Poll also finds consumers are happy with their bank
U.S. adults overwhelmingly trust banks more than any other entity to protect them from fraud, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. By more than a 6-to-1 margin over the next closest industry, consumers chose banks (50%) over healthcare providers (8%), non-bank fintech payment providers (8%), the government (5%), cryptocurrency companies (2%), major retailers (1%) and telecom companies (1%). The research, unveiled today at ABA’s 2025 Annual Convention in Charlotte, N.C., also gauged consumers’ views on access to their personal financial data, bank satisfaction, the competitive landscape of the banking industry and the role banks play in the U.S. economy.
“Financial predators are more sophisticated than ever, and America’s banks are leading the charge to protect their customers from these threats,” said Rob Nichols, ABA president and CEO. “Consumers recognize and appreciate banks’ round-the-clock efforts to detect and combat fraud, and our industry continues to leverage award-winning consumer education campaigns and other tools to empower Americans to spot scams before they can do harm.”
Nearly nine in 10 bank customers (87%) said their bank takes proactive steps to protect them from fraud and scams, and three-quarters (74%) believe their bank does more than businesses in other industries to protect them. Three-in-five (59%) consumers have received a fraud alert from their banks alerting them to potentially suspicious account activity, and 96% found these alerts valuable.
Notably, 62% of alert recipients are concerned with government regulations stopping all bank messages, including fraud alerts. Under the Federal Communications Commission’s existing Telephone Consumer Protection Act rules, if a consumer responds ‘STOP’ to a text message from their bank on any topic – such as marketing messages – the regulation would effectively require their bank to stop sending them all messages, including fraud alerts notifying them of potentially suspicious activity on their account. The FCC is considering issuing a notice of proposed rulemaking that would update the TCPA rules to address this and other issues, an action that ABA strongly supports.
Consumers Weigh in on Personal Financial Data Rights
The survey also explored Americans’ views on access to their personal financial data, or “open banking,” which is when consumers give permission for their financial information — like their account balance or spending history — to be shared from their bank (or wherever it’s stored) to another company such as a budgeting app or loan service. Most adults believe that data shouldn’t be shared if it could put consumers at risk (80%), that all organizations holding consumer data should follow the same sharing rules (76%), and that data aggregators that are monetizing the data obtained from banks should share in the operating costs (70%). Eight-in-10 consumers (80%) said companies shouldn’t use data they obtain from banks to train AI models or develop new products and services without explicit consumer consent.
“The survey shows that consumers agree that everyone in the open banking ecosystem should be subject to the same rules and that sensitive personal financial information should not be used by data aggregators to power AI models or for market research absent a consumer’s clear permission,” said Nichols. “Banks should be empowered to lower the risk of data breaches and unauthorized activity to protect consumers while ensuring they can safely share their data with companies they trust.”
Consumers Are Happy With Their Bank
The new survey also found that consumers are happy with their bank and view banks as vital to the U.S. economy. Nine in 10 Americans with a bank account (89%) 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.”
The survey found that Americans believe the nation’s banks are competing aggressively for their business and that they have ample access to banking services. More than 8 in 10 (84%) respondents 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. More than 8 in 10 (84%) agree they have easy access to a bank branch when they need it.
Three-quarters of consumers (75%) said 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. Seven in 10 (69%) 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 shows that the vast majority of American consumers think highly of their bank and recognize the critical role banks across the country play in the growth and stability of our nation’s economy,” said Nichols. “Consumers trust and value the customer service they receive from their bank, and they appreciate that banks of all sizes are competing for their business with innovative products and service they want and need.”
ABA released an accompanying infographic highlighting some of the survey results. The full results for the survey questions are as follows:
When asked “Of the following, who do you trust most to protect you from fraud?” consumers provided the following answers: