to new ABA/Morning Consult Data released today during the American Bankers Association’s 44th annual Conference for Community Bankers. Eighty-five percent of those surveyed agreed that it is important that banks of all sizes—including community banks, midsize banks, regional banks and large banks—continue to operate.

“Banks of all sizes play an important role in supporting the economic health of this nation,” said Community Bankers Council Chairman Jeremy Callais, president of Peoples Bank of East Tennessee. “In the end, we’re all working toward the same goal: a safe, sound banking system that supports the economy and helps lift up our communities and the customers we serve.”

Looking at the community banking sector specifically, the survey found that Americans think highly of smaller banks, with three in four expressing confidence in the safety and soundness of community banks. Additionally, eight in 10 agree that community banks play an important role in supporting local businesses, and when asked what appeals to them most about community banks, consumers said it was the personalized attention they received from their local bank.