Survey also found consumers highly value credit card rewards programs and don’t want the federal government to put them at risk
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 today 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.”
Consumers Value Credit Cards and Rewards Programs, Trust Banks Most to Keep Information Secure
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 survey data should serve as a warning to any lawmaker in Congress thinking of supporting proposed credit card routing legislation,” said Nichols. ”Consumers will not be happy if Congress takes away their credit card reward programs simply to pad the profits of mega-retailers.”
The data released today also 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.
ABA released an accompanying infographic highlighting some of the survey results. The data released today are the first in a series of results gauging consumers’ preferences and opinions regarding banks and their services. ABA will release more results from the new Morning Consult survey in the weeks ahead. The full results for the survey questions released today 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:
- Very satisfied – 47%
- Satisfied – 39%
- Neither satisfied nor dissatisfied – 11%
- Dissatisfied – 2%
- Very dissatisfied – 1%
When asked “On a scale of 1-5, where 5 is excellent and 1 is poor, how would you rate your primary bank’s customer service?” those with a bank account provided the following responses:
- Excellent – 41%
- Very Good – 37%
- Good – 17%
- Fair – 4%
- Poor – 1%
When asked “Do you agree or disagree with the following statement? Innovation and technology improvements by banks are making it easier for all Americans to have access to financial services” consumers provided the following responses:
- Strongly agree – 43%
- Somewhat agree – 41%
- Somewhat disagree – 4 %
- Strongly disagree – 1%
- Don’t know/no opinion – 11%
When asked “Do you agree or disagree that you 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– 44%
- Somewhat agree – 40%
- Somewhat disagree – 5%
- Strongly disagree – 1%
- Don’t know/no opinion – 9%
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 – 37%
- Somewhat disagree – 46%
- Strongly disagree – 2%
- Don’t know/no opinion – 6%
When asked “Do you agree or disagree with the following statement? The financial services industry is highly competitive” consumers provided the following responses:
- Strongly agree – 46%
- Somewhat agree – 36%
- Somewhat disagree – 7%
- Strongly disagree – 2%
- Don’t know/no opinion – 10%
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 – 46%
- Somewhat transparent – 36%
- Not transparent – 7%
- Not at all transparent – 2%
- Don’t know/No opinion – 10%
When asked “Do you have at least one credit card that offers rewards (e.g. cash back, airline miles, etc.)?” consumers provided the following answers:
- Yes – 78%
- No – 17%
- Don’t know/No opinion – 5%
When asked “How much do you value each of the following? The convenience of using your credit card(s)” credit card users provided the following answers:
- A lot – 65%
- Some – 29%
- Not much – 4%
- Not at all – 1%
- Don’t know/No opinion – 0%
When asked “How much do you value each of the following? The rewards program on your credit card(s)” credit card users provided the following answers:
- A lot – 50%
- Some – 40%
- Not much – 8%
- Not at all – 2%
- Don’t know/No opinion – 0%
When asked “How much do you think merchants and retailers benefit from being able to accept credit cards for payment?” consumers provided the following answers:
- A lot – 50%
- Some – 32%
- Not much – 7%
- Not at all – 1%
- Don’t know/No opinion – 11%
When asked “How disappointed would you be to lose the rewards program on your card(s) due to government regulatory changes?” credit card users provided the following answers:
- Very disappointed – 48%
- Somewhat disappointed – 26%
- Not too disappointed – 13%
- Not at all disappointed – 9%
- Don’t know/No opinion – 3%
When asked “Of the following, who do you trust most to keep your personal information secure and private?” consumers provided the following answers:
- Banks – 49%
- Healthcare providers – 24%
- Non-bank financial technology (fintech) providers (such as Apple Pay, Venmo, PayPal, Stripe) – 11%
- The government – 10%
- Cryptocurrency companies – 3%
- 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 – 37%
- Somewhat disagree – 3%
- Strongly disagree – 1%
- 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 – 38%
- Somewhat disagree – 4%
- Strongly disagree – 1%
- Don’t know/no opinion – 18%
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from September 16-17, 2022, among a national sample of 2,211 adults. 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 2 percentage points.