The vast majority of Americans are pleased with their bank, according to an American Bankers Association national consumers survey.
Eighty-five percent of Americans with a bank account reported being “very satisfied” or “satisfied” with their primary bank, according to the report, and 94 percent rated the customer service of the bank as “excellent,” “very good” or “good.”
The survey, undertaken by Morning Consult on behalf of the American Bankers Association, was released this week at the ABA’s annual convention in New York. The survey also measured consumer views on the landscape of the banking industry, the role banks play in the economy and their fraud prevention work.
Eighty percent of consumers reported having a variety of choices when deciding where to bank and said the financial services industry is “highly competitive.” Seventy-six percent said their bank is transparent about disclosing fees. Seven in 10 identified banks as a source of strength for the economy and said they appreciated the role banks play in supporting the financial needs of local communities and businesses.
“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 ABA President and CEO Rob Nichols. “Consumers also appreciate the many banking options available to them and the high level of service they receive in today’s intensely competitive environment.”
According to the survey, more U.S. adults trust banks to keep their information secure and private than any other source. Eighty-six percent said their bank takes proactive measures to protect them from scams/fraud, and 75 percent reported 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 these efforts,” Nichols said.
The survey of more than 4,500 adults was taken from Oct. 7-10.