Nearly nine in 10 Americans with a bank account (85%) say they are “very satisfied” or “satisfied” with their primary bank, and 94% rate their bank’s customer service as “excellent,” “very good” or “good,” according to a survey conducted by Morning Consult on behalf of the American Bankers Association. The research, unveiled today at ABA’s 2024 Annual Convention in New York City, also gauged consumers’ views on the competitive landscape of the banking industry, the role banks play in the U.S. economy, and banks’ efforts to protect them from fraud. ABA also released an infographic highlighting some of the survey results.
The survey shows that Americans see the nation’s banks competing aggressively for their business, and consumers believe they have ample access to banking services. Eight in 10 (81%) respondents agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards, and the same number (81%) said they have a wide array of choices when deciding where to bank. Eight in 10 consumers (81%) believe the financial services industry is highly competitive, and more than three-quarters (76%) believe their bank is transparent about disclosing fees.
Seven in 10 consumers (69%) say the nation’s banks are a source of strength for the U.S. economy and they appreciate the key role banks play in supporting the financial needs of individuals, businesses and local communities. Nearly two-thirds (63%) said they are confident in America’s banks as a whole and their ability to support individuals, businesses and the local communities they serve.
The survey also indicated that, by a large margin, U.S. adults trust banks more than any other entity — including healthcare providers, non-bank fintech payment providers and the government — to keep their information secure and private. Nearly nine in 10 bank customers (86%) said their bank takes proactive steps to protect them from fraud/scams, and three-quarters (75%) believe their bank does more than businesses in other industries to protect them.
“This national survey indicates that the vast majority of consumers remain very happy with their bank, and they recognize the critical role banks play in the financial wellness of American households and businesses,” ABA President and CEO Rob Nichols said. “Consumers also appreciate the many banking options available to them and the high level of service they receive in today’s intensely competitive environment. These numbers should make regulators in Washington think twice before unleashing another tsunami of new bank rules that only make it harder for banks to support their customers and the economy.”
