Nine in 10 Americans with a bank account (89 percent) rate their bank’s service and support as “good,” “very good” or “excellent,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The same number say they are satisfied with their primary bank.
The survey also asked consumers to identify up to three attributes they value most about their bank. The top five responses include customer service (50 percent), location (43 percent), little or no fees (38 percent), security of account and personal information (38 percent) and tech advancements such as mobile/online account access (21 percent).“America’s banks have embraced a customer-centric model that emphasizes streamlined and user-friendly experiences,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments. “Industry innovations have made it easier than ever for consumers to manage their money and make payments. Banks’ hard work to meet and exceed customers’ expectations has had a clear impact.”
When asked “On a scale of 1-5, where ‘5’ is excellent and ‘1’ is poor, how would you rate your primary bank in terms of service and support?” those with a bank account provided the following responses:
- Excellent – 36 percent
- Very Good – 33 percent
- Good – 20 percent
- Fair – 7 percent
- Poor – 2 percent
- Don’t Know/No Opinion – 2 percent
When asked “Are you satisfied with your primary bank?” respondents who have a bank account provided the following responses:
- Yes – 89 percent
- No – 7 percent
- Don’t Know/No Opinion – 4 percent
When asked to identify up to three attributes they value most about their bank, consumers selected the following attributes:
- Customer service – 50 percent
- Location, such as access to branches – 43 percent
- Little or no fees – 38 percent
- Security of my account and personal information – 38 percent
- Technological advancements, such as mobile and online account access or mobile check deposit – 21 percent
- Reputation – 15 percent
- Range of services offered – 13 percent
- Rewards and promotions – 9 percent
- Don’t Know/No Opinion – 3 percent
- None of these – 2 percent
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from August 24-26, 2017, among a national sample of 2,000 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.
Click here for an infographic of the results.