National Survey: U.S. Consumers are Happy with Their Bank, View Banks as Source of Strength for the Economy

WASHINGTON -

In a nation deeply divided just a week ahead of Election Day, a new national survey shows Americans agree on one thing: they like their bank. Nearly 9 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 the 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, 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.

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.

"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," said Rob Nichols, ABA president and CEO. "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."

Bank customers know they are protected

At a time of increased concern about data theft and fraud, the survey released today also indicates 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 9 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.

"The banking industry is leading the fight against fraud, and we're pleased to see consumers recognize those efforts," said Nichols. "Alongside our member banks, ABA is making major investments in technology to help our industry combat fraud, and our award-winning consumer education campaigns continue to empower consumers to spot increasingly sophisticated scams before they can do harm."

ABA released an accompanying infographic highlighting some of the survey results. The full results for the survey questions are as follows:

When asked "On a scale of 1-5, where 5 is very satisfied and 1 is very dissatisfied, how satisfied are you with your primary bank?" respondents who have a bank account provided the following responses:

• 5 - Very satisfied - 49%
• 4 - Satisfied - 36%
• 3 - Neither satisfied nor dissatisfied - 11%
• 2 - Dissatisfied - 2%
• 1 - Very dissatisfied - 2%

When asked "On a scale of 1-5, where 5 is very satisfied and 1 is very dissatisfied, how satisfied are you with your primary bank's customer service?" respondents who have a bank account provided the following responses:

• Excellent- 44%
• Very good - 30%
• Good - 20%
• Poor - 5%
• Don't know/no opinion - 1%

When asked "Do you agree or disagree with the following statement? The nation's 4,500 banks are a source of strength for the U.S economy, and I appreciate the critical role they play in supporting the financial needs of individuals, businesses and local communities," consumers provided the following answers:

• Strongly agree - 30%
• Agree - 39%
• Disagree - 7%
• Strongly disagree - 3%
• Don't know/no opinion - 21%

When asked "What's your level of confidence in America's banks as a whole and their ability to support individuals, businesses and the local communities they serve?" consumers provided the following answers:

• Very confident - 17%
• Confident - 46%
• Not very confident - 17%
• Not confident at all - 4%
• Don't know/no opinion - 17%

When asked "To what extent do you agree or disagree with the following statement? I have multiple options to choose from when selecting financial products and services such as bank accounts, loans, and/or credit cards," consumers provided the following responses:

• Strongly agree- 45%
• Somewhat agree - 36%
• Somewhat disagree - 6%
• Strongly disagree - 3%
• Don't know/no opinion - 10%

When asked "Do you agree or disagree with the following statement? I have a wide array of choices when deciding where to bank" consumers provided the following responses:

• Strongly agree - 48%
• Somewhat agree - 33%
• Somewhat disagree - 6%
• Strongly disagree - 3%
• Don't know/no opinion - 9%

When asked "To what extent do you agree or disagree with the following statement? The financial services industry is highly competitive," consumers provided the following responses:

• Strongly agree - 43%
• Somewhat agree - 38%
• Somewhat disagree - 4%
• Strongly disagree - 2%
• Don't know/no opinion - 13%

When asked "Based on what you know, how transparent do you believe your primary bank is about disclosing the fees you are charged?" consumers provided the following answers:

• Very transparent - 42%
• Somewhat transparent - 34%
• Not transparent - 10%
• Not at all transparent - 4%
• Don't know/No opinion - 10%

When asked "Of the following, who do you trust most to keep your personal information secure and private?" consumers provided the following answers:

• Banks - 32%
• Healthcare providers - 19%
• Non-bank financial technology (fintech) providers (such as Apple Pay, Venmo, PayPal, Stripe) - 7%
• The government - 6%
• Cryptocurrency companies - 2%
• Major retailers - 1%
• Telecom companies (such as Sprint, Verizon, AT&T) - 1%

When asked "Do you agree or disagree with the following statement? My bank takes proactive steps to protect me from fraud/scams." consumers provided the following responses:

• Strongly agree - 52%
• Somewhat agree - 34%
• Somewhat disagree - 5%
• Strongly disagree - 3%
• Don't know/no opinion - 7%

When asked "Do you agree or disagree with the following statement? My bank does more than businesses in other industries to protect me from fraud/scams." consumers provided the following responses:

• Strongly agree - 39%
• Somewhat agree - 36%
• Somewhat disagree - 6%
• Strongly disagree - 2%
• Don't know/no opinion - 17%

About the Survey

This poll was conducted by Morning Consult on behalf of the American Bankers Association from October 7-10, 2024, among a national sample of 4,508 adults split into two representative groups for specific question sets (Split Sample A n=2,266 | Split Sample B n=2,020). The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 1 to 2 percentage points.

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $23.9 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.

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