In his opening remarks at the American Bankers Association Annual Convention — which kicked off today in Charlotte, North Carolina — ABA President and CEO Rob Nichols flagged three key ways the association is working “to build a better future for banks, their customers, and the communities they serve,” including advocating for a banker-driven policy agenda, leading the fight against fraud and embracing innovation.
Nichols noted that “it has been a very busy nine months of regulatory right-sizing,” as the agencies—under new leadership—have worked to pull back several pieces of problematic guidance, and signaled rewrites of several harmful rules. Looking ahead, Nichols noted that, among other things, ABA will help policymakers understand the “flaws” in the recently passed Genius Act that “need to be fixed, emphasizing that when it comes to stablecoins, ABA opposes policies that undermine growth, threaten financial stability and fail to adequately protect consumers.
“We can have financial innovation without compromising safety and soundness and consumer protection, and I’m pleased to report that more lawmakers in both parties are starting to recognize that,” Nichols said.
Nichols also touted ABA’s efforts to help bankers fight fraud, including the recent launch of its award-winning #BanksNeverAskThat and #PracticeSafeChecks campaigns, and the success of a recent effort to offer exclusive ABA member access to payee verification through the Treasury Check Verification System, which has helped banks find nearly $90 million in potentially fraudulent checks.
On the innovation side, Nichols announced a new strategic investment in PortX, an AI-powered data integration platform designed specifically for banks, to help address the growing need for digital transformation, and a new comprehensive data analytics initiative at ABA.
Survey finds Americans satisfied with their banks
Nichols also unveiled data from a recent ABA/Morning Consult survey finding that Americans have an overwhelmingly positive opinion of their primary bank, with nine in 10 Americans expressing satisfaction. Ninety-five percent of Americans said they would rate their bank’s customer service as good, very good or excellent.
The survey found that banks also understand the role that banks play in supporting their communities—75% agreed that their banks are a source of strength for the economy and seven in 10 expressed confidence in America’s banks overall.
The survey also examined Americans’ attitudes on how banks are helping in the fight against fraud, with nearly nine in 10 saying that their bank is taking proactive steps to protect them from fraud, and three in four said that banks do more than businesses in other industries.
“It’s gratifying to see consumers recognize everything banks are doing,” Nichols said. “But I want to underscore that no matter how diligent we are in our efforts, banks alone cannot solve this problem. It’s time for other players—especially telecoms and social media companies—to step up and do their part.”
