Nearly nine in 10 Americans with a bank account (89%) say they are “very satisfied” or “satisfied” with their primary bank, and 96% rate 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 2024 Washington Summit, also gauged consumers’ views on the competitive landscape of the banking industry, the value of credit cards and how multiple upcoming regulations may affect the banking industry and consumers.
Eight in 10 consumers (79%) are confident in their primary bank and that the money they have deposited is safe, and 80% believe their bank is transparent about disclosing fees they are charged. More than eight in 10 consumers (83%) believe the financial services industry is highly competitive, and 82% agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards. At the same time, roughly nine in 10 bank customers (86%) said their bank takes proactive steps to protect them from fraud and scams, and three-quarters (75%) believe their bank does more than other businesses to protect them from fraud and scams.
More than nine in 10 consumers (93%) said that they value the convenience of using their credit cards. Eight in 10 (80%) have at least one credit card that offers rewards, and 88% say they value the rewards program on their credit cards. By more than a 2-to-1 margin (63% vs. 24%), consumers say they would be disappointed to lose the rewards program on their credit cards due to government regulatory changes. By an overwhelming margin (74% vs. 7%), consumers believe merchants and retailers get significant benefit from being able to accept credit cards for payment.
The survey also polled respondents about the large number of new and proposed regulations facing banks. By a 4-to-1 margin (68% agree vs. 17% disagree), consumers believe that given the economic challenges facing the country, including inflation and slowing growth, this is not the time to add additional regulatory requirements that will restrict bank lending. By an even larger margin (68% agree vs. 8% disagree), consumers agree that when federal banking agencies make multiple major regulatory changes at the same time, they should be required to assess the combined effects of those reforms on banks, consumers and the broader economy before the regulatory changes can take effect.
