Nearly 9 in 10 Americans with a bank account (86 percent) say they are “very satisfied” or “satisfied” with their primary bank, and 94 percent 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. Unveiled today at the ABA Annual Convention in New York, the survey also found that 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.
Consumers also identified the attribute they value most about their bank. The top five responses include little or no fees (22 percent), security of account and personal information (20 percent), location (16 percent), customer service (11 percent), and reputation/trust (10 percent).“Banks continue to invest heavily in keeping data safe and providing an exceptional customer experience, and consumers are taking notice,” said Rob Nichols, ABA president and CEO. “From helping customers buy a home or start a business to making transactions safe and convenient, banks of all sizes open doors of opportunity every day.”
ABA also released an accompanying infographic highlighting the survey results. Last week, ABA announced survey results on consumers’ preferred banking methods. More results from the Morning Consult survey will be released next week.
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 percent
- Satisfied – 39 percent
- Neither satisfied nor dissatisfied – 10 percent
- Dissatisfied – 3 percent
- Very dissatisfied – 1 percent
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 – 39 percent
- Very Good – 35 percent
- Good – 20 percent
- Fair – 5 percent
- Poor – 1 percent
When asked “Of the following, who do you trust most to keep your personal information secure and private?” consumers provided the following answers:
- Banks – 42 percent
- Healthcare providers – 15 percent
- Non-bank payment providers (such as Apple Pay, Venmo, PayPal) – 7 percent
- The government – 5 percent
- Telecom companies (such as Sprint, Verizon, AT&T) – 2 percent
- Major retailers – 1 percent
- Don’t Know/No opinion – 28 percent
All age groups trust banks more than any other entity:
- 18-34 – 41 percent
- 35-44 – 42 percent
- 45-64 – 42 percent
- 65+ – 43 percent
When asked to identify which attribute they value most about their bank, consumers selected the following attributes:
- Little or no fees – 22 percent
- Security of my account and personal information – 20 percent
- Location, such as access to branches – 16 percent
- Customer service – 11 percent
- Reputation/Trust – 10 percent
- Technological advancements, such as mobile and online account access or mobile check deposit – 8 percent
- Don’t Know/No Opinion – 6 percent
- Range of services offered – 4 percent
- Rewards and promotions – 2 percent
- Involvement/investment in my community – 1 percent
- Other – 1 percent
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from September 11-12, 2018, among a national sample of 2,201 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.
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans.