Monday, February 6, 2023

Survey finds customers happy with banks

Nine in 10 Americans with a bank account (86%) say they are “very satisfied” or “satisfied” with their primary bank, and 95% 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 early this month at the start of ABA’s 2022 Annual Convention in Austin, Texas, also gauged consumers’ views on banking options, credit cards and banks’ efforts to protect them from fraud and scams.

Consumers’ views on their banking options were resoundingly positive. Eighty-four percent of those surveyed said innovation and technological improvements by banks are making it easier for all Americans to access financial services. Nine in 10 (88%) consumers agree they have multiple options when selecting products and services such as bank

accounts, loans and credit cards, and 85% said they have a wide array of choices when deciding where to bank. Eight in 10 consumers (82%) believe the financial services industry is highly competitive, and 82% believe their bank is transparent about disclosing fees.

“This new survey reinforces Americans’ appreciation for the exceptional service and wide range of product options offered by banks of all sizes. Bank customers trust their bank to secure their data, protect them from fraud and compete every day for their business,” said Rob Nichols, ABA president and CEO. “These results are a testament to the two million bank employees in this country who work hard every day to meet their needs of their customers, clients and communities.”

The survey also gauged consumer views on credit cards, with 94% of consumers saying they value the convenience of using their credit card. Eight in 10 consumers (78%) have at least one credit card that offers rewards, and 90% of them value the rewards program on their credit card(s). Eighty-two percent of consumers think merchants benefit from being able to accept credit cards for payment and 74% of credit card users said they would be disappointed to lose their card rewards due to government regulatory changes.

The data today indicate that, by a large margin, U.S. adults trust banks more than any other entity – including healthcare providers, non-bank payment providers and the government – to keep their information secure and private. Nine in 10 bank customers (89%) said their bank takes proactive steps to protect them from fraud/scams, and three-quarters (77%) believe their bank does more than businesses in other industries to protect them from fraud/scams.